All Forum Posts by: Kerri Zaferaos

Yes, we are using Brian McCarthy with Bull City Custom Builders.  His website is below.  It has his phone number and email address (since BP won't let you post those).  

www.bullcitycustombuilders.com

Looking for recommendations for a general contractor for remodel of a duplex in Lyon Park area of Durham.  We typically do a lot of work ourselves but our latest project is a complete redesign of a duplex and we would like to look into hiring a GC to take care of everything.  

Hi Seung, 

I came across your post and noticed no one from the Triangle area has commented.  I'm a Broker and Investor in Durham.  Prices have definitely increased but it's still regarded as an "affordable market" and we attract a good amount of out of state investors.  70+ people are moving into this area per day and there is a huge demand for housing.  It's not expected to slow down with the continued growth of our tech and biotech industries and with the presence of three major universities.  Feel free to reach out if you would like more info about the area, market stats, etc.; and good luck on your real estate investing journey! 

Thanks!  Deals this good are hard to come by but I'll definitely let you know if I hear of any others.  

Investment Info:

Single-family residence fix & flip investment in Beckley.

Purchase price: $68,000
Cash invested: $74,000
Sale price: $195,000

1960's split level home purchased from estate heirs. Total remodel - updated plumbing, electrical, heating and air. Kitchen and baths were completely gutted.

What made you interested in investing in this type of deal?

It's a well built home with good bones in a desirable neighborhood. Also, the price was great - over 2,000sf for $68,000.

How did you find this deal and how did you negotiate it?

Found out about the deal from a local realtor when original deal fell through.

How did you finance this deal?

Cash

How did you add value to the deal?

Total remodel. Luckily, a lot of the work was cosmetic.

What was the outcome?

Home run. Good experience with the contractor. Took a little longer to close than we would have liked due to purchasers financing through FHA.

Lessons learned? Challenges?

Probably won't accept an offer from an FHA buyer on future flips.

Investment Info:

Single-family residence buy & hold investment in Beckley.

Purchase price: $65,000
Cash invested: $60,000

Most recent buy and hold investment located across from the campus of a local university. One single family residence and one two unit residence.

What made you interested in investing in this type of deal?

Location. The properties are located across from a local university campus.

How did you find this deal and how did you negotiate it?

Real estate auction

How did you finance this deal?

Cash up front, then refi cash out once complete.

How did you add value to the deal?

Properties were not in livable condition at the time of purchase.