All Forum Posts by: Kerry Johnston

@Devang Patel are you looking to walk away from investing all together? If your answer is no, I believe a cash out refinance or HELOC would be a better alternative to getting your hands on that equity. Rates are still historically low, and I've seen with clients refinancing they may have a higher loan (from pulling cash out) but their over all monthly payment is comparable to what they are used to because of the lower rate. Now this is assuming you have a higher rate than what you could get today, but either way both a cash out refinance or HELOC is something worth looking into before you sell.

Investment Info:

Single-family residence buy & hold investment in High Point.

Purchase price: $187,500
Cash invested: $25,000

Contributors:
Ryan Johnston

3 Bedroom 2.5 bath Cape Cod style home in High Point, NC

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

This was our first investment, and my husband and I had researched the area and knew that a short term rental could do well in the area we purchased.

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

We used a local realtor who negotiated for us

How did you finance this deal?

Conventional 30 Year Loan

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes - local realtor in High Point and my company (Atlantic Bay Mortgage) for the lending

Investment Info:

Single-family residence buy & hold investment in High Point.

Purchase price: $190,000
Cash invested: $50,000

Contributors:
Ryan Johnston

Successful Short term rental in High Point, NC. The home is a historic home in the historic district of High Point, NC. We added a full bathroom, renovated the kitchen, replaced all porches in the home and updated the home throughout. All design and décor in the home was done by us.

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

My husband and I have another home in High Point that is also a short term rental, when this one cam on the market (perfect location) we knew it would do well.

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

We saw on the MLS and notified our realtor immediately - realtor negotiated.

How did you finance this deal?

Conventional Lender

How did you add value to the deal?

Renovated and upgraded the home throughout

What was the outcome?

High earning short term rental

Lessons learned? Challenges?

Dealing with contractors is hard, find multiple good contractors.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

YES! I am a licensed Lender in the Charlotte area licensed in NC and SC and we used my company for the financing and a local realtor in the High Point market.