All Forum Posts by: Maurice Blackledge

Sounds like a great deal! What do you need or what are you looking for help with?

Thank you @Alex Olson!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $130,000
Cash invested: $28,000

Purchased this one via 1031 exchange out of a SFH.

Purchase : $130k (triplex)
ARV: $160k
Rent: $1,740, excluding utilities

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

Cash flow mainly, and in an area that's prime for growth yet has a smaller town charm.

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

Found this one on MLS, it had sat for a bit which helped with negotiating for a great price.

How did you finance this deal?

Financed with DSCR lender using funds from a 1031 exchange.

How did you add value to the deal?

This one was rent ready but I did purchase under market value to capture some instant equity

What was the outcome?

Closed after a lot of back and forth and time and 3 extensions!

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

Worked with a local agent who is great!

Hey Kelly - 

I am based in Charlotte and will help however I can. Feel free to shoot me a note and we can connect!

Thank you for the heads up, Laura!

Hi ,

I am looking for an Investor friendly agent that works in Gaston County NC. I am looking for fix and flips as well as BRRRRs that I can turn into long and mid term rentals.

Most of my current portfolio is in Indiana but I want to grow more locally as well, as I am based in Charlotte.

Thanks!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $131,000
Cash invested: $35,000

Buy and Hold Quadplex

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

Great location near ballpark and growing area

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

Found through my realtor. The property had multiple bidders and the first contract fell through. I was backup offer that ended up being accepted

How did you finance this deal?

HELOC for down payment and conventional financing

How did you add value to the deal?

Increasing rents when lease is up. Seller agreed to replace all furnaces. Cosmetic updates as leases end.

What was the outcome?

Purchased and closed

Lessons learned? Challenges?

This one was straightforward but it took a while and had some delays that were caused by miscommunication with the lender. I would say just stay patient through the process and keep the end goal in mind for the outcome you desire.

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $25,000
Cash invested: $27,000

BRRRR property, purchased with HELOC and currently going through refinancing.

Purchase: $25k
Rehab: $95k
ARV: $125k
Rents: $2600

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

Great opportunity in a growing area near my other properties.

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

Found on MLS after a previous offer fell through.

How did you finance this deal?

HELOC

How did you add value to the deal?

Rehab each unit, total rehab

What was the outcome?

Completed rehab, rented out units and now refinancing.

Lessons learned? Challenges?

As an out-of-state investor, communication and being clear on expectations are key when you aren't there to monitor everyday activities. Setting clear expectations is important so you know how to measure success along with those around you. Also pay attention to warranties and how long work is guaranteed by the contractor, and hold them to it if something isn't done correctly.

Investment Info:

Single-family residence other investment.

Purchase price: $65,000

Got this deal from a wholesaler.

PP: $65k
ARV:$115k
Rehab: $10k
Rent: $1200/mo

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

The cashflow, location and small rehab needed.

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

Found through a local wholesaler I have a relationship with. Negotiated based on rehab estimate and work that needed done. They also needed to offload it which helped.

How did you finance this deal?

Hard Money loan (12%, 2 points)

How did you add value to the deal?

Cosmetic rehab

What was the outcome?

Refinanced out of Hard Money Loan at 6% - 30 yrs term

Lessons learned? Challenges?

Have a backup plan. I was planning to flip this during a time when the market would have demanded $140k for it. However, my GC had some family emergencies pop up which pushed the rehab out by two months. Long story short, the market shifted a bit and it made more sense to rent because the rents stayed consistent. So I placed a tenant instead and did a cash-out refi.

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

I worked with longhorn Investments. I would recommend them as a hard money lender. Smooth and easy process!

I went to college in Indiana and started investing there a few years ago. I live in Charlotte NC, but invest heavily in the IN market and have a great team /network of people that can help you get started. Feel free to connect and I would be happy to help you in any way I can!