All Forum Posts by: Denise Brown-Puryear

@ James Ford - We also are looking to do the same for some of our properties which have no mortgages.  I will definitely follow this thread.  So far all info has been helpful.  We're in NC just outside of Greensboro and one of the credit unions (Truliant) has given us a package for refi; but want to flesh out any other sources as well.

Hello all.  This is also something we wish to do as well.  Refi some of our properties that were brought with cash.  We currently have 8 town homes and 1 single family all investment props which are mortgage free.  We are in the Greensboro area.  I will definitely follow this post.  The info provided so far has been helpful.

Thanks!

@Elizabeth S.

I so agree with you.....  "There is more to investing in any house than just working the numbers ahead of time to see if it will have positive cash flow and those are the factors that will kill you."

We are long-term investors even at this stage of the game.  My goal has been very simple, to live comfortably.  We buy in the $30-$60K range in solid stable working class neighborhoods.  So far, so good.

Hey Lisa.  I handle my investments the same way.  I grew up in Crown Heights Brooklyn where "outsiders" viewed the area as drug and crime infested with low income, Sec. 8 and welfare residents.  LOL..... in some large apartment bldgs. Sec 8 tenants prevailed; however the neighborhood had mostly brownstones and small multi families (up to 12 units) which were owned predominately by owner occupants.  This was in the 80's.  

Fast forward to the past few years, and the area is now highly desirable because of the high concentration of "intact" historic homes as well as quick n' easy access to subways.  No one thought back then (as I was involved in my community board and block association at the time); that property values would to a point where these homes would be selling at 1M+ and above.  Small multi's (8-12) units are selling anywhere from 3.4M and up.  

Since I've relocated to NC in 2008, I sold 1 property in 2014 in Bklyn and exchanged it with a group of new townhomes.  Now we are picking up 30k to 60K properties in working class neighborhoods, updating them to minimize any "headaches" and have had no problem finding the "right" tenant for them.   There are major capital improvements coming to the area, and we are not far from the convention center and coliseum.  One property is a short term furnished rental and is a Mid-Century SF.  I love this business.... it allows for creativity!  Oh yeah, these properties are all cash properties.  We'll refi if and when needed.  But for now, am enjoying the ride!

Also when having an inspection done, make sure that the exterior (if not brick) is not made with asbestos.  Be sure to check any old pipe insu

Also when having an inspection done, make sure that the exterior (if not brick) is not made with asbestos.  Be sure to check any old pipe insulation, ceilings and the interior as well for any asbestos material(s).

Hi All. First thank you for the great information as I have been reading everyone's comments and questions. I've looked at HUD properties off and on over the years, but never ventured into that area of purchasing. However, since I've been in NC (for the past 8 years) from NY; it seems more attractive, just dependent upon location, price and ARV. My husband and I are looking to increase our inventory as we are primarily "buy & hold" investors. My question is: Would HUD properties fit into our investment strategy? We currently own several town home units outside of Greensboro, NC and now are looking at the suburbs of Charlotte (i.e., Condord & Kannapolis). Any input would be helpful. Thanks in advance.

 Thank you Kateesha.  I'm still learning and growing as well and welcome any and all constructive feedback.  I do look forward to interacting with the community here at Bigger Pockets!

Thank you Dave!  I'm still learning how to reply to posts individually.