All Forum Posts by: Murtuza Bengali

I agree with @Bob Okenwa - if you haven't already check out the concept of 'house hacking'. Since it would be a primary residence you just need to put down about 3% as downpayment. Rent out the other unit(s) and effectively live for free. 

Plus you only need to live in that house for only at least a year after which you can technically move into another multi family and repeat the process. 

Understandably moving is not easy - but if you are single or not rooted to the area - this is a very good tool to build wealth over time. Hope this helps.

Hello dear BP members,

We are rookie investors who have been studying the markets, talking to agents, property managers and fellow investors diligently since the past few months. After going through multiple deals and failing to acquire any properties we finally secured a conditional approval on our bid for a 1950 SFR in Winston-Salem, NC two weeks ago.

Our due diligence period ends on February 28th. We new when we bid that the house needs about $8K to $9K worth of refurbishment. However, the inspector recommended a termite inspection which has revealed infestation from the under the crawl space all the way up to the attic. By the looks of it only random wood members in the foundation have any evidence of treatment but the rest of it, including window frames, interior foundation walls and attic show no sign of treatment. This possibly points to years worth of neglect from the owner and no annual termite checks. (I'm attaching the copy of the report for your reference below)

My question to BP members is this. Would you recommend proceeding with this deal or back out? In your experiences are termite infestations of this nature (from the foundation up to the attic) solvable. If yes how much approximately can one account for such a repair. Any words of advice on how to proceed will be greatly appreciated, especially since NC has a due diligence component on top of earnest money which we now stand to lose if we back out.

Thanks in advance for your guidance!

Murtuza

Hi there folks - we are OOS investors been looking at starting our investing journey in the Triad region, specifically Winston-Salem. A meetup sounds great! Would be awesome to network with investors and learn more about the markets.

Any chance you guys ever do one virtually where others could join in? Just thought i'd ask.

Very similar profile - just about getting into researching different markets and figuring out where to invest in our first rental property.

From the little research that we've done it looks like southern states have a ton of potential for numerous reasons, people migrating to cheaper areas/states, business moving to states with lower taxes, cheaper houses available for people to buy. We have been looking at Alabama, Tennessee, Texas and Florida. Even Boise, ID keeps popping up as a hot real estate market.

Some of our friends just went in for two single family homes in Memphis, TN for about 100K a pop and it is already yielding positive cash flows, if that is something you're looking for.

All the best!