All Forum Posts by: Nicole Dechow

I invest in Lancaster and have seen this house. I would be absolutely shocked if it did not cost at least $100k to renovate this property. Then with closing and carrying costs and how long that rehab would take with permits and contractors, I do not think this is a good deal.

Thank you, Paul! I will contact them on Monday!

Hi,

I have been calling banks like crazy for a property we want to refinance in NC. Banks have told me they won’t work with me because we live out of state, that they only do portfolio loans on owner occupied homes, they won’t lend to people with more than 4 mortgages, etc. Does anyone have a lender that will do a portfolio loan on an investment in NC? Or that will do a line of credit on an investment property? Thank you!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $103,000
Cash invested: $3,000
Sale price: $185,000

This was a BRRRR project that we bought from Craigslist. We painted and put new floors in the kitchen. We found great tenants and only decided to sell to do a 1031 exchange.

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

We liked the location and the house was in good condition.

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

Craigslist

How did you finance this deal?

Private money then refinance into a portfolio loan.

How did you add value to the deal?

Painting and flooring.

The book on managing rental properties by Brandon Turner and his wife is great! We use his step by step process and a lot of the forms that come with the book.

Hi Kelsie,

We have a women’s real estate meet up in Lancaster.  We would love for you to join us. If you download the meetup app and go to InvestHER Lancaster. Our next event is going to be July 21st at 6:30 at Iron Hill Brewery.

We look forward to meeting you!

Nicole

Hi! There is Elevate Investing Group, you can find it on the meetup app. Also if you know any women who are interested there is the Lancaster chapter of InvestHER also on meetup. I believe there are others but I have not been to them.

@Varun Talluri The cash flow is $330 a month. We choose to brrrr this property because we really like the location so we wanted to keep it and our overall goal is cash flow.

Thanks, Jim!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $92,000
Cash invested: $58,000

Single family home 3 bed 1 bath in nice area in the city. We added a half bath and made an open floor plan.

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

It was a good brrrr project, we really liked the location especially.

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

We found it on Craigslist and offered a cash offer, they had it listed for 100k and someone offered that but they were using a mortgage and our offer was cash.

How did you finance this deal?

Private Money Lender.

How did you add value to the deal?

Added a half bath, forced air hvac, open floor plan.

What was the outcome?

It appraised for $175,000 and rents for $1400 with a high quality tenant. We ended up with about $10,000 in the deal.

Lessons learned? Challenges?

We subcontracted the whole project. So we had to learn about permits. We learned picking someone cheaper ends up being more expensive because they quit or don’t do a great job. We learned how long it takes to do everything by yourself. We did learn exactly what it takes to renovate the type of homes we invest in.

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

Lebanon Federal Credit Union has been great to work with so far, the refinance is next week.