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All Forum Posts by: Scott Champion

Scott Champion has started 4 posts and replied 10 times.

Post: I have $200,000.00 cash to invest.

Scott ChampionPosted
  • Rental Property Investor
  • Shelby, NC
  • Posts 10
  • Votes 8

@Jonathan Bock yes my pension is $430 more a month than a made while working. My wife also makes good money so financially we are doing really well.

I currently work with a local hospital police in an "as needed position". I typically work a day or two a week. I'm open to passive income ideas but I'm also ok with putting some sweat equity into some projects as well!

Post: I have $200,000.00 cash to invest.

Scott ChampionPosted
  • Rental Property Investor
  • Shelby, NC
  • Posts 10
  • Votes 8

@Chris Seveney sorry I'm a little ignorant in the investment world. I purchased my first and only rental house back in 2018. It was a small two bedroom house that I completely remodeled myself and it has done well. My wife and I make about 175k a year. I'm recently retired after a 30 year career in law enforcement. I was really leaning toward a short term rental (Beach House) but can't make the numbers make sense. I obviously have very little experience or knowledge in real estate investments but hopefully can make some good decisions for me and my family.

Post: I have $200,000.00 cash to invest.

Scott ChampionPosted
  • Rental Property Investor
  • Shelby, NC
  • Posts 10
  • Votes 8

I have $200,000.00 cash to invest. Considering all the factors in today's real estate market, how would you guys recommend investing this money?

Post: How to determine ARV on a multi-family property?

Scott ChampionPosted
  • Rental Property Investor
  • Shelby, NC
  • Posts 10
  • Votes 8

Thank you! I really appreciate the advice 

Post: How to determine ARV on a multi-family property?

Scott ChampionPosted
  • Rental Property Investor
  • Shelby, NC
  • Posts 10
  • Votes 8

Ok... Thanks so much! I will start working on those numbers now

Post: How to determine ARV on a multi-family property?

Scott ChampionPosted
  • Rental Property Investor
  • Shelby, NC
  • Posts 10
  • Votes 8

I may be getting the opportunity to purchase a 6 unit apartment complex, all being 2 bedroom 1 bath apartments. I think I have good idea of how to determine this number in single family houses but struggling with the commercial ARV. These apartments are in a great location, inside a small college town, but they need a tremendous amount of work. They are all unoccupied and have been for several years. I'm estimating a rehab cost of approximately $300,000.00 or a little more. I need help figuring out what I can pay to still come out with cashflow at the end of the day. There is a 39 unit apartment complex (all 2 bedroom 1 bath) in the same small town, renting for $750 to $850 each based on the individual apartment updates. This 39 unit complex is completely full with a waiting list. The location is near Shelby North Carolina. I hope this is enough information for someone to help me out!

 Thanks in advance,

Scott           

Post: Seeking advise on best strategy to finance real estate business

Scott ChampionPosted
  • Rental Property Investor
  • Shelby, NC
  • Posts 10
  • Votes 8

@Dave Spooner thank you!! I sure appreciate the advice!!

Post: Seeking advise on best strategy to finance real estate business

Scott ChampionPosted
  • Rental Property Investor
  • Shelby, NC
  • Posts 10
  • Votes 8

Looking for some advice on financing future real estate (buy and hold) business. I am a full time police officer set to retire in 2.5 years. I bought and completely renovated a rental house in 2019 and I was a great experience. I would love to buy and fix more houses in my retirement.

I currently own my primary house free and clear worth approximately $325,000.00 and I own the one rental property worth approximately $100,000.00 and I owe $20,000.00 on this house. My current credit score is considered excellent at 826.

I guess my question is should I do a HELOC loan? Or is there better options out there to continue my real estate goals.

Post: Anyone in the Shelby, NC area?

Scott ChampionPosted
  • Rental Property Investor
  • Shelby, NC
  • Posts 10
  • Votes 8

@Jeffrey Heavner great idea... I would be interested!

Post: My first investment property

Scott ChampionPosted
  • Rental Property Investor
  • Shelby, NC
  • Posts 10
  • Votes 8

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $21,252
Cash invested: $45,000

I'm doing a complete remodel of a little two bedroom home, including some new foundation work. This has been a great learning experience because I'm doing most of the work myself. Its still a work in progress but I'm working a little each day after working at my W-2 job and on weekends. Hope to be able to post pictures at some point in the next couple months.

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

Since my early 20's (I'm now 47) I've been interested in real estate investing. I read Rich Dad Poor Dad, like most new investors, and got inspired by this book. In early 2018 I started listening to the BiggerPockets podcast and my desire to get started in real estate grew stronger. I've since read numerous books on real estate investing and loving it.

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

In may of 2018 I found a house that looked pretty run down and unoccupied. I checked the local GIS system and located the owner and contacted her. She was willing to sell and asked $25,000.00 for the 2 bed 1 bath house (1041sft) After speaking to a couple friends about the asking price they advised I offer $20,000.00 based on the amount of rehab needed. We settled on $21,252.00 which was the payoff that she needed to get out of the bank loan.

How did you finance this deal?

I paid the full amount from savings... I wish I would have thought to just assume the bank loan and save my cash for the rehab. Instead I've refinanced my primary home and borrowed from my 401k to get the money needed to complete the rehab.

How did you add value to the deal?

So far I've done some pretty major foundation repairs including completely waterproofing the foundation walls and replacing several rotted sections of the seal plate and several joist. Also in the process of a complete remodel including all new wiring, plumbing, flooring, HVAC, appliances, lighting and cabinets.

What was the outcome?

Well... I'm still in the process. I'm doing most of the work myself, saving a LOT of money but I'm putting a lot of time into the project. According to the numbers this house will be worth $110,000.00 to $120,000.00 and my total investment would be just under $70,000.00

Lessons learned? Challenges?

1) I wish I would have known about and sought a more creative way to finance this project.
2) Although I've learned SO much during this rehab I hope to be able to pass a lot of this work off to the professionals on my next project.
3) Can't wait to start the next one!!

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

Not really... I've spoken to real estate professionals in the area and found the after renovation estimate to be around $120,000.00