All Forum Posts by: Scott Ashworth

John, it's never too late to get started!

Here are a few things that have worked well for me: 

* I tell everyone I come into contact with that I am looking for some fixer-uppers. This is especially important for my electricians, plumbers, HVAC and roofers. They may run across something I am not positioned to see.

* I give them my criteria (where I want the home, # of bed/bath, etc) and tell them to think of me if they run across something. 

In January I picked up a well-under-valued property. I am nearly done fixing up the property, & I'll have about $10k invested in a $400,000 property. (I BRRRR'd it)

My point is: niche down to specific neighborhoods, figure out good prices for those neighborhoods, tell everyone you know that you are interested in buying, and pull the trigger when you find deal that makes financial sense. 

Mikel, I do not ever pay utilities for my tenants. In some cases I will include quarterly pest control & lawn service. These are some inexpensive services that have turned out to have a high perceived value to my tenants. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $390,000

Investment property across the street from new Downtown Cary Library.

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

There is a lot of redevelopment adjacent to this property

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

I wrote a letter to the property owner. She grew up in this home, but lives in another town now.

How did you finance this deal?

All cash

What was the outcome?

This is a longterm rental.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $259,000
Cash invested: $35,000

Classic home in the heart of Cary on a half-acre private lot. Features include stainless steel appliances in updated kitchen including granite (2019), plumbing and disposal (2019), matching granite countertops in each of the bathrooms (2019), new toilets in both full baths (2019), new exterior paint (2019), new insulation under home (2019), fully restored hardwoods (2019), and new custom shower and flooring in master bath (2019). Gorgeous hardwoods in living room, dining/den, and each of the 4 b

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

I love older homes in "old" Cary. The lot sizes are larger, the homes are well-built, and they are close to a transitioning downtown.

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

I found it on the MLS. It was listed for $289,000 but had about $25,000 worth of crawl-space work to do (French Drain, Sump Pump, and sistering 20 joists)

How did you finance this deal?

20% down and then out of pocket on the expenses.

How did you add value to the deal?

We updated the Kitchen and Master Bathroom. The home has hardwoods throughout - we restored these old hardwoods and improved the finishes throughout.

What was the outcome?

We spent about 4 weeks rehabbing this property. We listed this property for rent and it was rented within 6 hours. I received my first rent check prior to my first mortgage payment being due.

Lessons learned? Challenges?

If I could do this deal again, I would have purchased and rehabbed all cash, and then done a cash-out refi. This was my first investment property, so lots of learnings. Also, my rent is too low considering it got rented within a handful of hours from it being posted.