All Forum Posts by: Sharla P.
Sharla P. has started 6 posts and replied 21 times.
Post: Lenders that will refi a condo investment property?
- Investor
- Raleigh, NC
- Posts 21
- Votes 16
Not yet.
Post: Buy & Hold Property - Raleigh, NC
- Investor
- Raleigh, NC
- Posts 21
- Votes 16
@Dmitriy Fomichenko. Thank you!
Post: Buy & Hold Property - Raleigh, NC
- Investor
- Raleigh, NC
- Posts 21
- Votes 16
@Jenkins Ramon. Thank you
Post: Buy & Hold Property - Raleigh, NC
- Investor
- Raleigh, NC
- Posts 21
- Votes 16
@Leo Croes. Thank you!
Post: Buy & Hold Property - Raleigh, NC
- Investor
- Raleigh, NC
- Posts 21
- Votes 16
Investment Info:
Condo buy & hold investment.
Purchase price: $65,000
Cash invested: $81,496
3 BR/2.5 Bath Condo
1,319 square feet
What made you interested in investing in this type of deal?
Monthly cash flow & appreciation
How did you find this deal and how did you negotiate it?
It was an off-market deal. I called the owner and offered to purchase the property. The owner accepted the offer.
How did you finance this deal?
Cash
How did you add value to the deal?
Painted the interior, painted the kitchen cabinets, replaced cabinet hardware, new stove & refrigerator, installed new vanities in the bathrooms, new carpet, and replaced the hot water heater
What was the outcome?
I purchased the house at a great price and it has quite a bit of equity.
Lessons learned? Challenges?
Another investor shared some excellent ideas on how to update the property & negotiate with the contractor. Partnering with someone is better than going at it alone. Partnering with someone on a deal goes beyond how much money a person can put in on a deal. Good advice can save time and money. Both are valuable.
Post: Buy & Hold property - Durham, NC
- Investor
- Raleigh, NC
- Posts 21
- Votes 16
@Annchen Knodt. The neighborhood is Sunridge Point.
Post: Buy & Hold property - Durham, NC
- Investor
- Raleigh, NC
- Posts 21
- Votes 16
@Annchen Knodt. Thank you. I purchased it over 4 years ago and it is located in Durham, NC.
Post: Buy & Hold property - Durham, NC
- Investor
- Raleigh, NC
- Posts 21
- Votes 16
@Dmitriy Fomichenko Thank you!
Post: Buy & Hold property - Durham, NC
- Investor
- Raleigh, NC
- Posts 21
- Votes 16
@Zachary Rymarcsuk. 36%
Post: Buy & Hold property - Durham, NC
- Investor
- Raleigh, NC
- Posts 21
- Votes 16
Investment Info:
Townhouse buy & hold investment in Durham.
Purchase price: $69,000
Cash invested: $13,800
3 BR/1.5 Bath - 1,240 square feet
What made you interested in investing in this type of deal?
Location, cash flow, & the potential appreciation
How did you find this deal and how did you negotiate it?
Local REIA website
It was full price offer; seller agreed to repair most items on the inspection report & $ paid1,500 towards closing costs
How did you finance this deal?
Conventional loan & a 20% down-payment (loan from my 401k)
What was the outcome?
It was a great investment. The property has positive cash flow, has appreciated quite a bit, and it has had a 0% vacancy rate.
Lessons learned? Challenges?
Use a calculator like the one on Bigger Pockets to estimate monthly expenses & hire a property management company.