All Forum Posts by: Sean McDonnell

@Kyler J Sloan

Did the guest give you any pushback with the refund you sent? 

Come and learn and network with us as we hear from local investor Avery Washington! He will share his story about how he purchased a 28 unit seller financed portfolio. Also, we will be welcoming paws for people to our event who is a local non-profit. They will be bringing puppies! Hope to see you there.

Please come join us on Tuesday, September 13th at The Cove at Salty Turtle Beer Company for our September Pints & Properties. Our guest speaker, Steve Rozenberg is going to teach us how to Own a Business in Real Estate without creating another job for yourself. Please come and invite anyone who is interested in real estate investing :)

Thanks @Emily Howlett!

Emerson, my team would love to help you out. I will shoot you a DM! 

Hey Michael how is your short term rental on Topsail Island going? Do you like this market?

Investment Info:

Townhouse buy & hold investment.

Purchase price: $137,500
Cash invested: $40,000

We purchased a new construction townhouse in Holly Ridge, North Carolina. The townhouse is an end unit, 2 bed, 2.5 bath. We had it under contract for over a year because the builder kept experiencing delays. The wait was worth it because thankfully he did not raise the prices on the buyers. We closed at $137,500 and our awesome property managers had it rented out a few days later at $1,535 a month. These townhouses are now worth around 190k. We love this area and believe it will continue to grow

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

Wanting to buyer newer properties with less maintenance up front.

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

It was on the MLS

How did you finance this deal?

Conventional 20% down loan

How did you add value to the deal?

We didnt add value, the market added value during the period when it was under construction

What was the outcome?

We are cash flowing a couple hundred a month and will hopefully not have any major maintenance headaches for the first few years.

Lessons learned? Challenges?

Trust the rent growth numbers. The numbers were not great when we got it under contract a year ago. We were only estimating around 1100 a month in rent but rents have gone up 20% since last year.

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

Cedar Ridge Management is our property management company that does a great job!

Investment Info:

Townhouse buy & hold investment.

Purchase price: $137,500
Cash invested: $40,000

We purchased a new construction townhouse in Holly Ridge, North Carolina. The townhouse is an end unit, 2 bed, 2.5 bath. We had it under contract for over a year because the builder kept experiencing delays. The wait was worth it because thankfully he did not raise the prices on the buyers. We closed at $137,500 and our awesome property managers had it rented out a few days later at $1,535 a month. These townhouses are now worth around 190k. We love this area and believe it will continue to grow!

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

Wanting to buyer newer properties with less maintenance up front.

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

It was on the MLS

How did you finance this deal?

Conventional 20% down loan

How did you add value to the deal?

We didnt add value, the market added value during the period when it was under construction

What was the outcome?

We are cash flowing a couple hundred a month and will hopefully not have any major maintenance headaches for the first few years.

Lessons learned? Challenges?

Trust the rent growth numbers. The numbers were not great when we got it under contract a year ago. We were only estimating around 1100 a month in rent but rents have gone up 20% since last year.

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

Cedar Ridge Management is our property management company that does a great job!

Come just the Quiet Waters Realty Group Team as we welcome Shelby Osborne and Michael Glaspie who are coming to share some of their knowledge with our group! They are speaking about their preferred investor strategies and tips for how to take your real estate investing game to the next level. Hope to see you there!

Thanks @Steve Knipping

It was great meeting you.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $235,000
Cash invested: $100,000

Purchased off market at 235k. House was a total gut job, but the roof was only 5 years old, HVAC only 7 years and the house had a newish deck. We purchased with a conventional loan, 20% downpayment. We did a interior remodel putting about 100k into the rehab including furnishings. The house appriased 8 months after our purchase at 472k. We did a cash out refinance and pulled out 140k which will serve as a down payment for 2 new construction townhouses. We are now renting the house out on Airbnb.

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

I was looking for our first value add deal for 2 years before this.

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

Saw a dinky sign posted in the yard as I was driving by. I called the owner and put in a offer sight unseen without going inside. He said he had an offer at 230k so I told him I would do 235k.

How did you finance this deal?

Conventional loan to purchase. The house hadnt been updated since it was built in the 70s but it was livable.

How did you add value to the deal?

We gutted it down to the studs, added another bedroom and did a nice remodel with lvp flooring, granite counter tops, stainless steel appliances, and a nice bathroom.

What was the outcome?

We were able to pull almost all of the cash out after the refinance. We left 20k in the property which we were fine with.

Lessons learned? Challenges?

Initial rehab estimate was 70k, turned out to be 90k once we broke into the walls and found the windows all needed to be replaced.