All Forum Posts by: Sebastian Kressley

Feel free to reach out Michael. I am investor/broker in Greenville, NC. I have a multi-family background and love talking shop! 

Unbelievable, well done!

@Adam Schneider Thank you! I joined meetup.com but which "group" is it? I will be looking for the January event!

@Adam Schneider would love to be apart of the next (Greenville, NC) meetup. Hate that I missed this one!

Thank you very much @Damaso Bautista

@Brian Corbett - thank you again for the amazing deal!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Greenville.

Purchase price: $128,000
Cash invested: $22,000

House Hack #2
2 bedroom 2 bath duplex

Side A: $1,200 (3 Month Lease)
Side B: $400 (12 Month Lease), Roommate
Expenses: $900 PITI, 20% (vacancy, repairs etc.)

Monthly Income: $560 (While living for FREE!)

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

Yet another full duplex where I was able to purchase it with an owner occupied loan & get paid while living for free!

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

Off-market deal that my realtor found.

How did you finance this deal?

15% down owner occupied loan.

How did you add value to the deal?

Brand new flooring & fully furnished.

What was the outcome?

Fully functioning house hack #2!

Lessons learned? Challenges?

Trying to put together the puzzle of short term leases by bedroom.

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

Brian Corbett - best investor friendly realtor in Eastern North Carolina.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Greenville.

Purchase price: $123,000
Cash invested: $10,000

2/1 Duplex located near the local University & Hospital
Side A: $800 (12 month lease)
Side B: $1000 (3 month lease renewed for all of 2019)
Expenses: $800 PITI, 20% vacancy, repairs etc.

Monthly Income: $800

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

Perfect starter multi-family home for a beginner investor.

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

Craigslist. I negotiated and completed my first deal with no agent representation.

How did you finance this deal?

3.5% FHA loan.

How did you add value to the deal?

Side A: Signed long term college students.
Side B: Converted to short term fully furnished leases.

What was the outcome?

Converted a property with monthly rent of 1200 to 1800.

Lessons learned? Challenges?

Through the first four months of my ownership I went to eviction court. Although these tenants were inherited I learned the extremely important lesson of adequate tenant screening.

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

Represented myself in my first investment deal.

@James Wise Thank you very much for the advice. Now that I have a year under my belt in the business I have learned that the 15th will be the date that I file with the court house.

Congrats! Amazing to hear that you finally decided to put the boots the ground.