All Forum Posts by: Shane Ussery

For rental property carpet isn’t really the best idea. I’ve been guilty of it easier to clean tile hardwood floors.

@Anthony Bowe actually if I were buying it and long distance I would’ve had everything checked out. And the terms I would’ve asked for would be a lower interest rate reason being if your long distance how are u going to manage it? Unless u hire a property management company? Again I’m not trying to deter you from what your doing but saying your out of area so that’s more a risk is that his story or your story? If that’s his story why make it yours? Veteran did the seller say that or is that your observation? I don’t know your background look the Seller you and him may have went to Attorney done title search, ect..property may be in tip top shape, you may be able to make repairs in a timely manner long distant (or a management company in place) and maybe all the tenants are paying. I just see your new and I like to help where I can

@Anthony Bowe when I buy I pay all cash so I’m the bank. I did some deals early on seller financing. To be the bank you have to think like a bank. The comment about what they paid (seller) I’m not too concerned with that. Theirs a couple sources you could use to see value. The 11600 is prolly what the seller purchased it for all cash 10 years ago. Back then they were giving houses away. With the Pandemic seller is looking to get out in case the bottom falls out.. are u personally prepared to pay the mortgage to seller in the event they stop paying? What about heating unit? Code Enforcement Code Violations? Did u go through an Attorney? Did u check for termites? Foundation issues? How’s the roof? Congrats on your purchase I’ve been doing this a long time. I like seeing people starting out.. it’s just I’ve seen some good things I’ve seen a lot of bad too

@Anthony Bowe what was value of the deal? What did the seller initially purchase it for 10 plus years ago? Before the acquisition did you ask to see the rent roll? Would a bank lend on it? I don’t know your business if u would’ve had 58k cash would u have negotiated a better offer? What is your exit strategy?

Investment Info:

buy & hold investment in Statesville.

Purchase price: $2,500
Cash invested: $2,500
Sale price: $36,000

Bought really low.. rented it for about 10 years sold for profit. House barely needed work.

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

Deal was cheaper than a used car.

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

Craigslist.. I negotiated by talking the property up. I just told him I didn’t feel right offering a price on the property. The seller respected my honesty. Finally I offered 2k seller said young man if u go 2500 it’s yours...

How did you finance this deal?

Cash Deal

How did you add value to the deal?

I left area better than the way I found it

What was the outcome?

Made a lot of money on that house.. rents and selling

Lessons learned? Challenges?

Fortunate to have a decent tenant last 5 years.. I don’t buy in bad areas no more

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

No.

Your Friend should seek legal councel

I’m in North Carolina I can get carpet, pad, install for 1 dollar a square foot. Just sounds like they made an excuse to keep deposit to me

@Victoria Jackson also I would like to add. I have saw plans come into material form from thought more times than not. You wouldn’t think it but I myself when this pandemic I stalled for a little bit myself. It’s human nature. So, this family member don’t let it get to you. The reason I can relate I myself at one time was in your shoes. Human nature is the same so that means despite wherever you are ,your experience feelings emotions is much the same. But I know it feels good knowing your headed in the right direction. You got this.Youll be just fine

@Victoria I will say this. Your obviously intelligent. The reason I know that if you weren’t you wouldn’t be on here asking for help. You see, success isn’t a straight line to the top it’s really a lot of up and downs and some failures. You have just taken your time and get around like minded people. By reaching out on here, your talking to a lot of different people hundreds of years of experience. One way to be more successful is setting yourself up for success which your doing without spending a dime. Very smart. Your well on your way and I know you’ll be successful.

@Victoria Jacksonundefined

Actually years ago had a partner starting out(family member). I’m actually greatful for the experience. Imagine in 2011 in the downturn and America is in a yard sale an epic Saga. Well, that was what happened. The business model made sense most investors weren’t buying, real estate in some cases cheaper than used cars, no one wanted to buy, everyone wanted to rent. The perfect storm to become relatively wealthy in a short amount of time. Long story short we done a few deals about 6 months later we parted ways. He made way more than he put in and I ended up with 75 percent of the assets that was created today, all the cash flow assets buy sell rents is all traced back to that period. I used to try and lead horses to the trough in the beginning. Today, I’m An investor and when it comes time for Investors to do what Investors do and pull out money it’s not an issue. Why? Because if I want to buy something it’s my issue my problem. Most people aren’t willing to do that so if your looking for capital (in other words you can see it and others can’t) no need in bringing someone in for The ride you just do it. Maybe point is early on I did and tried to bring others along for the ride, good intentions, great deals. You can’t make someone something their not.