All Forum Posts by: Robert Shortsleeves

I'll try my best to be there. Thanks for setting this up!

@Maresa Y. I know a couple crews I can connect you with. @Justin Tahilramani is a trusted name in the Fayetteville market so you can definitely consider his references.  

@Justin Tahilramani you don't want three of them and I'm sure what I'm going to do with the turnkey yet. I'll let you know brother.

@Adrian Barbosa always glad to help a new Fayetteville investor. Seems like you have a solid base to get started so I think you're going to kill it and you're in a pretty forgiving market so get out there and make mistakes brother. But for real...everyone in this thread is legit and extremely helpful. Pretty much everyone in this market knows each other so the one tip I have is now that you put yourself out there, be out there. 

@Chris Stroup welcome! Can't wait until I find you a deal brother.

@Daniel Sheftman I have't done any investing in the Raleigh area yet but I help find Fayetteville deals for other investors that flip in Raleigh and buy rentals in Fayetteville. Might be something to consider. 

With direct to seller marketing, I'm stilling finding pretty good deals here in Fayetteville, NC and cash buyers are still buying. Seems like owners in my pipeline are more eager to sell than usual. Usually it takes 6-8 touches before we get a deal under contract and I currently have 4 locked up without any follow-up needed. I plan on assigning a few and I'm glad to hear that my lenders have't changed things up too much because I have a couple cash out refis that need to get done in the next week or two. As far as numbers go, I have't seen any changes here in Fayetteville yet.  

@Joe Backlund I’m glad the deal is working out for you. I find similar deals pretty often. Hopefully I can find another one for you soon. You’re lucky to have @Daniel Kidd and @Shelby Osborne on your team!

@Christopher Schultz I’m a Fayetteville buy and hold investor that uses direct to seller marketing to find deals. When I’m busy with rehabs or playing Army I’ll wholesale deals to other investors. If you’d like I can send you the next one I get under contract.

Investment Info:

Single-family residence buy & hold investment in Fayetteville.

Purchase price: ~$47,000
Cash invested: ~$6,000

Contributors:
Alexander Felice, Shelby Osborne, Daniel Kidd

The MLS is not dead!

BRRRR with Delayed Financing
2/1 that I converted into a 3/2
COC: 41%
Equity: ~$24,000

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

The potential to BRRRR this property with little rehab needed. This gem already had hardwood flooring, SS appliances and granite countertops. Winning!

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

I found this deal on the the MLS. After 15-20 offers well below asking, we were able to find a motivated seller. Working with an investor friendly agent was vital. Thanks Dan!

How did you finance this deal?

I purchased the property for ~47k cash. The minimal rehab is complete and I'm now in the process of doing a cash out refi with delayed financing. I could wait for the 6 month seasoning period and increase my ROI but figured the velocity of money is more important at the moment. And...I'm a little impatient :)

How did you add value to the deal?

Converted a 2/1 into a 3/2.

What was the outcome?

I'll be able to pull out most of my cash invested and move on to the next. BRRRRific

Lessons learned? Challenges?

If you haven't heard, it is possible to include your rehab cost on the settlement statement and combine the PP and rehab cost with your delayed financing cash out refi. At closing I thought I was going to turn the addition into a bedroom and move on to the next deal. After closing I decided to add a full bath because I thought about resale down the road. I should of been more decisive and included the entire rehab cost on the settlement statement.

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

Five Pillars Realty Group https://www.fivepillarsrealty....
MC Mortgage Group https://www.macmtg.com/

I learned about delayed financing from Alexander Felice. 
https://www.biggerpockets.com/blog/biggerpockets-podcast-301-incredible-power-long-distance-brrrr-investing-alex-felice