All Forum Posts by: T.J. Cotton

Investment Info:

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

Purchase price: $186,000
Cash invested: $6,000

This was my first investment property and I am Currently in the process of House Hacking it. I have a tenant that is paying 70% of my Mortgage and this has allowed me to move in to Wholesaling Full Time

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

I was interested in this deal 1 because I needed a place to live 😅. 2 because I could see how beneficial House Hacking actually was. I don't think I bought the Property at a great price, but I did get started on my investment journey.

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

I found this on the MLS and Negotiated very little..

How did you finance this deal?

This was a 3.5% Down FHA Loan

@Lisa Cleveland where in Mooresville are you? I just bought a duplex near downtown. Really excited about the growth in the area. I’ll have to check out the meet up. Where are they?

@Account Closed  Thanks for the big welcome!  I have definitely been listening to the podcasts non stop.  (I think I need to start taking notes) The Calculators are awesome and I have been reading a lot of the books that you mentioned!  The others are ones I need to put on my list.  I'm currently trying to figure out the market.  There don't seem to be a lot of small multi-family homes in the Charlotte Market.  While I have some time I'm going to be pulling some lists and try Direct Mail

@Michael S. Thank you for the Recommendation.  I have been to a few of the Meet Ups and find that there are a lot of people that are "thinking" about doing real estate.  They haven't made offers or don't really know what direction they want to go.  I am going to keep plugging away at them and try to find some investors that I can work with.   All of the people I am meeting are great people, it seems like they are mostly all starting out and in the research phase.  

All of this depends on what the you can buy with the cash that you would be spending on the car and how that impacts your future investments. I work in the car industry and have for about 10 years. The advantages to leasing are that there is an over inflated residual, which means you pay less for the car than what it’s worth for the time you are paying it. You will have a payment forever. You can have a more expensive car for less money monthly than a traditional finance option. Don’t finance a car for 10 years. If you’re purchasing the vehicle, try to pay as few months as you can afford. Cars will last a long time. Get a car you like and keep it. My 2 cents.

Hey BiggerPockets!!

So I recently got my feet "wet" by closing on a flip In the Belmont Springs area of Charlotte (not Gaston County).  Before the house was recorded the title company pulled the title one last time to find a 3 million dollar lien against the Corporation that owned the property.  Thank Goodness this happened!  I obviously didn't close on the house and am now refocusing and moving towards my Ultimate Goal of Small Multi-Family Properties (2 to 4 units).   After listening to a few (hundred) Podcasts I took some advice and reverse engineered my Ideal Lifestyle.  It doesn't seem that far out of reach! I am looking to add value to an experienced Investor's busy schedule.   Any way I can help I would be more than willing to put in the WORK!  Let's meet for coffee and see if we can help each other!