All Forum Posts by: Vincent Miller

Hello Brooke,  I am a Vermonter that invests in real estate.  Since I am a busy professional, I currently focus on turnkey or properties with minimal upfront repair costs/time.  That said, there is not much room for cashflow in this area.  Therefore, all of my properties are out of state.  If you are a rehabber then you may be able to find deals in Vermont.  I am always looking to expand my network and interested in deals.  So, keep in touch.  

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $190,000
Cash invested: $55,000

3 BR, 1.5 BA row house

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

Good cashflow turnkey

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

Norada reference

How did you finance this deal?

Conventional Mortgage

@Christina Tkacs you are in a very expensive market and the cost of market value homes is prohibitively expensive.  I live in an area where homes are relatively expensive for the average income and it is extremely difficult to obtain cash flowing properties unless you buy a dilapidated home that needs a lot of work.  I have a career that I enjoy and pays very well, but I also have limited time.  That said, last June, I started investing in turnkey properties outside of my state and have bought 5 to-date.  I have spent approximately $200,000 with 25% down and all have been at or slightly below market value.  Now, I cannot say that I am making a killing, but I do have some cash flow.  Additionally, my 2019 tax return was much improved compared to previous years due to the tax incentives (i.e, $13,000 in my favor).  Finally, every month my mortgage balance decreases while the tenant indirectly pays the loan.  That all said, I entered the game with the intention to diversify my assets and with the goal of long-term wealth.  I do not expect to replace my income in 5 years, but my overall asset mix will improve and I will be better off than 95% of the population.  If you want immediate or forced appreciation, I would avoid turnkey.  On the other hand, if you have limited time, you do not want to spend the time, or your market has significant barriers then turnkey can be a good option.  

@Nicholas L. Thank you.  Buying through Roofstock is a great way to purchase remotely and someone with minimal experience.  They do a great job at providing valuable information about the property and the area and provide connections in the market.  The newest property is similar in appearance as the other one I have in the area, except this one is 3 BR, 3 BA, vs 2 BR and 2.5 BA.  

Investment Info:

Townhouse buy & hold investment in Moody.

Purchase price: $142,000
Cash invested: $39,772

Three bedroom, 3 bath townhouse in Moody, AL

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

My first rental property is in the same neighborhood with good tenants and stable cash flow

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

Roofstock

How did you finance this deal?

Conventional with 25% down

Investment Info:

Townhouse buy & hold investment in Moody.

Purchase price: $142,000
Cash invested: $39,772

Three bedroom and 3 bath townhouse in Moody, AL

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

My first rental property purchase last June is in the same neighborhood with good tenants and cash flow.

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

Roofstock

How did you finance this deal?

Conventional

How did you add value to the deal?

NA

What was the outcome?

Waiting for a tentant

Thank you Trent.  I should cash flow about $100/month.  Not great, but good enough and will likely appreciate fairly well over the next 5 years.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $155,000
Cash invested: $43,630

3 BR, 2B SFR

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

I have other properties in the area that are cash-flowing and the numbers worked on this deal

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

Roofstock

How did you finance this deal?

Conventional financing with 25% down

How did you add value to the deal?

Nothing. However, the property appraised $2,000 above the purchase price

What was the outcome?

Purchased and the PM will place on the rental market soon

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

Utilized Roofstock and CrossCountry Mortgage

Hello @Maureen McCann, This is my second property in/around Birmingham.  My other property is in Moody, AL. My experience with the first purchase in the area motivated me to buy a second one.  

Investment Info:

Single-family residence buy & hold investment in Birmingham.

Purchase price: $99,700
Cash invested: $26,900

3 BR Townhouse in Grayston Valley (Birmingham)