All Forum Posts by: William Goodlett

Greetings to all potential future partners. I am looking at a deal near the Charlotte NC area. I have worked with long term rentals since 2012. I have also been a property manager since 2016 for single family homes. That is my back ground along with being in education since 2010. The deal will be my biggest deal yet and is in fact a large deal. I am writing this post to see if anyone would be interested in being a hands off partners in the deal. I am in dead seeking funding. The property use to be an assistant living facility and has been updated , along with 5 acres, and two multi units on the property along with 2 single family homes on the property. There is new hvac and some upgrades done to the assistant living facility , it’s just the person who owned the place passed and the family doesn’t want to continue running it. There is no one living in the 32 units but the other units are occupied except for one unit. 

I believe he said 5% rate increases for corporate landlords. Not sure where you stand but most people on bigger pocket are not corporate land lords. Also I believe it’s capping rates for tenants that are living in the unit and want to renew. So if the tenat(s) are evicted or move out the landlords can raise rent

Greetings everyone,

    It has been a long while since I have posted on Bigger Pockets. Feels good to be back because I know I can find great ideas. I am a investor in NC. I buy homes with all cash. With the price of homes going up even burnt homes are running $39,000. I have a opportunity to purchase a tiny home that a co-worker and I worked on. I am actively looking for land to place the home on. I have one yes but its in a flood zone that doesn't flood but every 15-16 years due to being by the coast. I would have to put the home 10 feet in the air based off new city/town rules. 

    The other lot im going to look at is more in the middle of the state. It already has a septic. I'm not sure on what all I will need to do before I move it on the HWY's and interstates. Has anyone done this before? What do I need to ask the city? I have already asked about zoning (if the home is allowed). 

No, not because I can’t rent but because I did major repairs to 5 properties this year and I just bought another one. I’ve raised rents for the new tenants and the old but I’m below market prices anyway, so they couldn’t argue with the 

I use cash to buy the single family homes. I want to buy a 24 unit property but I need partners because I can’t find anyone to give me a loan 

Investment Info:

Single-family residence buy & hold investment.

The home has $6,200 in back taxes tied to it.

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

I already have two other properties on that street

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

Fixing up other properties near by

How did you finance this deal?

Cash

How did you add value to the deal?

I will fix from head to toe

What was the outcome?

Not yet determined

Lessons learned? Challenges?

N/a

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

No

Investment Info:

Single-family residence buy & hold investment in Lexington.

Purchase price: $2,500
Cash invested: $14,000

Renting this home and 301 for $800-$900 a month.

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

It’s in the middle of a city and close to a main interstate.

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

On Zillow

How did you finance this deal?

Cash and credit cards

How did you add value to the deal?

It was bad so everything had to be touched

What was the outcome?

Rented the home at 301 for $800 and will rent 307 for $900-$925

Lessons learned? Challenges?

Let Zillow do your back ground checks and income verification

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

No

@Joe S. Something is going to stink every-time, that's why they flush the toilet. I had tenants similar to this. It just turned out that they wanted to get a taller toilet. $800 for toilet replacement? I'm not sure if you are getting some-one from another state to do the job but that's too much. At prices like that you will not be able to maintain the unit/property. Great job at asking what they charge before they do the job. A lot of people look for a person and take the first request or are just in a bind and higher someone and then get a larger than life bill at the end. But anyone charging $800 for two toilets, are stealing. A toilet like one or two people have mentioned before me runs $89-$150 and they come with everything that you need. If there is really a smell then the subfloor could be unlevel. That will cause the water in the toilet to be low and release a smell. The back of the toilet could be cracked also, check with them to see if they are cleaning water from the base often. I had a tenant tell me before that they thought it was the kids when they were getting out of the tub making the water spill.    

Yes it’s in NC 

Existing strategy would be to sale a couple units at a time and if that doesn't work then selling what I have. But my main strategy is to not have to exist. Wouldn't see why I would need to exist. Pretty good city and location. I have invested in the city a few times before. ARV would be over $400,000-$558,000. Rehab cost would probably be close to $125,000. Could be cheaper. I have a small crew that helps with plumbing , hauling and grading, roofing, and hvac and I have a couple Electrians that I use.