All Forum Posts by: William Goodlett

There is a 4 plex that is for sale. I have talked to a local bank that said they would give me a fixed rate with terms of 180 months at 5.29 percent or a line of credit and have to put up a home or two that I own free and clear at 180 months and 6.79 percent. 

  The 4 plex is said to be able to bring $500 for each unit. They are remolded. They currently rent for $400, $400, $300, and $495. The total expenses are $8500, plus $1807 taxes. 

   I'm trying to see if this is worth me buying. The price is $145,000

  The homes that I have clear $600 plus a month. They only are valued at $50,000 each. So I will be giving up 3 homes for 15 years. 

I buy homes in Winston-Salem, Salisbury, Eden areas. I usually fix the homes myself. I teach full time and I'm trying to not just buy homes during the Summer months. So Im looking for a contractor to add to my team that I can trust, that doesn't mind traveling, and who does not charge two arms and both legs. The size of the homes I buy are usually 800 to mid 900 sqft homes (except two that are a nice size). The repairs do not take long. 

  In the past couple of years I have run into licences/bonded contractors that have come in and given one price and have changed prices every week (factual), or have come in and over promised and by far under delivered. Costing me a lot more money and a couple other homes. 

@Omaree G.I wouldn't do it. You already know that they are not willing to take the risk. It has happen to me and a couple other people I know. You are trying to grow. Don't seek help from someone that is not willing to take risk and who doesn't really have the money. Just remember when you started, there was money always going out but nothing coming in because the home was being fixed and then you had to wait some months before you made all of your money back. If he is on edge now it will get worse. Partner up never down. Some people have money but that doesn't mean that they have spare money to really invest. In life there are talkers and there are do'ers. There is always another way. 

@Nandy B. how has the process gone?

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $8,500
Cash invested: $4,500

This property is a single family home where rents are $400-$675 depending on how much work you put into the house. Nothing higher than $675 even if it's top notch. All homes are sellling for $5,000-$12,000. So its not a flip location. All homes are close to a river, in a old factory town that has some what held up against losing so many factory jobs. Most people work about 1-2 hours away but live in Eden to get away from City life.

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

Close to down town, close to schools, close to parks, and a farmers market.

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

Searching the web. Can't let my secrets go.

How did you finance this deal?

Cash

How did you add value to the deal?

new flooring, new roof, new light fixtures, new stove, refrigerator, new doors, fresh paint,

What was the outcome?

Still a work in progress

Lessons learned? Challenges?

None yet

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

No

@Lance Neighbors

   I’m looking to invest close to downtown . What would a two bd 1 bath rent for? 

@Lance Neighbors

   I’m looking to invest close to downtown . What would a two bd 1 bath rent for? 

@Nandy B.  Double close sounds like a whole seller. Don't let him trick you to thinking he is a investor or a Realtor. Total I added up the estimates on both and added both high end rents. Might not be a good move if you want to keep them. But I'll leave that up to you. Shop around to find a good contractor (s). 

   I won't say anything about how to fix them up or what to place in them but I wish you the best. IF you have any questions you can hit me up. I don't mind helping where I can. 

I would and have. There is no tax hit. Specially if you pay it back in installments. I'm paying mine back at the low $100's a month. I took out only $10,000. Comparing the stock market to the rental game or flip. It's out weighed by a long shot

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $4,784
Cash invested: $20,000

Historic home in Winston Salem, NC. Going hold for 2-3 years and then sale

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

This is in a OP zone.

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

I found the deal from telling people that I buy homes and someone told me that they have a friend that was trying to sell a home through a couple companies in the past, with no luck. It took a year of me talking to the owner and waiting for her to agree on a good enough price; close to the market.

How did you finance this deal?

All cash deal. My brother-N-Law wanted to get into real estate with me so he helped fund the deal and pay for the materials needed.

How did you add value to the deal?

Total repair to the home, porch, roof, siding on the back, exterior paint, wiring, windows, clean out, and plumbing.

What was the outcome?

Not yet finished

Lessons learned? Challenges?

Some times it's worth calling around and getting 6-7 quotes. Take your time and be flexible with your time frame.

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

No.