My Own Personal Investments
| I found a commercial property before it went on the market, located on Weaver St. in Carrboro. This was a highly desirable location. Bought with partners for in 2004, sold in 2006, ROI= 447%. Rent income covered all the expenses of an interest only loan, taxes, insurance and maintenance. | |
| Bought 2 townhouses in Carrboro that stayed rented by graduate students. Sold after several years when rents went down due to overbuilding. Profit: approximately $35,000/unit, or 1.67 ROI. | |
| Own a condo bought in 1998, cash flow of $300/mo. Steady rent by UNC undergrads. | |
| There is a small neighborhood of 24 houses and condos in Carrboro that is walking distance to everything. Bought a condo and a house here and both are rented. Together they don’t cash flow yet by $300, but will next year. Bought for future equity because of the value of the land and location. The location is fabulous—on the new bike path to UNC, most bus lines, walking distance to Weaver St. Market, the farmer’s market. Properties in Carrboro seem to be evaluated on their distance from Weaver St. Market which is the center of town. Walking distance when there is so little parking and people are conscious of “green” becomes very important. Bought condo when builder needed cash so bought for 80% of price 5 months later. | |
| With a contractor, bought a house in a neighborhood near Duke University. This neighborhood is transitional; changing block by block. When renovated, we expect to make between 200% and 300% of our investment. Buyers are young professionals and Duke professors/doctors/PhD students. | |
| Formed an LLC with other people to buy a house from the City of Durham on Dowd that is within walking distance of downtown, the old Durham Bulls ballpark which is being rebuilt. Bought for $40k, put in $16k, appraised for $78k. Small house, 3 bedrooms, 1.5 bath. Fabulous tenant who loves the house, area is transitional and going up in value. |  |
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Just bought a house on Gray that is around the corner from the house on Dowd. Single family, all hardwoods, 4+ bedrooms, spacious rooms, good neighborhood because many owner occupied houses. Great tenants who are related to the people in the Dowd house. House appraised for $125k, bought for $120k with $2400 in seller paid closing costs and $7000 toward repairs. I’m putting in a 3rd bathroom, fixing the roof and front walk. |
| My most exciting investment yet—8 duplexes in a very good area of Durham. Duplexes on a short street that is primarily rentals, surrounded by large single family houses worth much more. This is in process. |
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