Patrick Menefee
Deal Log
One of the most exciting parts of real estate investing is watching a massive change unfold before your very eyes, turning a house with potential into a home with style! To do this requires patience and a lot of effort - not every house that goes under contract will close, and not everything will go according to the timeline! Here you can see a snapshot of all properties I've gotten under contract for, which have closed, and which have not.
Learn more about each of the completed deals to include the rehab process, tenant stories, and more by following the link to the property page!
Here's a summary of the properties I currently own! Follow the link to dive deeper into each property and see some of the challenges, the rehab, tenant stories, and the numbers!
Rental #1
Status: rehab in progress; 50% occupied
Fourplex in Gastonia, NC
Purchase price: $160,000
Funding: Conventional mortgage, 25% down
Source of deal: MLS
Description: 5br/4ba, 3,100 sqft ranch home converted to MFH (three 1br/1ba & one 2br/1ba)
Timeline
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Under contract: July 2, 2019
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Close: September 13, 2019
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Rehab complete: TBD
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Refi complete: TBD
Rental #2
Status: refi in progress; 100% occupied
3x Duplexes in Statesville, NC
Purchase price: $155,000
Funding: Commercial loan, 25% down; purchased w/partner
Source of deal: MLS
Description: Portfolio of 3 duplexes; each unit is 1br/1ba and 500 sqft
Timeline
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Under contract: July 25, 2019
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Close: September 20, 2019
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Rehab complete: March 7, 2020
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Refi complete: TBD
Rental #3
Status: complete; 100% occupied
Duplex in Salisbury, NC
Purchase price: $92,000
Funding: Conventional mortgage, 25% down; purchased w/partner
Source of deal: MLS
Description: 5br/4ba, 2,155 sqft duplex; one side is a 3br/1ba, the other is a 2br/1ba
Timeline
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Under contract: November 19, 2019
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Close: December 27, 2019
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Rehab complete: Feb 26, 2020
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Refi complete: N/A
2x Duplexes in Fayetteville, NC
List price: $125,000
Contract price: $120,000
Funding: Hard money w/partner
Source of deal: Off-market (wholesaler)
Description: Two duplexes located on the same parcel; each unit is 2br/1ba and around 800 sqft
Timeline
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Under contract: April 6, 2020
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Close: May 8, 2020
Unfortunately, not every property you get under contract will close. But that's ok! Don't be afraid to walk away if the deal isn't right for you
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October 2019
Duplex in Mooresville, NC
Source of deal: MLS
Deposit lost: $500
Fees paid: $1150
What happened: My usual inspector identified that the gas packs (heating/ cooling systems) needed replaced. The seller was only willing to come down half of what I asked, and with the added up front expenditures the deal became too thin
March 2020
Fourplex in Kernersville, NC
Source of deal: Off market (wholesaler)
Deposit lost: $0
Fees paid: $550
What happened: The inspection uncovered a lot of issues that would have cost around $30,000 to repair. The seller was willing to renegotiate, however with the tightened lending due to Covid-19 my partner and I were not comfortable moving forward
March 2020
6 houses in Statesville, NC
Source of deal: Off market (wholesaler)
Deposit lost: $0
Fees paid: $500
What happened: Shady-it turned out the seller was under contract with another buyer a month before I went under contract. The contract with the wholesaler had a loophole she took advantage of and she blindsided us with a notice that she was proceeding with the other buyer