Patrick Menefee
RENTAL PORTFOLIO
Tried and true wealth generation in real estate comes from owning rentals. Appreciation, depreciation, amortization, and cash flow...capitalize on the four wealth generators of real estate while providing quality housing!
Check out the portfolio since the very beginning, and check each property page for the rehab process, tenant stories, and lessons learned!
Rental #10 (18 units)
Status: Renovating!
Warrenton Apartments
Purchase price: $750,000
Funding: Commercial loan & partners
Source of deal: Commercial Broker
Specs: All 18-units are 2br/1ba, ~850 sqft
Timeline
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Under contract: November 9, 2021
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Close: March 21, 2022
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Rehab Completed: TBD
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Refi: N/A
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Sale complete: N/A
Rental #4 (4 units)
Status: SOLD Q1 2021!
2x Duplexes in Hope Mills, NC
Purchase price: $115,000
Sale price: $213,000
Funding: Hard money; purchased w/partner
Source of deal: Off-market (wholesaler)
Specs: Each unit is 2br/1ba, 764 sqft
Timeline
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Under contract: April 6, 2020
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Close: May 29, 2020
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Rehab complete: September, 2020
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Refi complete: N/A
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Sale complete: February, 2021
Rental #1 (4 units)
Status: SOLD Q4 2021!
Fourplex in Gastonia, NC
Purchase price: $160,000
Sale price: $400,000
Funding: Conventional mortgage, 25% down
Source of deal: MLS
Specs: 5br/4ba, 3,100 sqft
Timeline
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Under contract: July 2, 2019
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Close: September 13, 2019
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Rehab complete: August, 2020
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Refi complete: October, 2020
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Sale complete: October, 2021
Rental #9 (2 units)
Status: Listed for sale!
Hubbard Duplex Short Term Rental
Purchase price: $459,000
Sale price: TBD
Funding: DSCR Loan (1031 exchange)
Source of deal: MLS
Specs: 6br/6ba, 3,300 sqft duplex
Timeline
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Under contract: August 31, 2021
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Close: November 2, 2021
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Rehab Completed: January 2022
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Refi: N/A
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Sale complete: TBD
Rental #3 (2 units)
Status: SOLD Q4 2020!
Duplex in Salisbury, NC
Purchase price: $92,000
Sale price: $165,000
Funding: Conventional mortgage, 25% down; purchased w/partner
Source of deal: MLS
Specs: 5br/4ba, 2,155 sqft duplex
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
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Sale complete: December, 2020
Rental #8 (8 units)
Status: Listed for sale!
8-plex in Fayetteville, NC
Contract price: $97,000
Sale price: TBD
Funding: Private lender
Source of deal: MLS
Specs: 5 studio units, 3 1br units
Timeline
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Under contract: December 9, 2020
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Close: January 6, 2021
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Rehab: Incomplete
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Refi: N/A
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Sale complete: TBD
Rental #5 (4 units)
Status: Listed for sale!
Fourplex in Fayetteville, NC
Purchase price: $153,000
Sale price: TBD
Funding: Conventional w/partner
Source of deal: Off-market (broker)
Specs: Each unit is 2br/1.5ba, 850 sqft
Timeline
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Under contract: April 23, 2020
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Close: June 8, 2020
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Rehab: N/A
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Refi: N/A
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Sale complete: TBD
Rental #2 (6 units)
Status: Under contract to sell!
3x Duplexes in Statesville, NC
Purchase price: $155,000
Sale price: TBD
Funding: Commercial loan, 25% down; purchased w/partner
Source of deal: MLS
Specs: 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: April, 2020
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Sale complete: TBD
Properties that did not close
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
June 2020
2x Duplexes in Spring Lake, NC
Source of deal: Off market (wholesaler)
Deposit lost: $0
Fees paid: $450
What happened: this one was pretty straightforward - the home inspector went out to check out both houses and found massive foundation issues. I had a structural engineer out and found I'd be looking at $50-70k in rehab! Luckily I got my deposit back and both inspections were discounted because we stopped them once we realized how bad it was
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
June 2020
10-Unit Apt in Linden, NC
Source of deal: MLS
Deposit lost: $0
Fees paid: $1,700 per partner
What happened: at the end of the day, we couldn't come to terms with the seller. The apartment complex had great long term potential, but required an enormous amount of cash. The seller wouldn't budge, and neither I nor my partner felt comfortable paying with the cash required despite the beneficial seller financing
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