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Virginia-based investor finds perfect investment opportunity – 1,200 miles away
By Leah Templeton
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| Matt Hufnagle |
Matt Hufnagle of Richmond, VA was ready for his first foray into residential real estate investing. As a project manager for a medical facilities developer, he had some experience with the commercial side of real estate, but was searching for the perfect rental property to help him build an investment portfolio.
That’s when Hufnagle turned to his college friend Chas Carrier, of C&C Residential Properties in Dallas, TX.
Carrier’s HVA franchise provides turnkey rentals to a core group of investors in addition to rehabbing and retailing to entry-level homebuyers and holding rentals as long-term investments.
“Chas and I went to Penn State together,” said Hufnagle. “We kept in touch on a regular basis, so when I decided to invest I immediately thought of him.”
Since this was his first venture into investing, Hufnagle looked to Carrier for guidance.
“Chas approached me with numerous properties that needed an investor and we quickly settled on a house just outside of Dallas that was ready to be picked up,” he said. “A tenant was already living in the property and the financials were in order. I went into this with a price range in mind and a certain amount I wanted to invest. I was trying to keep the down payment to a minimum.”
Carrier found a property in his own inventory that he foresaw as a good match for Hufnagle.
“I happen to be in a market that’s very appealing to investors,” said Carrier. “Matt and I felt like the demographics and real estate situation in Texas had optimal appeal for an investor just starting out. I matched Matt with a property from my own inventory that was safe and conservative. We wanted to keep it basic.”
Any long distance relationship involves trust, and investing in a business relationship long distance is no exception. Hufnagle knew working with Carrier and the HVA brand would ease any concerns about investing out of state.
“If you’re investing in a property out of state you have to have a trust factor,” said Carrier.
Hufnagle agrees and he ultimately put his trust in Carrier’s word.
“I knew Chas wouldn’t steer me wrong,” he said. “From my perspective this was a seamless operation. The property was ready, came with a tenant and made for a perfect fit.”
Hufnagle has invested in the one property to date, but the plan is to add more.
“My intent is the hold onto this house for the next five years, minimum,” he said. “I want this to be a long-term investment. As long as we can keep a tenant in the house, I’m not in this to make a quick sell. I’m looking at this as an opportunity to pay for my children’s college education.”
A fitting goal, considering that’s where Hufnagle and Carrier began their friendship.
…Leah Templeton is an account executive with BizCom Associates, HVA’s public relations agency.
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