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Zachary Whiteside
  • Charlotte, NC
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Financing options for beginners in Charlotte, North Carolina.

Zachary Whiteside
  • Charlotte, NC
Posted Jun 16 2019, 09:02

Hello, BP!

I am in the early stages of starting my REI career and currently assembling my team. For background:

-I sold my first home last year and I have about 25k of my own money available to invest.
-I've narrowed my focus down to fix and flip and rental properties. I'm thinking that starting with fix and flip is the best way to quickly gain capital to be able to start investing in multiple rental properties, rather than spending all of my current capital on just one rental property and having to wait for income from that property to generate enough to invest again.
-The homes in the area I am interested in flipping would likely require 115-150k for initial purchase. Based on comps, they should be able to sell for 275-300k after rehab.
-I recently (Nov 2018) purchased a home that I am living in with one roommate, so house hacking or live-in flipping isn't an option.

Does this sound like a good path to take, or would you suggest doing things in a different order?

The thing I'm having a hard time figuring out is what type of financing would be best for me. I'm hesitant to go with a hard money lender on my first project. Does anyone have any recommendations of local banks or lenders in the Charlotte area that they have had good experiences with? 


Any advice you can offer to a newbie would be greatly appreciated.

Thanks!

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