Beginning in North Carolina

6 Replies

Hello everyone,

I am looking to get into real estate investing in the North Carolina area. At the moment, I am working on getting capital to go towards a down payment for a duplex/triplex in the area. This has been the biggest struggle for me at the moment for a number of reasons. I am not letting it bog me down though, and I am focusing getting on as much as I can at a time.

In my search to find out some good ways to gain capital, I have come across these ideas:

1) Just raise it yourself. Take the time and have some patience/Selling stuff that I own until I get the money.

2) I don't own a home, but I do have family members that may be able to do something with a "HELOC" (Something I Just learned about but I am looking into more)

3) Does anyone else have any better/different suggestions?

My biggest problem is that it is going to take time to raise the typical 10%-20% down payment needed for a loan. I believe that I will not have problems actually qualifying for the loan, but I want to get started as soon as I can. Any hints/suggestions are welcome, as for now, I am telling myself "not to try and run before I can walk"; if I just need to take the time to save up the money for a year, then just do it and be patient.

thank you

Hi Joshua,

I’m new to the area myself and very interested in real estate. You’re asking a good question about finding the capital. I’d love to know myself what my options are. 

Anyway, I wish you the best in your real estate journey and look forward to running into you along mine. 

If you can display a good business reason based on your strengths or abilities, partnering is the quickest way. I partnered with someone for my first 2 deals, specifically to get through underwriting and not lose a property, but it also made the capital generation easier. 50% (or even 10%) of a good deal, is better than 100% of no deal.

@Pat Lulewicz

I forgot to mention this as well, and I have to see it seems like his is going to be the best approach for me in my current situation.

What generally happened with you in those first two deals? Have you stayed "partners" or how have things changed?

Did you approach family and friends or did you have someone in mind?

@Joshua Vilchis   

Originally bank wasn't going to approve the loan because i did not have landlord or investor experience. Complained about it to my cousin during a holiday and he had been thinking about real estate for a while. It was a done deal after that conversation. We pooled our money into a joint checking account and off we went buying 2 properties in 2 months. We're riding about a 14% ROI after 1 yr and 3 months, and very happy with how its gone. Not planning to change that dynamic anytime soon.

Since then, I moved from IL to NC and have branched out to invest on my own as he does the same. We also help fund each others' short-term deals like BRRRRs or flips. We are always looking for something to invest in together if it makes sense; its just a cash flow/availability decision that we approach case-by-case.

@Pat Lulewicz

I gotcha. I have had some apprehension with the idea of going in on a deal with someone, so I was just curious as to how it happened with you. I know that they are not all bad stories, and I think that I am starting to see the benefit of it since it will help me get in and get my feet wet.

Thank you for the tips and information