Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 6 years ago on . Most recent reply

User Stats

5
Posts
1
Votes
Joshua Vilchis
  • Charlotte, NC
1
Votes |
5
Posts

Beginning in North Carolina

Joshua Vilchis
  • Charlotte, NC
Posted

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

Most Popular Reply

User Stats

339
Posts
367
Votes
Pat Lulewicz
  • Realtor
  • Raleigh NC and Greensboro, NC
367
Votes |
339
Posts
Pat Lulewicz
  • Realtor
  • Raleigh NC and Greensboro, NC
Replied

@Joshua Vilchis

@Joshua VilchisOriginally 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

Loading replies...