Anyone owner financing around Charlotte
Hello BP
My name's Billy
I'm living in the South Charlotte area. Indian Land to be exact. I'm relatively new to real estate. I have one deal under my belt which was an owner financing deal.
I sort of just fell into it about 6 years ago. I had about 10,000 saved and wanted to stop blowing money on rent. So I started looking around for homes on CL. I found one for sale by owner for 59,900. Basically just asked if he'd owner finance me and he said sure.
The deal was 10,000 down and the rest 49,900 financed by him for 10 years @ 8% interest. I ended up house hacking it before I even knew what that meant, and got it paid off in 6. It now rents for 850 a month. Not bad for a newbie;)
So 6 and a half years later and a little more knowledge about real estate I'm looking to do something similar to that again. I have about 12,000 saved. I'm looking to put down about 8,000 on a fixer upper. A duplex would be glorious, but I'm having trouble finding those in the Charlotte North Carolina area.
My goal is to find something with owner financing. Get the title in my name. With owner on as lien holder. Live in it for awhile and fix it up. Go to the bank and get it reappraised and pay financier back and get some equity out. Then rent it out and do it all again. Something like the brrrr method. As I said I'm a newbie, but I know something close to this is possible.
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Also, @William Stewart try joining a lot of the FB investor groups. There are wholesale deals on there every day with fixer uppers.