I introduced myself when I first joined BP a couple of years ago but very quickly lost touch after making some life changes, so I figured a re-introduction was in order. I'm Chuck King from Bessemer City, North Carolina. During my hiatus from the BP site I enrolled back in college to pursue my Masters in Environmental Engineering and got married just a little over a year ago. School was the main reason that I chose to delay my investing career. I have been interested in real estate and investing for the majority of my life and I've always known that I could make a good run at it. My parents dabbled in it for as long as i can remember but used it as a means of diversification instead of a primary investment strategy. In the recent months I was presented with a relatively good deal and have been waiting on the owner to clean the property in order to sale it. The purchasing process began a couple weeks ago and I am waiting to close on a cash back refinance of my home. I am interested in buy and hold as well as flipping homes (still haven't decided on what to do with this deal). My primary focus is going to be on buy and hold properties in order to generate cash flow for the future. I began listening to the BP podcast a couple months back and I've never been more excited, inspired or motivated to get my real estate dreams off the ground.
Thanks for your time,
Welcome back Chuck, I moved my family down to Charlotte to pursue REI. Great way to earn a living...
Care to elaborate on your most recent deal?
Welcome back Chuck!
It's great to have you here.
@Greg Mucha No Problem. It's a 2 bed 1 bath home built in 1952. It sits on a corner lot with a fenced in back yard with a detached garage/building. Purchase price is $30,000 with an ARV of 55,000. Rehab should be fairly painless and conservatively I am budgeting $10,000. I could rent the property for $600, which according to my calculations would give me a cash flow of $142/monthly. Although buy and hold is my primary focus as of right now, a flip would help be spring board further investing
i am looking at a deal in bessemer city that i would most likely wholesale if the lowball offer is accepted. I am unfamiliar with the nuts and bolts of the city and can only get a feel for what i find on MLS. Since you live there , would you be able to give me some insight on what the market has been doing there the past few months?
appreciate the help
Hello @Chuck King and welcome to BP. BP is a great place to find information on real estate. BP also allows you to network with other real estate investors. I wish you all the best. You are not alone when it comes to real estate ambition.
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