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Updated 22 days ago on . Most recent reply

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Collin Marcotte
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Looking for opinions on the house flipping market in North Carlolina

Collin Marcotte
Posted

I live in Vermont but I'm currently looking to invest in and around Charlotte North Carolina. One, because I have family down there and two, because I'd like to escape the Vermont winters. 
for the past 23 years I've worked for myself as a mason specializing instone masonry. I have loads of building, renovation and project management experience as well. I confident my skills set would fit well into flipping value add properties but would like opinions on that market down there.  I would execute the majority of the work myself. 
I have spoken to one agent who told me it was a terrible market for flipping and pushed me towards building new and then selling, although throughout our conversation I learned her husband is a GC, so that angle obviously makes a lot of sense for her. 
I have cash to buy and renovate ready to go. I have been looking at the area for a long time and have found deals that seem to pencil...even if they are few and far between.  I'd love to hear from people down there. I'm looking for agents/agent recommendations who understand my goals and any other info people can provide. 
Thanks to everyone!

  • Collin Marcotte
  • Most Popular Reply

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    Corby Goade
    • Investor
    • Boise, ID
    3,320
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    Corby Goade
    • Investor
    • Boise, ID
    Replied

    Welcome! Good for you for making the first move and asking for help here. A couple things I'd encourage you to consider;

    -First and foremost, this agent who told you it's "not a good market for flips," has no idea what they are taking about. I never even been to NC, but I can tell you that every market in this country performs basically the same when it comes to flips- there's no such thing as a bad market, people are making hucketloads money flipping houses in every city in this country every day, guaranteed. Do not work with that agent, they are not the right fit. 

    -Sounds like you have the tools, resources and relationships to mitigate some of your risks. Many new flippers, especially contractors, think they can and should do all of the work themselves. Don't fall in to that trap- speed is the name of the game in flips. Holding costs and market changes will cost you more than you'll ever save by cutting labor costs. Hire quality subs and keep things moving as quickly as you possibly can. 

    -Finally- jump in and do a flip. Don't overthink it, don't agonize over the details. Experience and action are your friends, so make it happen. 

    Good luck!

    • Corby Goade

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