All Forum Posts by: Anthony Gale

Definitely I've heard new construction is 50k due to building material alone

how is everyone dealing with the rising material increases?

I'm new with my first rental and closing on a land deal, but the cost of material is rising every day. I need a flip to create capital, but there is no way to budget these days and I'm worried over budget for the resale. Im in NC and sales are boomimg , I just do not want to loose money by lack of bad math. So I'm frustrated that I'm not moving forward due to fear of the unknown in the numbers. Even my rental upgrades are jumping every day in any project I try to do, such as new windows. 

@Clay West I found this true in nc . I was told new windows are 12 weeks out

What s this going to mean to the industry ? I m scared being new with one rental to buying more in the upside down unknown. Any comments welcome.

@Ashley Budyak

Shop around ! I started last year and the biggest thing I've learned is there are different FHA loans for each lender. Different programs(loans) with different requirements. And they expire. You go this week and they have this available you go next month and this one is no longer available but they have a new one.

Good luck and keep shopping there is a way to get started you just have to find it, but it is there.

The question is can they demand I live in it a year before selling if i purchase a bank owned foreclosure but not using that bank but will be using fha loan. The stipulation in listing is I must agree to live there for a year. I don't understand how that is enforceable or who would enforce it. This is NC.

@Jeremiah Akindele I ve done it. Never went to the next level but been to two of them. 400 saved me 10000 in mistakes but i did not do the 40000 and like you talking to others and it's slow but hard enough getting money for all the fees they don't tell you about sure can't see me going in debt 40k before I get started. I understand some say it's an investment and can speed you up but I'm a slow and steady kinda guy. Age also has a factor in it, the decision factor. Just my view .

there is a part of the city extremely well off with houses from 125000 2/1, to 1000000 houses, with  two schools running three blocks on one streets a buffer. On the other side of the school are mill homes(smaller 2/1, 3/1 , homes in the 50s and 60s eras) in a 40k to 70k range with lower income and some drug activity. Not a lot of crime but not a great neighbor hood, is it worth trying to invest here? The city is now trying to invest some renovations but it's speculative. Any thoughts or experience with investing in this environment.

 Mike, Yes I contemplated that as well.

Making notes thanks for all the advice.  NC laws apply and I'm reading a lot