All Forum Posts by: Austen Carroll

I've been doing a lot of research in the triad area North Carolina.

I'm trying to hone in on an area while simultaneously trying to prioritize exactly what I want to buy.

Chapel Hill 3B2b with garage or cart port?

Durham MFH within 30 min drive time to RTP?

North Raleigh SFH 2B1b with 1200 Sq ft or more so I can repurchase square footage to another bathroom or bedroom?

I feel like I'm too scattered. Too scattered to really be able to "see" a good deal. So I've been running the BP calculators on all of it.

I love the idea to BRRRR, but honestly without an extremely vetted contractor and no relationship built yet I think I'm better off getting my feet wet with a trad finance (20%). Then using contractors for fix ups and projects before getting into bed with them on total "gut-jobs"

I could buy a few homes with down-payments but then am I back in the saving game for a couple of years? Maybe that's when HML can come in and give me the edge I need?

As I type I know what this is. Analysis by paralysis. But my fear is using my funds in down payments then losing momentum until I have more saved up to do it again. I have about 120K in cash and it took some time for me to build that up. Am I wasting opportunity by going the traditional financing route??

@Andy Lightner

Talk to some Hard Money Lenders.

There are ways I've learned about getting funds without using your own $$. Depends on your market, time frame, numbers you're crunching. I haven't pulled the trigger on HML yet but as part of my homework I've made some very informative phone calls with some. And we'll knowledge gives you options!

also the closing cost is the 10% of purchase price and 2% in fees

View report

*This link comes directly from our calculators, based on information input by the member who posted.

hey my BP family,

I think I have a good opportunity for a duplex. been using these calcs for a couple weeks now but still new to it all.

the overall plan. HML the purchase price and rehab amounts. I have to provide 10% down on SP. the loan amount (purchase + rehab costs) is under the 70% my lender has a loan cap for ARV. Estimating the rehab cost is probably where the most tweaking in numbers and projections need to be. I'm essentially going off what my deal finders says his team of experts say we need so its conservatively "new everything". walk through with video  and pics are happening tomorrow. I've also reached out to my contractor to see if he can view the property tomorrow as well. 

I'm hoping this purchase or a purchase soon will help me gain the momentum to boost my path to financial freedom. I've been a fly on the wall of BP for a long time now but I think it's time I take the next step and ACTUALLY act.

happy to answer all questions and provide more info

@Christopher Morelock

It's good you're excited. Keep that excitement but harness it to do your research. Find comps in the area for rent, narrow down that range. Project your costs for the year. If you're interested in sight unseen long distance real estate investing... its doable. But you're gonna need somebody you trust to see the property. I would start with a PM, a trustee PM in the area you're looking to invest is gold!!!! Start the networking and knowledge building now, there will be more properties in the future and you'll be able to get those with less risk by proper planning

@Shane Lafleur

Thanks for setting it up Shane!

Looking forward to the next one!!

@Robert Laird

I would love to chat if you're willing robert. Expectation management I'm doing market research rather than specifically searching for deals at the moment. So I don't want to waste you're time if you're busy with this crazy market.

@Ashton Cleveland

Thanks Ashton, I do know the state isn't super landlord friendly but I do think it's very manageable with a proper PM. Luckily I have a very valuable PM I've found through trial and error.

@Tyler Church

Thanks. Would love to chat!!!!

@Ryan Casady

Can't make this one unfortunately but next one in the future hopefully!!!!