All Forum Posts by: Account Closed

Looks like a great project!  Good luck with it!

Alexander, first, welcome to BP! Second, I think you live in a fantastic area for investing. You are a short drive from Charlotte as well as Gastonia, Hickory, Newton and Conover. These are all good areas with different characteristics. I personally really like the Newton area for low end flips (sub $100k ARV). All of the areas mentioned are solid rental markets. Trust me, you are in a GREAT area to start investing. I live 2.5 hours from the Hickory/Newton area and still choose to invest there. One word of caution though. Be sure to research the markets and don't buy in bad areas, as there are plenty of them.

Nice work Mike. Good luck with the sale!

Mine seems to be appreciating, but it is still pretty slow. We have definitely seen the bottom come and go, but it still takes a long time to sell.

Wow, I've never had that happen. I would check to be certain your tenant didn't lose their voucher and somehow you didn't get informed. More than likely it is some kind of paperwork or system glitch or even lost mail (assuming they mail the check).

Sounds like a nice deal Jay, but I think you should flip it. I know you aren't fond of the drip drip drip of rental income, so cash in now!

I've thought of doing this with an Option Contract. That way the sell price is locked and the owners can't change their minds after they see the nice new rehabbed house. Any thoughts?

I usually pay around $900 or so for cash closings. We don't have a transfer tax here, so that helps. I'm assuming your are getting a loan if you are being required to have an appraisal. I've been told by lenders on properties that low they will go with tax value or just a BPO. 

Now that ticks me off! I've already paid to have it done. I guess the IRS just works on a whim and does whatever it feels like.

All ranting aside, thanks for posting Phil.

I've considered investing in the Statesville area, but have never had any connections there. Maybe you can help out there. As for financing, it is difficult. I've been promised so many things by bank only to have them back out during the contract period. I now have earned the trust of some private lenders, so that really opens more doors. 

Next time I'm in the area, I'll let you know so maybe we can get together for a coffee or beer.