All Forum Posts by: Carrie Matuga

@Joe Paul Great questions! 

You're in NC, so you have the opportunity that many of us (me included) don't have, which is to start in your backyard. 

- Check out the metros and a 30-mile radius of them to see what's listed. 

- Pre-Qualify yourself for loans (you don't have to go with the lender who does that) but you do need to know what price range you are working with your own liquidity and credit.

- Define your buy box. What do you want to invest in - SFH, turnkey, value-add, fix-n-flip, 2-4 units, larger MF....

- Find an investor-friendly agent and get more familiar with your markets and start pricing deals. Aim for 2-5 a day to get solid with analysis.

- When you talk to a lender, it's better when you have a deal in hand or one that you are looking at vs. a general conversation. 

- Ignore the naysayers in this community. If out of state works, then do it. You'll just need to form a great team that includes a PM. But determine your own risk tolerance.

I also sent you a DM.

Talk to Andrew McGuire. He is an AZ agent out of Gilbert AZ and he specializes in these kinds of hybrid seller financing/sub-to deals. 

Are you looking to borrow against your properties or use them as collateral for another acquisition?

@Que Fin what kind of mentorship are you looking for? Is it just market knowledge on Birmingham market or real estate investing in general? If it's Birmingham specific, I'd talk to several investor-friendly agents to see who you click wtih. If it's real estate specific, there are so many awesome resources through BP from their calculators to their accountability groups to podcasts and YT videos.  In terms pf lending options, DM me and we can talk more specifics.

@Arron Paulino

The more experience and pipeline of deals, the better the terms. It will be important to cross the threshold above 5 and show your exits. But if your deal is in a solid metro, the deal + rehab pencils and you have credit 700+ and liquidity private money is available.I'd love to talk more, Sending you a DM.

How many deals are you analyzing in your market? I'd say that once you've analyzed a minimum of 50 deals in the market and actively put out a couple offers a week that DO work for your numbers, it might be time to look in a different market. But if you're not analyzing with a high frequency and submitting offers you aren't there yet.  Have you also gotten on the list of wholesalers in the area to see what they have? Rates are high but there opportunities.

@Natalia Anglero, 

Are you thinking of tapping into the equity to fund the renovation or a loan for the project and then a refi? Depending on where you are in terms of interest rates, it may be worth it to do a HELOC and tap into the equity now to fund the rehab. IF you want tp talk more, please DM. I've done quite a bit of renovating on my properties but I had a construction bridge loan that I refinanced into a DSCR when everything was complete.

@David C.

I expect an investor-friendly agent to :

* Send me deals that fit my buy box - especially off-market deals

* Have a pulse on path of development and where to invest/not

* Run accurate CMAs and rent projections that lean to the conservative'

* Have connections to contractors and PMs 

* Send me terrific videos, pictures and review of property (including key photos of mechanicals).

I do not think it reasonable to ask them to split commission. They are my first set of "boots on the ground". And to make the partnership work, I have my buy box defined and my finances and pre-approvals locked and ready to go.

@Andrea W. If it were me and I was starting again, I'd start with a combination of small multi-family 2-4 units and scale into larger multi-family. I worry about booking trends on STRs across the country. They are still above 2019 levels, but not in 2020-2022 territory and prices are still sky high. You have the advantage of having a W-2, where if you chose conventional financing is an otpion.

Hi Amanda, I use PMs so diveablility isn't one of my criteria. I look more at population growth trends and landlord friendly states. If you aren't going to fix the sink yourself, it may be worth opening your range. Personally, (And I'm a SoCal investor too) I invest in TN and am keeping a close eye on Indianapolis, St. Louis, Louisville, Lexington, Greenville SC, and Savannah markets. I'd love to connect. Sending you a DM!