All Forum Posts by: Joshua Houchins

@James Hutson all in all it was a good turn out. I understand what others are saying but in these types of events there is always someone networking or marketing something.  what went on was fairly mild compared to many other I have been to.   I would like at some point to put on a 1:30-2hr training on flips and rehabs. ( I am not selling anything!)  

Good work putting it together and spending your time on it.

@Scott Rowsick congratulations on wanting to become a real estate investor..  What kind of strategy are you looking to do in real estate?  Everyone wants to make money or be a real estate investor the key is having a plan or strategy in place to accomplish your goals.  Are you looking to buy properties to hold or properties to buy and flip?  This is important to know to figure out the direction that you want to go.

getting your real estate license could be a good step you would at least know all of the contract walls and real estate laws associated it with your state. 

School cannot teach you everything you need to know about real estate investing. Also be careful about certain mentors who are charging you up seeing amounts of money to teach you the business. Try to find some local investors that you can work for or maybe get into a dealer to with them with a little skin in the game to get them to teach you how it's done.  

But first I would figure out which strategy you were trying to take and pursue that.

A dream without a plan is a wish.

You can pick up a lot of good advice from bp.

Let me know if I can help you in anyway good luck to you

@Chris Syrett I have a basic promissory note that I use on a lot of deals that my attorney has written for me. He uses the exact same ones for notes that he writes on my deals as well.  I would give them a promise Siri note and a deed of trust they don't have to actually sign the deed of trust in North Carolina only you do agreeing that you were taking the mortgage on the property.  If you insist on not doing it it's not a big deal since it is your family.  If you do not get the deed of trust filed and it looks like you paid cash for the property. you can refinance it is soon as the property is considered a livable.  Some lenders and banks require you to at least have the property for three months before a refinance.  I'm not so sure that the gift tax would apply I would seek advice from accountant first but considering it is a loan and you are paying it back there should be a minimum state statue of what the lowest interest-rate can be.  

Good luck to you and if you would like a sample of the promissory note I would be happy to send it to you in word so you can adjusted as needed

@Daniel Tolchin I would use a broker it is a lot easier and a lot less of a headache.  Not sure how long you have been investing in Charlotte but I can tell you that only searching and buying hud homes you are not going to be getting the homes at a good price.  In nc most of these properties in Raleigh and Charlotte are going for about 90-95% of what the home is worth now.  If those numbers work for you and fits your goals maybe it is a good idea.  Try contacting attorneys that handle estates in Charlotte and let them know you will buy properties cash or close fast.  How do you find these attorneys?   Check the classified section of the news paper for notices of death and the trustee of the estate will be listed.  Also you can find this info at the register of deeds office when the property changes hand 

@Scott Le A good way to tell if your deal is good or not is by using Hard Money loans in your figures if you can't afford to do the deal with Hard Money Loan it's probably not a good one to do with your own cash.  If you can turn it fast the points and interest are not a big deal.   Good luck to you!

@Andy K    One thing that a lot of people don't know about or understand about is if you're going to put carpet in a rental property you need to try to put in commercial carpet squares.   They are easy to lay down and install they also can be replaced as individual squares without having to replace the entire room if they get damaged.   It is a very cost-effective way to keep carpet in your property without having to replace it every time a tenant moves out.  Depending on the price range of your property or the actual value of it the carpet squares is a good way to save money as well as keep it looking nice and save yourself money on cost of repairs.  Carpet squares are traditionally used in commercial buildings for the exact same reason that I'm telling you above.  Any type of flooring that comes in sheets do you have to replace the whole room if only a small portion is damaged.  If you plan to eventually sell the property you can just tear the carpet squares out and lay down traditional residential carpet.   Good luck.

@Evan Kummer as stated above you need to make sure your numbers are correct your 17% rate on return does not seem accurate.  The main thing you need to focus on is making sure your numbers are correct any of your investors or back end buyers are not going to buy from you now or ever if you give them numbers that are in accurate and not potentially close to what the market is actually producing.  There are a lot of wholesalers that try to do business with me the only ones I actually look at or open their emails are the ones that know their numbers.  My opinion this property you would have to get close to $100,000 for it to make sense for an investor. Taking into account the numbers you have put on this thread.  Good luck to you

@Allison R. Raleigh and Charlotte nc are stable markets.  Not sure if coast to coast rentals is a great idea but the market here is never bad ever. Just a consideration good luck

i'm using my speaker and that should've been due diligence

@John Matthews I do go showings I set up a showing for early in the day and don't go. If they except my offer I have five days to do Jell-O Giants at that point I'll check to see if my numbers work on the deal and if not I just terminate the contract if they work I proceed to close in 15 days. It just depends on how many projects you're trying to do a year I do a lot of projects a year so this is the only way I can keep deals coming in.