All Forum Posts by: Daniel Ramirez

Hey BP Community,

After a very drawn out process, I am finally scheduled to close on a property in Charlotte. My contractors appears to be ignoring text and calls and project has not even begun. I am in urgent need of a solid contractor to step up and handle a Major rehab project for me. Budget is 95k and encompasses adding roughly 800 SQF to a 900 SQF property. Permits have been pulled and approved.

Closing is tomorrow 11/4 and I appear to be without a contractor at the last minute. Let me know if you are interested!!! 

773.573.2729

Thanks!

.22 Acre lot in a rapidly transitioning neighborhood (Smallwood) in Charlotte, NC.

8 Properties within a 3 block radius recently sold in the Mid $300,000s. 

Asking price is $80k

$350,000 ARV

($80,000) Lot

($175,00) Home Build 

**$95,000** Pre-tax Profit

Hey Aaron,

I would recommend, as someone else mentioned, getting a good agent, talking to them about what you want to do, and looking at multi families in different areas. In parallel, run the numbers on each property to determine which deals make sense. As you do this, you will start to get a picture for what areas generally make more sense to you as an investor. Pick up the book here on bigger pockets about rental property investing and study it well. Also do some reading on managing properties. once you feel comfortable with running numbers and feel comfortable with what it takes to manage a property, pull the trigger on the the deal that makes sense to you and aligns itself with your overall strategy. 

If you plan on using leverage to grow your rental business, it is extremely important that you report your rental income and expenses accurately on your taxes. Banks will base their decision on financing your future deals on how your properties are cash flowing as reflected in your taxes.

The above statements don't factor in legal or ethical reasons for being accurate when reporting taxes. 

Hey Grant,

Congrats on the purchase! 

After learning the hard way, I would highly recommend not inheriting tenants, unless you don't have liquidity to be able to ready the property for a new tenant. I have had to endure many headaches with entitled tenants (2 properties with inherited tenants) who feel they are more owners than I. A few people on podcasts also highly encourage booting existing tenants. I personally would send a letter incorporating a solid rate hike. If they stay, they pay. If they leave, you save yourself some pain. My 2 cents.

Hey @Marlana Elliott ,  welcome to BP!

I would highly recommend listening to as many podcasts on here as you can. They will give you a very good feel for the many, many facets of real estate investing. I also highly encourage you to pick up "The Book on Real Estate Investing with no (and low) Money Down". It covers many different types of ways to get involved in real estate. I picked up it up on Audible and listened to it during my free time over the course of a couple days. 

Learn as much as you can and after a little while you will know what area you want to jump into to achieve long term goals. 

Example - My goal is to produce $100k in gross income from rental properties. In order to do this I will need to obtain quite a few rental properties, which in turn require quite a bit of capital to obtain. My strategy is to complete 1-2 rehab/flips to generate the capital required to purchase rental properties for my portfolio. 

Hope this helps.

Danny

Hey Ryan - can you PM me the address and any pics you currently have?

Hey Veronica,

I approached the lender after I had a solid deal lined up and under contract. I had a great contractor who had gone to the property multiple times to assess the various challenges with respect to the rehab. This allowed us to have good rehab Estimates to provide to the lender may I also had all of my comp analysis complete, courtesy of a great agent I have worked with. This allowed me to provide a thorough analysis to the lender and strong support of the property's ARV. I also had my LLC established. I found that lenders do prefer to lend to an entity rather than doing a personal loan. Good this is that incorporating here in North Carolina is pretty straight forward, so do not be intimidated by this. Hope this helps. PM me if you have questions!

Good job, Ryan! Keep it up

@Jonathan Kessler, I'm assuming this property is no longer available, but wanted to check in anyway.

Regards,

Danny