All Forum Posts by: Daniel Ramirez

Hey BP Community,

Just got under contract for my first rehab in Charlotte, and am looking for a seasoned General Contractor to do a total rehab. Looking for contractors who have a record of quality work at Fair rates. Please reach out to me if you are interested. 2br 1 bath. 900 Sq ft. Smallwood neighborhood in Charlotte.

Working with them now, so far so good but we are still very early the relationship with WPI. Did you end up using them?

Hey Dylan,

Cash buyer for properties under 100k. Currently in the market for a rehab/flip property.

Please add me to your list; I'd love to hear back from you.  I'll send you a PM as well. 

It's tough to focus on growing the portfolio when working long hours in a full-time job isn't it? :)

My wife and I moved to Charlotte from South Florida just over 1 year ago; we love it here as well. I'm definitely interested in meeting up this coming week. Where did you see the Tap Room meet up?

Hey BP community,

As I've mentioned in previous posts, I'm looking to do my first buy/rehab/flip deal. I've been patient for a few months now, working with a realtor to land a deal through what comes out of mls. I've had success in finding buy/hold properties butc it is very slim pickings. When something does hit the market, it's gone in a day or 2 before I've had the chance to do my diligence. I've also gone to the courthouse auctions after researching some solid foreclosure prospects, but the same 3-4 high Roller guys always outbid the little guys. I poke with the auctioneer and he confirmed what ive been seeing and said thise wgo arr startimg out in this area should focus on adjacent counties (less compeition) , but as someone who needs t be very hands on with first flip, i need it to close to home. 

I've yet to work with a wholesaler but from what I gather through BP, they typically are able to bring properties to the table that are not on MLS where everyone can see.

I'd love to touch base with local, charlotte based wholesalers. 

Also, those of you flip under 5 properties a year, have you all had success at foreclosure auctions?

Thanks guys. Finding this site SO SO informative. Can't wait to start networking with some folks via local BP activities. 

Hey BP community,

I was listening to a podcast here on BP (episode 181: Finding Deals and Scaling in a Competitive Market) and the special guest talked about a good way to get feelers for where the competition is flipping properties in your market. She said to pull a list from "wherever you get your lists" that shows the addresses of absentee-owner properties that have been purchased by Corporation (scorp, llc, etc.).

I was checking out a couple sites online where one can pull absentee-owned property addresses, but I'm not sure how to filter out those that have recently (past 4-6 months) have been purchased by an LLC. Has anyone done this? If so, would you mind giving some insight?

Thanks!!!

Hey guys, just wanted to say thanks again for the feedback on this issue.

@kyle J., I tried getting a HELOC on rental properties and was told time and time again that HELOC's can only be obtained for primary residences only (not investment properties). I'm wondering if you used a major commercial bank or perhaps this was a while back and guidelines have changed.

Also, just to add my 2 cents. HELOCs are typically higher interest (downside), but are revolving so they can be tapped over and over (until duration of term is over) assuming you pay balance down prior to re-tapping it. Cash Out Refi is lower interest, but is less flexible in that you will have to open an entirely new loan again to tap into the equity once you pay it down (additional closing costs).

Thanks everyone for such prompt and insightful replies. All very good advice. I'll be sure to incorporate this when getting into a contract with a GC.

To summarize:

Check license

Check references

Do walk through of current projects they are working on, if possible

Try to gather is his/hher business is successful

Check to see if they've pulled permits

@Aaron McGinnis , why would a good contractor not go for a labor only deal? Is it the markup on materials they would lose out on?