All Forum Posts by: Francis I.

@David Seroy

You are probably correct about the auction inventory for both states. I was hoping to 'tap' into the more larger house auction inventory in NC, given that the one for MD is much smaller and very competitive, and my HML is more than ready to fund a deal I come up with, including auction deals.

Any suggestions on things to look out for in house auction bidding?

@Cindy Bowman

Thank you for your timely response and suggestion. I do agree that off-market deals are the best to go after. 

Up till now, I had never thought that a new investor with little money could venture directly into rentals/buy and holds. I am open to this option as well. Please if you don't mind, how can I do this as far as financing goes? What are my options?

Thank you @Chris Martin for the quick and detailed response. My game plan/goal is to generate cash/quicker income (short term) by way of rehabbing and wholesaling houses in the next 2 to 3 years and take part of the generated income to invest in long term ventures/rentals (capital gains). Based on my short-term goals, which NC-type of market would work, the "Big Four" or second tier markets?

Hello Stephanie,

Sorry my post may not be directly in reply to what you asked but if you don't mind me asking, how is the real estate market for investors in NC, especially new investors? What parts of NC are good areas? I am currently in Maryland (DMV region), which is very very tough for new investors using hard money to get in, and a friend had mentioned that NC would be a better area to consider and I do not mind relocating to NC if it is the right market for me. I do see that you are a broker in NC. Right now I am weighing my options and any useful piece of advice to me will be appreciated.

Thanks!

Thank you for your response David. Ya I do agree that it is going to be a challenge in NC too as it is elsewhere. 

I have tried bidding on auction properties in MD but have always been outbid by investors with more money to offer than new investors can.

Please, are you familiar with auction homes in NC? I did a quick search on auction.com and xome.com and as of today there are at least 2,400 properties listed for NC alone on each website, compared to only 800+ for the entire Maryland. Any idea what this means?  

Hello everyone,

I am a not-so-new real estate investor currently living in the DMV area. The real estate market here is very tough, hard to find deals, and very competitive especially for new investors with little money primarily using hard money. I consider myself a go-getter and have actively been searching for deals since the last 1 year (I had one under contract last November but the deal fell through in February this year). I have been considering the North Carolina market lately and from a friend, it seems to be a better market, and maybe not as competitive as the DMV (DC, Maryland, Virginia) area. I am primarily interested in rehabbing and also wholesaling.

Active real estate investors in the area, what is the NC market currently like now? What areas in NC are good to invest in? What are my chances of succeeding?

Your comments are highly appreciated.

Brief property details: purchase price: $171,000 cost of rehab: $32,000 ARV from BPO/evaluation: $280,000 (low-end) to $295,000 (high-end)

Hello everyone, I am new to real estate investing and I am excited about getting my first deal done. My short term goals are rehabbing and my long term goals are property rentals. I joined BP in February last year. For the last 6 to 8 months I have been trying to get my first deal done. I found a couple of potential houses which fell through for different reasons. After a couple of months, I finally found a property in need of cosmetic repairs in a nice neighborhood in Halethorpe Maryland. It is currently under contract and I have applied for financing through a HML (rates: 13% and 3 points). However, my only setback right now is the required cash to close. I have some cash available but I am looking for a private investor, preferably one in the Washington DC Metro Area, willing to partner up with me to make this deal work for an equal profit split. It is my utmost goal to get my feet into real estate investing and the first step they say is always the hardest. I would love to be among those sharing their RE success stories.

Please contact me as soon as possible for more information or/and property walk through.

Your responses are highly appreciated.

ps: I was not sure if this is the right section for this topic as I toggled through all the options, moderator please move it accordingly if so. Thanks.

I just signed up too for his program, and hopefully something good comes out of it.