All Forum Posts by: Account Closed

I would also recommend pints and properties https://www.meetup.com/pints-p...

Hey, @Dominic Stevens! I would recommend looking at any of the areas that are in the "path of progress" around downtown Charlotte if you are looking for something that is more of a long-term project (south of downtown or in the immediate 15-20 minutes radius for certain parts of the surrounding area). If you are looking for a property with a shorter time frame and don't mind not being in the 485 loop I would look at the Concord and Gastonia areas. You will find a more investor-friendly market with deals that meet a lot of the metrics for BRRRR's or other strategies, along with a lower barrier to entry.

You need to check the title with an attorney to make sure they don't have any additional liens on the property. This should be among the first steps you take and only costs around $250 depending on who you use. It will take care of a couple of your questions. Always have a contract in place prior to exchanging any form of payment. If you don't you are just giving them money on a promise. An agent would help with giving you info on the area and stats for the local market. You will also need vendors and other connections for the rehab or operations of the property. 

I can send you some info regarding the process of purchasing a tax foreclosure from the auction also.   

@Malia Miyashiro-Harmon As someone who had to adjust from the San Diego Multifamily market to the REI market in Charlotte NC I can relate! The fun thing from CA to NC is that they close with attorneys so get ready for that! Also, be prepared for a more business-friendly atmosphere forming an LLC here compared to CA is less than half the price. If you are looking for properties in the Charlotte NC market I would look in the suburbs just outside of the metro.

It depends on the area along with the deal itself. I prefer buy and hold as the interest rates are so low paying a little extra for a property only adds up to a nominal amount each month on top of what you wanted to pay. The Charlotte market is still a little small for restricting it to only zip codes as the city and suburbs have been growing so quickly each street is different with some new 300k plus construction sitting alongside some 1950's SFR'S.

Concord, Gastonia, and Stateville are great markets for flips. 

@Stephen Bennett congrats on taking the first step! Are you looking in the Charlotte Market? If you are then I would recommend looking into the Concord, Statesville, and Gastonia areas. In the CLT metro, the margin for flips doesn't make it safe for investors unless it is a higher-end project or something that needs a complete gut and rehab. Even then these are gone by end of the day. 

For financing, I would first figure out your strategy. There are a few ways to go about this all the way from a standard flip to a house hack/live-in flip. Once you have your criteria in how you are going to renovate along with the returns you are comfortable with, I would then compare it to what's going on in the market to see if what you are aiming for is feasible.

@Brandt Bronico the multifamily properties that perform well in this market are difficult to find. Right now most of the MLS listings don't meet many basic underwriting criteria and unless they are heavily mismanaged or in need of full rehab. I like that you are looking to move into one of the units are you planning to use FHA?

I would not expect to find 1 deal per 30 calls (this is coming from someone who was a multifamily broker in a large metro) you will find deals but not at that rate. Maybe some people throwing random high numbers at you to make you go away or pay up. So expect to reach out more than that if you are looking for a serious seller. 

One dynamic in this market is that unless its a large multifamily property with built-in amities or in a prime location it doesn't make a lot of sense unless is a pure cashflow play in an area that is not located in the CLT metro. The cost of living in the city and easy commute times do support the population density that a market geared towards smaller multifamily would. I would recommend calling or driving by any areas you would consider owning a property and making note of any properties that look like they need some TLC.

Yes, they are all growing cities/suburbs that are more investor-friendly markets close to the Charlotte Metro. They will typically meet a lot of the investing rules of thumb you see here on bigger pockets. These markets are very competitive though at the moment with final offers being accepted in as little as 6 days. Usually, any home-run deals are under contract within hours of hitting the market. 

Hey @Jake Silverman! The Charlotte Metro is very competitive right now and the pricing for the properties does make it difficult to find an investment that cashflow's well right off the bat (they do have great returns and appreciation when you do find a deal). I would recommend parts of Gaston County, Concord, and Statesville. You will find properties that meet many rules of thumb for investing and a much higher deal flow compared to the Charlotte metro. 

Best of luck! And if they do try to get retail assistance be aware of any terms or problems that might come up during the process. Some programs require lease renewals or extensions in exchange for assistance. If you don't mind me asking what city is the property in?