All Forum Posts by: Grant Wilsterman

Hey Matthew! Congrats on starting the journey to becoming a Realtor. It is definitely a career worth pursuing. I got my NC license while living in Greenville, SC and moved to Charlotte to start as a full time RE Broker. DEFINITELY save 6+ months of expenses to start if you are going to go into it full time. I quit my job as engineer and didn't have as much reserves as I should have. It made my first 6-months much more stressful, though maybe add a little bit of the Daymond John Power of Broke. 

One of the most important decisions you will make is what brokerage you join. Interview many and find someone that you connect with and trust. It is important to have someone you can learn from as the licensing course teaches you the legal side of being a Realtor, not how to actually do the job. After that, tour houses. The more houses you can walk through, the better. I made a list of every larger townhome and condo complex in Charlotte and got familiar with every one. I did the same for the neighborhoods. Touring homes is free minus your time and gas, but you will get better at knowing the areas, learning more about homes, and will make you more confident when touring homes with actual clients. 

Hopefully you have no problems with the NC state exam as it is one of the toughest state exams in the county and let us all know if you have questions on brokerages in the area!

Hey Jamaal! I got licensed through Superior School of Real Estate. They are the best place to go to prepare you for the national/state level tests as well as preparing you for what to expect during a real estate transaction. They definitely aren't the cheapest option, but you get what you pay for and their education is far superior (ha) that other schools or online classes. I did all of my post licensing and continued education through them as well. 

https://www.superiorschoolnc.c...

Thanks and let me know if you have any other questions on getting your RE License here in NC!

Hey Rajneesh! I would be happy to connect. 

Do you want to grab coffee together next week? 

Thanks! Grant

Investment Info:

Single-family residence other investment.

Purchase price: $435,000
Cash invested: $52,000

Personal Residence Renovation: Purchased off the MLS within 8 hrs of hitting the market for $435,000. Invested $52,000 for the renovation and down payment. Used a contractor to due 75% of the work. Gutted and renovated the kitchen. Removed a non-structural wall to open up the kitchen to the living space. Improved all lighting and electrical in the house. Added an additional closet to the primary bedroom.

What made you interested in investing in this type of deal?

My fiancée just moved to CLT with me and it was time for us to purchase a home together. She was on board for a renovation and so we took advantage of purchase a house that wasn't move-in-ready. This allowed us to buy at a bit of a discount even in such a competitive market.

How did you find this deal and how did you negotiate it?

As a Realtor in CLT, I had saved searches set up in many neighborhoods that I was interested in buying into, within 10 mins of this house hitting the market (and my email) I had a showing scheduled. Once we toured and I pulled a comps list, we were ready to make an offer. After some strong negotiating that hinged of us not willing to work with the sellers if they didn't accept our offer that night, we were able to put the house under contract before multiple offers came in.

How did you finance this deal?

Conventional mortgage with 5% down. Renovation was with cash out of pocket.

How did you add value to the deal?

Renovating the kitchen and creating an open/modern feel in the living space of this house really puts in on a different level. Adding recessed lighting, new paint, new electrical, and light fixtures completely changed the appeal of this house.

What was the outcome?

Good equity change and possible refi in the next 6 months be able to set us at 20% equity and eliminating PMI. This will make a great flip in 2-3 years after living in it to avoid taxes on the gain or rental in the future.

Lessons learned? Challenges?

Lots of renovation lessons learned. Hiring the pros is worth the money as long as you spend your time doing higher $/hr activities. Contractors (if they are good) will do any job faster and better than I can. Struggling with finding a good fridge based on supply issues. Also, went over budget on the renovation by $7,000 due to added costs of the electrical work and underestimating the countertop expense.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

If you are in CLT, DJI remodeling was fantastic. Quality pricing and even better work. I acted as my own realtor and would recommend myself too (haha).

Investment Info:

Single-family residence other investment.

Purchase price: $435,000
Cash invested: $52,000

Personal Residence Renovation: Purchased off the MLS within 8 hrs of hitting the market for $435,000. Put 5% down on a conventional mortgage. With in 3 days of ownership, we had the kitchen completely gutted and ready for renovation. Removed a non-structural wall to open up the living area to the kitchen. All design was done by myself and my fiancée. 75% of the labor was completed by a contractor. Finished the kitchen out, moved a closet from a guest room with 2 closets over to the primary bedroom so primary has 2 closets, and refreshed all paint/light fixtures. All electrical outlets and switches were modernized as well.

After all renovations were completed, we had spent close to $32,000 on renovations. Total invested was $52,000. After repair value (ARV) is $539,000. In total, we gained about $72,000 in equity with this renovation and deal. Great learning experience with the renovation and really happy with the results. Hiring a quality contractor made a world of a difference for this project.

What made you interested in investing in this type of deal?

My fiancée just moved to CLT with me and it was time for us to purchase a home together. She was on board for a renovation and so we took advantage of purchase a house that wasn't move-in-ready. This allowed us to buy at a bit of a discount even in such a competitive market.

How did you find this deal and how did you negotiate it?

As a Realtor in CLT, I had saved searches set up in many neighborhoods that I was interested in buying into, within 10 mins of this house hitting the market (and my email) I had a showing scheduled. Once we toured and I pulled a comps list, we were ready to make an offer. After some strong negotiating that hinged of us not willing to work with the sellers if they didn't accept our offer that night, we were able to put the house under contract before multiple offers came in.

How did you finance this deal?

Conventional mortgage with 5% down. Renovation was with cash out of pocket.

How did you add value to the deal?

Renovating the kitchen and creating an open/modern feel in the living space of this house really puts in on a different level. Adding recessed lighting, new paint, new electrical, and light fixtures completely changed the appeal of this house.

What was the outcome?

Good equity change and possible refi in the next 6 months be able to set us at 20% equity and eliminating PMI. This will make a great flip in 2-3 years after living in it to avoid taxes on the gain or rental in the future.

Lessons learned? Challenges?

Lots of renovation lessons learned. Hiring the pros is worth the money as long as you spend your time doing higher $/hr activities. Contractors (if they are good) will do any job faster and better than I can. Struggling with finding a good fridge based on supply issues. Also, went over budget on the renovation by $7,000 due to added costs of the electrical work and underestimating the countertop expense.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

If you are in CLT, DJI remodeling was fantastic. Quality pricing and even better work. I acted as my own realtor and would recommend myself too (haha).

I'll third the Gastonia Market. Great location with proximity to the CLT airport, large development with I85 running right through it, and commuting distance to CLT. I would also look at the surrounding areas of Asheville. Mountain locations have become more popular with the transition to remote working and great short term rental prospects there. 

Hey Jessica, I agree with @Pieter T Van Zyl that your 6% goal is definitely achievable in the CLT market and that the only issue with multi in CLT is inventory. If you look at the number of duplexes that have sold in Mecklenburg county in the last 6-months, you will find there just aren't many that transact. Your odds of purchasing a SF are a lot higher and they can hit your financial goals as well. 

Hey Samuel, glad to see you are interesting in the RE market and sounds like you are starting in the right direction. Before trying to purchase this first deal, I would recommend defining your goals and budget for it a bit more. What part of Charlotte are you looking? Are you able to do renovations yourself or are you going to hire this work out? What types of realistic returns are you looking for? 

Hey Ryan, sorry for taking 4 days to get to this but I have a couple good references for a RE Attorney in Charlotte. 

Jeff Koenig: Koenig Law Firm, (704) 335-5471  [email protected]

Jeneen Hogue: Miller-Hogue Law Firm, (704) 307-4344  [email protected]

Thanks!

Stephen, I think you are on the right path here. I have been having SUCH a difficult time getting buyers under contract based on the competitiveness of CLT's market right now. I have had submitted offers during the coming soon period and it has worked once for me. The biggest thing is providing good terms and having the "additional provisions' addendum to make you offer expire prior to home actually hitting the market. 

The only downfall of this is that since sellers know how aggressive the market is, they feel that by letting 2 days of showings happen and calling for highest and best they can get a huge price for the house. (which is true). You would really need to be able to provide them with a no hassle deal that they won't have to deal with all of the showings and a clean offer. Keep you DDF to $1k or less and make you DD period very short (1-2 weeks) with a high EMD ($5k+). Get your home inspection done right away and make sure that you like the house and can close on it before your high EMD goes hard.

Feel free to reach out with more questions!