All Forum Posts by: Grant Wilsterman

The Charlotte REIA meet ups are on the first Thursday of every month at 6:30 (Although the first meeting of the year will be on 1/9). They usually have a speaker at the event and will have a good number of investors show up to network. Link: https://charlottereia.com/

I'm able to make it out to most of these and hope to see you there!

Robert, I have been visiting Charlotte regularly for the past 6 years and have been living in Southend for just about a year now. I absolutely love the city and have strong belief in the growth of the city in the next 5-10 years. The real estate market is definitely very competitive (especially for a house under $200k). The appreciation seen in houses close to the city has been really incredible. Charlotte is the third fastest growing city in the US (http://worldpopulationreview.com/us-cities/charlotte-population/) 

I know that both Charlotte and Raleigh are both strong for rentals and strong investment plays, but I think Charlotte is a fantastic city to live in. With an NFL, NBA, and a MLS team starting in 2021, it is tough to see the citys growth slow down.

I would recommend using an agent in your area to pull the closed rentals in your area in the last 6 months or so from their MLS. If you where in the Charlotte, NC, I would be happy to do this for you. The MLS is the most accurate way to get listing and closed listings history.

I have found that with section 8 housing, if you have a solid tenant that isn't doing damage to your property and pays rent on time, it isn't worth raising the rent on them. Most of the townhomes in my complex are section 8 and rents vary decently because of this. At least in my area, good section 8 tenants are valuable. 

BP, I am a local investor and RE Agent here in Charlotte, NC and have a meeting set up with New Western Acquisitions. I am familiar with the company and how it works, but I would love to hear some insight from investors who use this company to buy properties. Do the properties they sell do well for fix and flips? Are the numbers they use to vet properties reasonable? Is this a company really only for advanced investors or can beginners with cash purchase properties from them successfully?   Link to homepage: https://www.newwestern.com/

Thanks!

Homer Reagon, I lived in Greenville SC from 2016 - early 2019 and would be happy to answer questions you have on the Greenville/Spartanburg area as it is definitely growing significantly. Based on the amount on industry moving to the upstate area and the southeast, I don't think the grow will be stopping any time soon. 

Personally, I would look to stay in the Greenville area as the growth in Greenville's downtown is much bigger than Spartanburg. I would avoid areas around the 85 corridor as those tend to have higher crime rates and are definitely less desirable areas. I really like the area in between Greenville's downtown and Travelers Rest. Travelers rest is a great little town 15 minutes outside of Greenville and hope to a fantastic university, Furman. This are has a lot of residential growth based on its proximity to the city and quick access to the university and mountains. 

Investment Info:

Single-family residence buy & hold investment in Greenville.

Purchase price: $46,500
Cash invested: $13,900

Condo purchase to house hack and turn into my first rental. I purchased this condo based off simple cash flow analysis and using the 1% rule. I renovated the unit myself. I replaced all flooring with laminate wood flooring, gutted and refinished the upstairs full bath, repainted the unit, and repaired all other smaller issues with the unit. I lived in this unit during the renovation. I moved out and transitioned the unit over to a property manager in order to set it up with a Section 8 tenant.

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

This is my first investment deal and I was looking for a safer option where I could get a taste of renovations and a taste of the process. This deal has worked out very smoothly though the renovations took a lot longer than expected due to traveling for work.

How did you finance this deal?

I took a 20% down investment loan from a local credit union. Finding a loan for a property under $50k proved to be difficult.

Lessons learned? Challenges?

The biggest lesson learned was to consider location more important than I had. I was basing most of my search based on the rental numbers, not based on location. I bought in a less desirable area than I would have liked. This is a C to C- community and due to the size of the condo complex, there isn't anything I can do to change this. If my girlfriend doesn't want to be there at night, I probably shouldn't consider it for an investment property!

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

If you are in the Greenville, SC, I would definitely recommend Brad Ledford with The Art of Real Estate. He was fantastic to work with and a really friendly guy.

Investment Info:

Single-family residence buy & hold investment in Greenville.

Purchase price: $46,500
Cash invested: $13,900

Condo purchase to house hack and turn into my first rental. I purchased this condo based off simple cash flow analysis and using the 1% rule. I renovated the unit myself. I replaced all flooring with laminate wood flooring, gutted and refinished the upstairs full bath, repainted the unit, and repaired all other smaller issues with the unit. I lived in this unit during the renovation. Once completed, I moved out and transitioned the unit over to a property manager in order to set it up with a Section 8 tenant.

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

This is my first investment deal and I was looking for a safer option where I could get a taste of renovations and a taste of the process. This deal has worked out very smoothly though the renovations took a lot longer than expected due to traveling for work.

How did you finance this deal?

I took a 20% down investment loan from a local credit union. Finding a loan for a property under $50k proved to be difficult.

Lessons learned? Challenges?

The biggest lesson learned was to consider location more important than I had. I was basing most of my search based on the rental numbers, not based on location. I bought in a less desirable area than I would have liked. This is a C to C- community and due to the size of the condo complex, there isn't anything I can do to change this. If my girlfriend doesn't want to be there at night, I probably shouldn't consider it for an investment property!

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

If you are in the Greenville, SC, I would definitely recommend Brad Ledford with The Art of Real Estate. He was fantastic to work with and a really friendly guy.

Tax and LLC Question: I am currently in the process of renovating an 850 SF condo in Greenville, SC. I will be living in it starting August 1. I am planning on getting a roommate for this place and treating it as a house hack. I am not very familiar with the laws surrounding having a tenant or the tax benefits of this. I am planning on living in this place for the next 6 months to a year MAX before moving to another live and flip where I plan to operate an Airbnb. I will then convert the condo into a full time rental unit.

Should I get a LLC for this unit right now and place the lease under the LLC? What are the advantages of this and what are the risks I am taking by doing this under the table (obviously I will still be reporting this on my taxes)? Am I ok to wait until I convert this condo into a full time rental property to get a LLC?

I am planning on using a lease document from BP for my first lease with the roommate.

Thanks, 

Grant Wilsterman

All, I just stumble across this and have been looking to meet up with other investors in the Greenville area. Hopefully I am not too late to get in on this meet up.

Little background on me; I graduated from Clemson University with a Civil Engineering degree and have worked and still am working as a civil engineer in Greenville for the past 2 years. I have had a lot of interest in Real Estate and am in the process of setting up my first house hack. I closed on a very inexpensive condo at the end of May and am finishing up renovations right now (doing the work myself). 

I want to continue to be involved and am looking to do another deal by the end on the year. @Matt Friede ; Let me know when you plan to meet up with others you have found through BP, I would be excited to get more involved as well.