All Forum Posts by: Jim Kittridge

It's about $700-950 depending on which part of Hickory you're in for a 2/1. The lower part is rougher.

Houses tend to be the starting point because most people are familiar with them and in general, it's perceived as a lower risk. 

I'd recommend partnering on a few deals or lending to a great operator/investor so you can get familiar with the asset class you want to be in and get paid while learning. That's how I got started.

Alternatively, you can spend a lot of time reading/learning, you can buy a guru coaching class, or you can jump in without knowing what you don't know.

For that size you should start talking with local banks as soon as possible. They tend to be relationship oriented, so explain the game plan, timeline, and find out if they're a good fit. Also, don't rely on one lender. You want 2-4 of them interested in financing it.

Excel is a good place to start. I'd highly recommend using PO's with your vendors so you can keep track of which receipt is for which property. You can setup auto filters in gmail to have all receipts from Home Depot, Lowes, etc. to go in a specific folder or to forward to someone else.

We do everything in Quickbooks Pro on the desktop. My bookkeeper reconciles the books bi-weekly and has our vendor logins so he can see receipts, PO #s, and ask any questions as needed.

I’d recommend reading the purchase agreement. I can’t speak for the one you used as the closest thing to a standard PSA is your state’s realtor Offer to Purchase form. 

Hopefully you have that stipulation in your purchase agreement. If so, I'd refuse to close until it was vacant with a hold harmless signed.

Hi Ankit, it depends on what your goals are. Historically, Charlotte has had lower cash flow and higher appreciation. Personally, I like the tertiary markets around Charlotte as it's a good balance of cash flow, appreciation, and it trades at a discount to replacement cost.

Welcome Igor. What part of suburb of Charlotte are you building the 40 units? 

Also happy to connect. We buy a lot of rentals and fix-n-flips around the Charlotte Metro.

Like others have said, there isn't really a book specifically around HELOCs that I know of. Are either of them owner occupied? If so, it will be much easier to get a HELOC or do a straight refinance.

If you're confident in your ability to keep the money working and outperforming your interest rates, I'd consider doing a cash-out refinance and fix your interest rate for 30 years instead of a HELOC.

Check out Metrolina REIA and the sub-group meetings. I would attend as many as you can while binging podcasts and books.