All Forum Posts by: Kelly Carter

Hello, we've been looking for a BRRRR in Charlotte for quite some time. I run my numbers very conservatively, and haven't found much for 2 reasons - 1, the rent ratios are really tough in Charlotte. For example, many of the investment properties sell for 115-120k and then require more money to make them rent for a decent amount - and might rent for 900-1000. If it's in a profitable and upcoming area (let's say plaza area), typically it will be listed for under 100k and sell for WAY over that in a bidding war within a few days. And these are homes that need a complete overhaul most of the time. If you are a cash buyer and have an awesome contractor team then maybe it's worth exploring. Personally I think the profit margins just aren't there.

@Jonathan Breton do you think Gastonia also? Or no?

@Jashua Gupta I live in Charlotte and and a new-ish investor. I would be interested in possibly partnering on an SFH. Good deals in Charlotte are hard to find at the moment and heavily competitive. That said I would be happy to discuss specific areas and answer any questions, I'm very familiar now with the various areas/ zip codes.

@Jimmy Nguyen I wouldn't be surprised if I'm missing something, but what occurs to me reading your various scenarios, is...

why not just finish the rehab on house 3 and either flip/sell it at the higher value and repay the HELOC, then use the HELOC again to repeat with a new house? Other option would be use your HELOC for the renovations as well (I assume this is what you're doing), and then after a seasoning period of renting it (usually 6 months), the home should appraise at your ARV of 120k - then just do a refinance into a conventional mortgage.

@Aaron Hunt wow! Well, that sure turned out to be a great investment! I’m curious if you have anywhere in particular that you invest in currently, or would recommend (nationwide)? Gastonia is near Charlotte, and I’ve heard from several people that it’s a good place to look into. That’s very interesting about properties in that range going in and out of escrow. I will have to ask around about that - I agree though, at that price point possibly owner occupants whose financing has fallen through. Or investors who don’t do their math until too late!! Who is your pm here in Charlotte? I need a recommendation! 

@Aaron Hunt so to clarify - you bought an sfr here several years ago around the 100k mark? 500/mo cash flow is really good. I assume by beg you mean after repairs, cap ex, pm, etc...How did you achieve that? Was it a newer home? Did you buy it in all cash?

following because I'm interested in the response. I will say that my primary concern would be having the HELOC for 7-8 years where the rates could jump significantly higher.

@Ned Roche I’m in Charlotte - Matthews to be specific. I’m interested in flipping and currently networking. Happy to stay in touch and share resources. 

@Caleb Heimsoth yes I’ve been using rentometer but like @Michael Baldinger was saying, it only lets you do a few a month. Do you think the subscription is worth it? 

@Jimmy Moncrief that’s the crazy thing - they get snapped up at these prices and nothing sits on the market! To be fair I haven’t specifically asked my agent to send me properties that have been sitting, I’ve just been seeing how quickly current inventory disappears. I will ask about that today, it’s a great idea and maybe there are some I haven’t seen! I’m also waiting to see what every property I looked at this month closed for to better gauge the market.