All Forum Posts by: Levi Bennett

Would love to be some of the first to welcome you! We love our state and love real estate, so let us know when you're here and my wife and I would love to meet up for dinner!

Hey Tyson, I know of people who have made hand-over-fist on corporate rentals in Charlotte, and in Los Angeles. The main thing is, either marketing as such, and wait for them to come to you, or be more pro-active and try to network with the right people who make those decisions. Most people I know who have done corporate rentals get someone who reaches out (if they're done well). But be sure not to be too cheap on furnishings, bedding, electronics, etc... obviously be smart, but putting the cheapest stuff, or bare minimum will not get you contracts like a vacation rental would. 

@Adam Schneider are you double closing or doing a value-add rehab before selling?

@Randy E. we are not planning on purchasing any at this time, they will always be an assignment. Not all deals close, so I don't want to pay out a DD fee that's not refundable if inspection doesn't go as planned, or we have an investor who would want to pay an assignment have an issue at the last minute. 

In North Carolina, it's customary to have a "due diligence" fee when executing a purchase agreement. Where I come from in Florida, there is no such thing. This is alien language to me. The buyer had 10-14 days to inspect the property with a guarantee of 100% refund pursuant to Florida RE law. 

So here is my question, for all of you wholesalers, are you entering a "0" in that space? OR.. is it not included in your purchase agreement? I can't imagine wholesalers here are putting up non-refundable money to get purchase agreements. 

Would love to know the thoughts of some seasoned NC wholesalers on this. Thank you!!

I am not an attorney, and this is not advice, but my understanding is that you can assign any real property with the proper contract. 

Understanding how "assignments" work in the legal world will help. You can "assign" almost anything of monetary value if you have an equitable position. This includes ownership of companies, real property (land, residential, commercial, industrial property, etc), equity positions, etc... The short answer is yes, but I would recommend speaking with an attorney familiar with assignments (you'd be surprised how many don't know how to do it or aren't comfortable doing it) in the real estate world. 

The best RE agent in Charlotte that I know of is Jan Teel (and I know a lot of agents, I'm in the RE business all over Charlotte).. She's investor friendly, and she has a work ethic and business model that is unlike any I've ever seen. Investors love working with her because she's very insightful, but also really understands your goals, and does not waste your time showing homes that don't fit your criteria. She can also work with me to give you access to wholesale deals that are off market, or new construction opportunities. There are many ways to get involved in the real estate market besides buying with an agent, and she knows more than most agents will ever learn Haha.

If you're interested, I can give you her number in a PM, I work with her and her investors a lot, and they have nothing but amazing things to say about her. 

FYI, if you're in Charlotte, I would start with a Credit Union first, and then a mortgage-dedicated company. (Caution: stay away from big banks) The most thorough company is Movement Mortgage, they're good, but they're one of the most conservative and may not jive with your youth and investment strategy. Talk to mortgage companies around town that do investment lending and see who is willing to do it. 

Also, your credit should only be affected the first time, after that I think you have 30 or 60 days to pull as many reports/credit checks as you want to find the best deal, so don't be shy about that. 

Honestly, just talk to a mortgage broker and try to get pre-approved before you even start doing anything. That'll tell you where you stand. 

It seems every investor from all over the world is looking at Charlotte for multi-family opportunities. lol. I talk to people about this every day, with new people asking me every single day. If you want something on your own, you'll have to convince an owner to sell to you, and not anybody else that has been beating down their door to buy their property. 

The best I can do, is help people connect on the ground level with companies that are acquiring cheap, and building new construction here. There is a way to make money, and retain ownership, but if you're wanting to try and buy a multi-family here, you're about 6 years too late, or you'll massively over-pay at this point. The only way is to try and convince someone to sell to you for cheap, but everyone here basically knows that their multi-family is valuable. Everybody wants one.