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All Forum Posts by: Lisa Hoover

Lisa Hoover has started 6 posts and replied 105 times.

Post: total knock down of a property and pricing the new build.

Lisa HooverPosted
  • Specialist
  • Charlotte, NC
  • Posts 111
  • Votes 95

i can share that i have a 3200 sqft

Beautiful 2 story house on a 1 acre

Lot in Charlotte NC   demolition and haul away is $16,000.

(Ive decided to pay $30 000+ to jack it up and move it to a new location.....fyi, im selling the land)

Post: Can anyone get into property development ??

Lisa HooverPosted
  • Specialist
  • Charlotte, NC
  • Posts 111
  • Votes 95

I think buying and rehabbing houses is a great way too learn.

I was looking thru some deals in Charlotte yesterday and saw at least 4 "Free House You Move" deals...because there is so much wonderful construction of huge developments here...any house sitting on the land has to go or the developer has to pay to have it demolished and hauled away.

I also saw about 8 very rehabable houses for sale for less than $20,000!!! asking price-- in decent areas-- never saw that before.

ANOTHER route of development that has been a big return for me is to buy a residential property that is NOT in a subdivision and IS close to commercial and rezone the resi property to commercial. THAT is a 1000%+ return when you sell the parcel as commercial. You will learn so much about zoning when you do the entire process yourself-- I highly recommend it!

Post: Greetings

Lisa HooverPosted
  • Specialist
  • Charlotte, NC
  • Posts 111
  • Votes 95

Hi Jose

I know you'll enjoy being on BP!

Post: Is anyone in the Charlotte NC area willing to provide mentoring?

Lisa HooverPosted
  • Specialist
  • Charlotte, NC
  • Posts 111
  • Votes 95

Hi Guerillmo, I'm no longer investing but I know the greater Charlotte area including Monroe..im here and feel free to pm me with questions on specific properties areas  etc.  I'm not a competitor or a broker : )

Post: Looking for CPA in Charlotte, NC

Lisa HooverPosted
  • Specialist
  • Charlotte, NC
  • Posts 111
  • Votes 95

Hi I use Derek Atwell in Monroe..he does taxes for commercial and residential investors and re brokers

And has done an excellent affordable job for us.

Post: New Investor Looking to Learn in Charlotte, NC

Lisa HooverPosted
  • Specialist
  • Charlotte, NC
  • Posts 111
  • Votes 95

Hi Don, let's talk on the phone

Let's first pm here on bigger pockets... I'll send you a colleague request. 

Weds anytime after 11am EST are best for me.

Post: New Investor Looking to Learn in Charlotte, NC

Lisa HooverPosted
  • Specialist
  • Charlotte, NC
  • Posts 111
  • Votes 95

No and I've only thought of it once and that was because a buildable lot in Raintree Country Club (arboretum area) came up...but I still didn't do it.

It's too eexpensive, takes too long and way too time consuming especially for an investor and LAND PRICES in any area you should be investing in would be insanely priced.

I think its great you are thinking of all options. I hope you will find a realtor that specializes in investors and REOs asap that will show you on MLS the props that are available

Im not in the business as you know, but I know several props that already have tenants in place and investors that bought 6 +years ago are ready to sell...those are easy deals to run the projections on.

Before you take any more time thinking about all thepossibilities...go ahead and get your loan qualifications done/ financing letter of approval 

Because you will have heartbreak if you find an incredible deal and you are not prepared to jump on it.

( There sure are incredible deals even today in South charlotte but only for those investors prepared to take action.)  I'm so glad I was prepared years ago to jump on opportunities so rewarding that they are literally life changing.

Post: New Investor Looking to Learn in Charlotte, NC

Lisa HooverPosted
  • Specialist
  • Charlotte, NC
  • Posts 111
  • Votes 95

HI

I posted this summary to help a beginner investor in Dallas Ft Worth yesterday...thought there might be some info you could use too...

Hi as a beginner investor with the flexibility you have to move often and LIVE in a propertyyou can have the best of all investor  situations with best loan terms, owner occupied PRIORITY TO WIN HUD BIDS and get bank foreclosures, all while maintaining complete control over timing, tenant selection and growing your appreciating income producing portfolio at your own pace. (Investors usually buy duplexes for monthly cash flow which is small. It's hard to find an affordable duplex, townhome or condo that appreciates and someday you WILL want to sell.)

In my experience it's best to buy your own home first, live in it awhile as short as 6 months, ( buying it owner occupied for the lowest down payment and best 30year interest rate: do an adjustable ARM, 5 year if you can get it.) When you decide to turn it into a rental, you go rent for 3 to 6 mos until you can find another perfect house to buy owner occupied. LENDERS won't count your 1st property's mortgage against your income if you have a signed written lease and 6 months verified tenant paid rents.

DON'T BUY YOUR dream home now, buy the most rent-able  property: a minimum.                    3 BR 2 BA SINGLE FAMILY HOME ,  bigger if you can afford and a garage is a huge plus. AREA to buy in? ONLY look where the best schools  are, in the best neighborhoods you can afford.

The neighborhood and  house should have instant curb appeal, sit 'at or above' street level, yard for the kids to play in. Families are the best tenants in your area-- most stable, mature, settled and usually 2 or 3 working adults with income.

KEY: Make money the day you buy.

Use an investor savvy realtor that you personally like and can build a relationship with. Of course buying HUDs is an option but be choosy because you may find a GREAT house in a not so great area.

BANK and ESPECIALLY local Credit Union foreclosures are a dream, as owner occupied you can negotiate repairs, new wood flooring, HVAC units can be installed and cost added to the purchase price banks will add New Appliance packages and even BLINDS for all the windows.  KEEP YOUR CASH IN YOUR . POCKET. ALWAYS!!    ..once you are negotiating with the bank and agree on a NET PRICE to them, you can boost the purchase price adding in all rehab costs as part of the deal..you can even have the bank give your Buyers Agent Realtor a $2000 bonus which in most states your realtor can REBATE to you on the closing statement (limited to a max of up to 1% of the agents usual 3% commission..so there's probably a few extra bucks going to your realtor in the end and she will love you for that. 

At our NCSECU cr unions in Charlotte they offer their fixed up foreclosures FOR RENT and HELP the owner occupant buy it, even if you are not a member! SWEET.

ANYWAY, when buying especially your first property buy something of quality that you 'would' choose to live in and rent to tenants you thoroughly check out: verify income, pay stubs and 3 mos of bank checking account statements!!  and job stability and former verified LANDLORD REFERENCES            ( check tax records to make sure you are talking to the property owner NOT a tenant prospects cousin.

Ok,  THE SUMMARY :                                      LOW RISK & COMMON SENSE

1. MAKE MONEY THE DAY YOU BUY. Buy at a discount aka below market and tax value. Proactively structure the deal with no cash out of your pocket for rehab, closing costs.

2. NEVER owe more on a property than its market value.

3. BUY quality SINGLE FAMILY homes SFH.that appreciate.

4.Always do a home inspection using a certified home inspector ( with utilities turned on) and separately  hire an A.C. company to thoroughly inspect the state of the HVAC ( it might be blowing cold air today , which passes a home inspectors test) but the coils might be shot and the system riddled with leaks and crushed air handling tubes. Do the land  survey at purchase for your protection and because it can be financed into the loan closing costs.

5. ALWAYS make clear title a condition of closing.

6. YOU CANNOT BUILD WEALTH IF YOU SELL OFF YOUR APPRECIATING ASSETS .

Buy Smart. PROACTIVELY Structure the deal.

HOLD the property, refi and take out cash repeatedly if you need it and current lending rules allow ( that option cycles about every 5 years!)

7. Use a CPA! for your taxes at least the first year!!! To take every possible tax deduction...put notes and receipts in a shoebox ( worst case) save EVERYTHING!

8. Check out your Renters income and 3 months of their bank statements.

And join the local APARTMENT ASSOCIATION and use their tenant lease!!! Never use the Realtor Association lease which is not LANDLORD friendly!  IN Charlotte it's called CAA. For Charlotte Apartment Association

And they have some excellent great seminars and training classes in property management

AND tenant procurement.

9. HOLD YOUR PROPERTIES at least 10 years and 15 if you can...they should at least  DOUBLE in price by then. And the tax write-offs make your W2 Earnings a lot higher in take home pay.

10. Fasten your seatbelt ... 10 years will fly by and only having 3 good solid properties will provide you with excellent retirement funds.

Lisa Hoover

Lisa Hoover from Charlotte, North Carolina

replied 1 day ago

Post: Is Charlotte NC a good location to start buy to let investment ?

Lisa HooverPosted
  • Specialist
  • Charlotte, NC
  • Posts 111
  • Votes 95

Charlotte is one of the best areas in the US to buy rental real estate and it has been so that I know of personally since 1993.

Top areas have been since 2002:

Phoenix (now pricey), Dallas Ft Worth, Austin, Vegas,Charlotte.

Charlotte is not a tourist economy like Las Vegas, CLT has a solid finance, manufacturing and tech base for employment.

 Today, CLT isn't as pricey as PHX.

1995 AND NEWER SFHs in good areas, are the only way to go-- still have some incredible bank foreclosure deals here.

You can still get a 4 br 2.5 ba. 2 car garage under $200k and rents are at an all time high.

The prop will cash flow from day 1

AND appreciate nicely.

Post: Primary residence or rental property

Lisa HooverPosted
  • Specialist
  • Charlotte, NC
  • Posts 111
  • Votes 95

Hi Clementine-you can have the best of all investor situations with best loan terms, owner occupied PRIORITY TO WIN HUD BIDS and get bank foreclosures, all while maintaining complete control over timing, tenant selection and growing your appreciating income producing portfolio at your own pace. (Investors usually buy duplexes for monthly cash flow which is small. It's hard to find an affordable duplex, townhome or condo that appreciates and someday you WILL want to sell.)

In my experience it's best to buy your own home first, live in it awhile as short as 6 months, ( buying it owner occupied for the lowest down payment and best 30 year interest rate: do an adjustable ARM, 5 year if you can get it.) When you decide to turn it into a rental, you go rent for 3 to 6 mos until you can find another perfect house to buy owner occupied. LENDERS won't count your 1st property's mortgage against your income if you have a signed written lease and 6 months verified tenant paid rents.

DON'T BUY YOUR dream home now, buy the most rent-able  property: a minimum.              3 BR 2 BA SINGLE FAMILY HOME ,  bigger if you can afford and a garage is a huge plus. AREA to buy in? ONLY look where the best schools  are, in the best neighborhoods you can afford.

The neighborhood and  house should have instant curb appeal, sit 'at or above' street level, yard for the kids to play in. Families are the best tenants in your area-- most stable, mature, settled and usually 2 or 3 working adults with income.

KEY: Make money the day you buy.

Use an investor savvy realtor that you personally like and can build a relationship with. Of course buying HUDs is an option but be choosy because you may find a GREAT house in a not so great area.

BANK and ESPECIALLY local Credit Union foreclosures are a dream, as owner occupied you can negotiate repairs, new wood flooring, HVAC units can be installed and cost added to the purchase price banks will add New Appliance packages and even BLINDS for all the windows.  KEEP YOUR CASH IN YOUR . POCKET. ALWAYS!!    ..once you are negotiating with the bank and agree on a NET PRICE to them, you can boost the purchase price adding in all rehab costs as part of the deal..you can even have the bank give your Buyers Agent Realtor a $2000 bonus which in most states your realtor can REBATE to you on the closing statement (limited to a max of up to 1% of the agents usual 3% commission..so there's probably a few extra bucks going to your realtor in the end and she will love you for that. 

At our NCSECU cr unions in Charlotte they offer their fixed up foreclosures FOR RENT and HELP the owner occupant buy it, even if you are not a member! SWEET.

ANYWAY, when buying especially your first property buy something of quality that you 'would' choose to live in and rent to tenants you thoroughly check out: verify income, pay stubs and 3 mos of bank checking account statements!!  and job stability and former verified LANDLORD REFERENCES ( check tax records to make sure you are talking to the property owner NOT a tenant prospects cousin.

Ok,  THE SUMMARY :          LOW RISK & COMMON SENSE

1. MAKE MONEY THE DAY YOU BUY. Buy at a discount aka below market and tax value. Proactively structure the deal with no cash out of your pocket for rehab, closing costs.

2. NEVER owe more on a property than its market value.

3. BUY quality SINGLE FAMILY homes SFH.that appreciate.

4.Always do a home inspection using a certified home inspector ( with utilities turned on) and separately  hire an A.C. company to thoroughly inspect the state of the HVAC ( it might be blowing cold air today , which passes a home inspectors test) but the coils might be shot and the system riddled with leaks and crushed air handling tubes. Do the land  survey at purchase for your protection and because it can be financed into the loan closing costs.

5. ALWAYS make clear title a condition of closing.

6. YOU CANNOT BUILD WEALTH IF YOU SELL OFF YOUR APPRECIATING ASSETS .

Buy Smart. Structure the deal.

HOLD the property, refi and take out cash repeatedly if you need it and current lending rules allow ( that option cycles about every 5 years!)

7. Use a CPA! for your taxes at least the first year!!! To take every possible tax deduction...put notes and receipts in a shoebox ( worst case) save EVERYTHING!

8. Check out your Renters income and bank statements.

And join the local APARTMENT ASSOCIATION and use their tenant lease!!! Never use the Realtor Association lease which is not LANDLORD friendly!

9. HOLD YOUR PROPERTIES at least 10 years and 15 if you can...they should at least  DOUBLE in price by then. And the tax write-offs make your W2 Earnings a lot higher in take home pay.

10. Fasten your seatbelt ... 10 years will fly by and only having 3 good solid properties will provide you with excellent retirement funds.