All Forum Posts by: Mark Scott

@Roy D. How are you financing your buy and hold deals? I plan on building a portfolio of rentals, but plan on starting with rehabs and then add wholesaling first. 

Welcome @Chris McKinley! I live in the southern part of Fayetteville and will be buying, rehabbing and selling properties. I too have been following this site, reading, watching webinars and listening to podcast. I'm now ready to make my first deal in Fayetteville. This is truly the best site I have found. I will continue to educate myself as often as I can to ensure my success.

@Chad W.

I moved to Fayetteville, NC a couple years ago and i'm going to be buying, rehabbing and selling properties here in the immediate future. Any advice you care to pass on about the area or deals would be greatly appreciated. I plan on starting with Bank/Va owned homes. 

If you were not living in one unit, it sounds like it would cash flow. You are basically paying the negative cash flow as your rent. I will never buy a property without a positive cash flow by a good bit. I learned my lesson in 2007-2008. I prefer to have consistent tenants. It will be tough living in one unit and renting the next door unit out. Many people prefer not to let the tenants know that they are the owner of the property. Be careful to not over leverage, especially since you want to buy more properties.

@Rashad Brooks 

Fayetteville is a very good rental market. Not sure where in the downtown area you are referring to for this one.  I'm getting started rehabbing properties at this time, but pm me the address and I may be able to drive by for you when I get back home on Thursday. 

Sounds like you are going to have to find a few good wholesalers in your area or start marketing directly to motivated sellers. There are many options and resources for accomplishing this on this site.

I learned some valuable lessons in 2008; never buy for appreciation on a flip and make sure the property will flow if you cannot sell are a couple. And another one don't get gready when trying to sell. Oh, there are more but that will do for now. 

@Jacque Fairbourn What happens to the $2500 if the ARV comes in too low and the loan is not approved, because the 70% LTV is not enough to cover purchase price and rehab? I believe the balance of $1850 would go back to the applicant. If someone did a second or third loan with you, do they have to pay the $2500 each time or just the evaluation charge?

@Bria Palmer I too am in the process of starting to buy, renovate and sell properties. Finding a realtor is not hard...you just have to attend a local real estate investment club. There are usually some there that specialize in working with Investors and invest themselves. You can also search online for realtors and look at their profiles.

There are plenty of hard money lenders out there. You can find some on this site in the forums and under "Marketplace" at the top of the page. Most of them require 20% or more down and various other requirements. Take the time to read through their disclosures and rates on their site. If you don't have the 20% as mentioned above you will need a partner and that is another challenge. They usually want to see what flips you have already done, so family and friends may be your best means for funding. Remember you don't have to get it all from one person. 

Educate yourself through the resources on this site and you will be on your way.

I would like to know what is the best way to capitalize on investing in cities outside your market. Florida is area I would like to wholesale or somehow rehab and flip properties, but not sure how to go about doing it when I am not able to walk the property.

@Dave Hurt have you tried making offers to properties on the MLS and bank owned properties? Or do you also do that to help fill your funnel?