All Forum Posts by: Michelle Figueroa
Michelle Figueroa has started 1 posts and replied 5 times.
Post: Refinancing (BRRRR) Lender Recommendations
- Investor
- Greensboro, NC
- Posts 5
- Votes 9
I'm planning to BRRRR my next property but looking for a bank who could refinance a property after I renovate & rent it. Does anyone have any experience with a financial institution in North Carolina who might refinance a property within 6 months of purchase? Thank you!
Post: Excited to get started in North Carolina
- Investor
- Greensboro, NC
- Posts 5
- Votes 9
Hi Lewis, I'm excited you're considering adding a singe family rental in the triad to your investments. It's a fast growing area with a lot of opportunity for investment. If you need any contacts for hard money lenders, property managers, accountants, GCs, off-market dealers, etc, I'm happy to help!
Post: Looking to network with Greensboro local investors
- Investor
- Greensboro, NC
- Posts 5
- Votes 9
I personally use Real Property Management of the Triad. Majid has been super professional and helpful. If you need any other contacts (contractors, hard money lenders, off-market properties, etc) I'm happy to help!
Post: Best location for small mulitfamily houses?
- Investor
- Greensboro, NC
- Posts 5
- Votes 9
@Maximilian Mayr
Hey Max,
40k is definitely enough to get started. I bought my first property with $17,000 down in 2021 in North Carolina. I'm not sure if you know much about the state but Charlotte and Raleigh top the charts for some of the fastest growing cities in the US. The only issue with that is that property prices are going up quick and that doesn't lend well to those starting out. However, the Greensboro/TRIAD area is right in the middle of those and it's also experiencing a lot of economic boom with huge manufacturers like Boom Supersonic and Toyota Electric Battery plants (just to name a few) being built in the region. The cool thing about this region is that it's a little behind the Charlotte & Raleigh growth so the properties are more affordable.
I'm sure you'll locate a great area. Best of luck and I'm excited to see your progress.
Post: What is your biggest challenge right now?
- Investor
- Greensboro, NC
- Posts 5
- Votes 9
Quote from @Pamela Gordon:
@Sharyn Mousseau believe it or not I funded my first property through my Self Directed IRA and it has worked great. If I had more money in it I would fund more deals that way. It is a great way to invest.
@Trevor Riley the biggest challenge I have now is funding my next deal. The traditional route wants 25% down and I want to put down more like 15% but maybe I'm not being realistic. Was also thinking about trying to find a seller finance deal in the Greensboro, NC area.
Have you looked into using hard money to fund your projects and then BRRRR-ing them? There are some good hard money lenders, like Sherman Bridge, that fund deals in the Triad. They can fund up to 90% of the property and 100% of the renovation. They can also secure funding within a week which can be super helpful when trying to lock down the fast moving deals.