All Forum Posts by: Nicole Lorenzetti

Originally posted by @Account Closed:

@Nicole Lorenzetti don't bother with getting your license if you solely plan to invest in buy and hold and you don't plan to self manage.  If you start flipping, it would be worth the effort though, because  most agents are not investor friendly for flip deals due to the volume of work with very little reward. Most flippers offer many lowball offers and drawing up those offers takes time with the expectation of a lot of rejections. As a flipper, you'll also save on commissions. However, for buy and hold deals, use a licensed broker/realtor and a local management firm and don't bother with the license. I recommend investing closer into to Raleigh from Fuquay Varina though. Look into Raleigh, Cary, Apex, Holly Sprongs (wake county), Morrisville, Chapel Hill, Durham, Clayton, and Garner. Pittsboro is really good if you're in it for the appreciation speculation. That's going to be the next boom in this area.

 Really? Fuquay seems to be booming, No? My agent friend definitely has her eye on Pittsboro, RTP is moving that way! Thanks for your help :) 

Originally posted by @Uriah D.:

Nicole Lorenzetti I don't think it's completely necessary in the beginning stages of REI. I personally think it's worth it to have, but only if you plan to use it to its full potential. Otherwise, you're just spending a bunch of cash every year to check out properties you can probably view on Redfin/Zillow. I have one but it's a valuable part of my business

 BTW, Was at the meet up in Raleigh the other day and I am following you and your wife's journey! See you again soon :) 

Thank you all so much for the insight! I definitely want to flip, invest and hold. I will hold off on it for now and possibly get it later. Scaling my current business is my main priority right now, so I don't need the stress of maintaining the RE license at this time. I have relationships with some great agents, so will go from there :)  

Hello :) I am an entrepreneur in the Raleigh area and I am new to the REI world. I am learning a lot and I love it. I feel like I should get my RE license just to know that side of the business but I have no desire to sell homes, it would just be to learn the laws and have access to the MLS listings. I know I don't need it to be an investor but do you think it really helps to have it? My main business takes up most of my time so I don't want to take on this new license unless it's really necessary and worth my time. What do you think?

@Johnathan Smith I'm sorry, please excuse my terminology. I am new to this. Yes the fees are due at closing. So I guess this is to be expected.. 

Thank you for your time and response :) 

Jonathan Smith That's interesting because Carolina Hard money charges about 8% of the total loan amount up front due at closing. There is also a monthly payment of 5% origination and 13.75% interest only. So your saying this is not normal for lenders? Seems that the hard money lenders have very high fees.

I would go straight 203k from the start as well. That could get real messy trying to refi into a 203k after the fact. If you have a good agent and lender they can usually get it done in a shorter amount of time.

Yes I believe that is procedure. Even with hard money there is a small cost to the borrower. Good luck!

Hello everyone! 

I am a new investor in the Raleigh/Durham area. I live in a small town, Fuquay Varina that is growing as fast as lightning! There is a small plot of land in the downtown area (prime real estate) zoned commercial going for 60k. There is a small bldg on the property that is unusable, needs to be torn down. 

I would like to tear down the bldg and build a mix use unit 1-2 lofts at the top and office space at the bottom. I am not sure what to do or how to fund it. I do have a hard money lender that will lend 65% of the ARV. I also have about 55k of my own money that I would rather not use.

Any suggestions on how I can get this funded with using little to none of my own funds? Should I just purchase the property and sit on it until I figure out what to do with it? I have been watching it for a year and the price has already gone up, I know someone is going to snatch it up very soon! 

Thank you for taking the time to give me your thoughts! 

Nicole

I'll be there! I'm a new investor and I'm learning so much.. Can't wait! :)