All Forum Posts by: Patrick Knapp

Hey everyone in the raleigh area!

This isn’t much of a question as more of a statement to help anyone just getting started or kinda not a full on investor.

My name is Patrick I’m a full time real estate investor and licensed general contractor here in NC. I go to a lot of the meet ups in raleigh so if you see the kinda Fay ugly tall guy that’s probably me. Lol

Anyways the main thing about this post is to point out you need to add value of some kind if you want to start a partnership with another person.

I get asked often how can I do a deal with you?

My first thing I ask is what can you contribute to this partnership that I don’t have or that I need? I ask this Obviously in a polite way but it’s a very important thing to ask.

Like many people when I got started Real Estate I really didn’t have anybody helping me and I have no partnership opportunities because of the lack of experience and mainly I didn’t really know my value.

So what changed? Well over time I decided to start posting on Facebook about the flips and buys I’ve been doing for my properties and investors that hired me as a GC. I started having people that I knew and trusted reaching out to me about wanting to do a deal. I thought I can get the construction cost down and manage the job site if you will fund the deal. We would split the net profit/ equity 50/50. 

Boom it was a great success, I was able to get funding for deals and my partner was able to get the job done at a better price. I found out really quickly that’s the one area most investors even seasoned and full-time have a tough time is the construction. So I realized how valuable I really am in a partnership. 

This is how I’ve been able to find my worth I’m good I acquisitions and construction. Finding out what you’re good at can help you unlock your greatest asset. You, yes you are you greatest asset.

@Becca Lee

Low crime, beautiful place, lots of Amenities, close to raleigh, manly republicans lol is the best part.

It’s just great. Only thing that sucks is the traffic is bad

@Mary Ciccarelli

It’s all going to depend on the level of quality you’re trying to get.

I would say averaging anywhere between seven and $15 a square foot

@Becca Lee

I have 6 doors here in wake forest and I live here as well.

@Chad Gray

Appraisal just came back at 943k

That’s true, but there is other ways to meet the same numbers like rent per room and ect.

I know it’ll get 4000 each unit if we did corporate housing too.

The key is to have multiple options not just one.

@Ryan Casady

Is there free drinks or food?

Real estate can be for the most part easy, especially if your a realtor. Haha just kidding, but seriously it pretty much is right. You make an offer, spend some money and get money from people in return to live in your place. Well…… lots of people say deals are tough to come by and in todays market feeling impossible! But is it really ? Or are you just not looking in the right way?

I’m gonna tell you about this deal I just made and offer on and got accepted, so tell me your thoughts.

Location: Downtown Raleigh one minute from historic Oak Wood.

Property type: Duplex 2700 sq ft

Asking:575k

Purchase price: 550k

Points at closing: 2.5

Interest:9.9%

Days to close in offer: 7

Financing: hard money

Currently renting for $2850

Leases end in 6 & 10 months

Repairs: $55,000 at my costs being a Licensed general contractor

27k outside

28k inside

ARV: 900k+

Plan: performing repairs on outside of home and get renters to move out as soon as possible. Offer to pay first months rent at new place or something. And than finish repairs on inside or if I can do both and than have them out great!

Afterwards I plan to Airbnb each side! On average the area will bring 200-400 a night each side by my research. All depends on time of year and ect…

So 8k every month at 50% capacity. Shoot low and be happy when it hits high.

Would you have done this deal? We are talking 2200 a month in negative cash flow temporarily. And also tons of equity and possible big cash flow.

Tell me what you think?

@Ramez Qubain

Pait home inspections, tell him Patrick the GC sent you

@Felix Cheng

Hey man welcome, the real estate market here is crazy! But there are still ways to make good cash flow. You need to think outside the box, finding a place and renting by the room can be very cash flow positive, traveling nurses, corporate housing and much more.

I just made and offer to buy a negative cash flowing property that is 2200 negative a month! Ya kinda doing the opposite of what’s intended huh? But here’s the thing. It’s only for a couple months til I get the renters out and Airbnb it! Plus I’ll have 300k+ in equity!!!!! So the deals are out there! But you need to look at more than cash flow.

It helps having the right team in place too.

See it does help I can save on construction costs being a licensed general contractor but still there are deals out there!

Message me if you have any questions about the area or just post it here. 😄

@Katie Dortch what group are you part off? I’m a licensed general contractor and investor so I have experience with a lot of construction side that most are inexperienced with.