All Forum Posts by: Patrick Menefee

@Caleb Heimsoth ya that’s a good consideration. I met an investor in Charlotte who talked about Belmont, Mount Holly, and Gastonia which I can look at.

Part of it is my need to think more about strategy...before actively reading and listening to BP books and podcasts, I was planning to start with one house per year and use VA and FHA loans to maximize the use of capital and snowball that way. As a result, I only really looked at investing in areas within the area I'd want to live.

Now that I've learned more about creative financing and strategies like BRRRR, looking at a house in one of those areas doesn't seem as far fetched as an interim option...

Hey all, thank you for the extremely insightful responses. It's especially great to hear what people are doing or seeing in the Charlotte market in particular, as I'm relatively new to the area and have only utilized MLS and other third parties thus far.

I know that i definitely need to practice my ability to analyze deals (something I’m working on now) and in addition i have a lot of work to do in learning how to plan and estimate rehabs. A big part of my deal analysis also comes down to learning neighborhoods, and being able to properly differentiate between B-, C, and below neighborhoods.

This input is very helpful...knowing that the deals are there and I just need to find them is exactly what I needed. Sounds like it’s time to go practice analyzing some deals...

@David Seroy - Hi David, I’m new to the Charlotte area in the last year (just closed on my first house today actually) and am just now getting active on BP forums. Wanted to reach out, happy to meet a fellow Charlottean

@Vincent Lewis welcome! I’m new to the area in the last year and looking to get into rentals, what part of town are you in?

@Adam Serdula welcome! I'm new in the past year as well, just closed on my first house today. If you haven't heard yet, i found out today that the Charlotte BP REI group is meeting today (Tuesday Mar 5). I can't make it, but I'd reach out to @Chris T. as he's the one who shared with me

What area are you living/investing in?

Hello BP

I’m curious how members in different regions have tailored the 1% rule (especially charlotte, but anywhere really). Looking relative to some of the properties I’ve seen in the area, 1% seems difficult to attain and 2% seems nearly unfathomable.

I know this isn’t a hard and fast rule, and i know it varies by market. But how many of you abide by it or what variation works in your area?

Thanks!

@Chris T. good to know, hopefully my buddy Alex goes tomorrow and can get tied in. I look forward to finding some opportunities to network with people in the area, and hopefully in the near future we can make sure our paths cross.

@Account Closed thank you sir! Certainly very hungry right now and excited about what's to come

Happy Monday all!

2 hours ago I closed on my first house, 2br/2ba single family. I purchased with a VA loan and negotiated for seller credits, so total out of pocket expenses are $575 for the house (pretty excited about that). My plan is to hop into a second property after a year and rent this out.

The house was recently flipped internally, which I guess would make this a turnkey of sorts. It fit my goal for the first property which was to learn the house buying process by buying something move-in ready that I didn't have to do any interior work on (all the main capital equipment has been replaced in the past few years) since I travel every week. 

There is definitely some minor exterior work that can be done-cleaning up landscaping, adding shutters, finishing the fence, edging the driveway, etc. That's where my main question lies.

Is there any general rule of thumb about ROI for exterior work? Any specific curb appeal pieces that can help increase the rent I receive? The below pic is the front as-is for reference.

Thanks!

@Chris T. Thanks Chris! Do you typically host these on Tuesdays? Unfortunately I travel for work Mon-Thu most weeks, so I can’t make it to this one. But I did share it with my buddy who hopes to attend tomorrow. Definitely interested in trying to get to one soon and network with people in the area. How big of a group is it typically?