All Forum Posts by: Troy Knight

Awesome! Welcome to the forum!

Are you planning to set up an LLC or just do them in your name? Also, keep in mind that most mortgage lenders won't lend to someone where the SELLER has been on title for less than 90 days.

@Chris T. , I was just about to praise you for organizing our last meetup. It was a great time and we all got to just chit chat about real estate and what we are all doing.

@Amanda Miklos , this is a great place to start networking! Multifamily is a great way to go because everything is the same! There are 2 duplexes for sale in Gastonia. Have been for some time now. They want to sell both or none. Asking $160,000. Each is a 2br/1ba. Laundry room is in the bathrooms and requires stackable washer/dryer which means to secure a tenant faster, you will be providing those along with the stove and fridge.

Check craigslist daily is my recommendation. I do, I just set aside about 20 minutes every day to try different key words to find properties. Also continuing to post on here in the marketplace that you are looking to buy some might yield some leads.

Good luck and welcome to the forum!

Awesome! Charlotte welcomes you! Flipping is a lot of fun and you will learn and see a lot on here.

@Joel Owens hit the nail on the head! You can buy a cheap rental for $20,000 and rent it for $500/$600 a month with a great cap rate, but you will have at least one eviction every year, you will have to rehab the home nearly every time someone moves out, then hopefully one day you will get a steady tenant but they will surely destroy the property while living there for 3-4 years.

I would recommend finding a Realtor who works for a property management group who knows the area in which you are hoping to find a property. Having said that; don't limit the selection of rental property to the area in which you live as that will be a very small sample.

Property Management companies sometimes have arms of their company that can help in sourcing properties, rehabbing if needed, then tenant placement. They are going to know the areas that will be best for you.

Haha, I had some guys who wanted to meet me once at a Waffle House...I politely suggested a different venue. If you like BBQ, check out Kyle Fletcher's. They won a CNN BBQ Bracket challenge last year. It's kind of a big deal.

Greenville is an awesome city! Really cool place for young adults which means it should be good for rentals! We source most of our properties in Gaston County. A few here and there in Charlotte, but being from Gaston County, it helps.

Welcome to the forum and congrats on setting out your goals! Harvard did a study last year and said that 90% of the people who did NOT have their goals in writing, did not accomplish them. Likewise, 90% of those who had their goals in writing accomplished them! Food for thought!

I'm south of Charlotte on the 85. About 20 miles before it goes in to South Carolina. A town called Gastonia which was voted an All American City in 2005. No big deal haha.

No need to quit your 9 to 5 for real estate. You can put someone else to work to buy you a house. That's my 9 to 5. I find properties for people looking to buy, I crawl under the house, go through it with a fine tooth comb and come up with preliminary estimates for work done and possible rent. Then provide a calculated cap rate, both gross and net.

If you're looking to stay in your 9 to 5, I would recommend finding someone who specializes in such activities and talk with them over the coming years. I have been working with a guy since December who wanted to buy his first property. We finally went under contract this week on his first and now he has the means in place to buy 2 more in the next month! It's a snowball affect really!

If I can ever answer any questions, feel free to ask!

[email protected]

Like any business, when you buy something complete, you're going to pay a premium. I'm not a turnkey provider per say, but I do eventually provide a turnkey property to our investors.

I would look for a property management company that facilitates the process of finding a home, rehabbing if necessary, then places the tenant. They are going to have more experience with the rental market and will be able to guide you better for long term rentals.

If you piece something together instead of buy it whole, you will almost always save money, and that's the name of the game!

Did you tear down the existing home and rebuild? Or did you utilize any of the previous structure?

@Christine Glasner , I have schooling and experience in construction. Using that and the pricing from previous jobs it's pretty easy to come up with a figure for what's going to be needed. It's always a great idea to have someone you trust though if you aren't familiar with code, and construction issues so you know what you're getting in to.

Even after you get a quote, ALWAYS plan for an additional $5,000 needed. You might forget the little things like a refridgerator or a stove hood or the copper piping under the home that have had well water running through them for the past 20 years.

Christine and Thom,

Welcome to the forum! I'm excited for you about the upcoming flip! Owning rentals and flipping houses are both exciting in their own way, but flipping takes the cake I believe!

I work for a company down in Gastonia and we flip about 15 houses per year both for us and for investors. It's really exciting.

Check out some of the work we did when you get a chance. We are working on slightly more professional and creative videos, but for now these free ones will suffice :)

http://www.youtube.com/channel/UC9HvmD7Y34yBDw1CBD8a9Nw