All Forum Posts by: Raul R.

Tom I noticed, you are right..

Im seeing a trend, several kids have been posting on BP wanting to be Investors. As many of you did I posted on one of their posts which I now regret. I’m reading thru the posts and I don’t believe BP is the place for a kid to find a mentor. There are places meant for that like schools and Boys and Girls Club. I’m a father of a 13 yo and 18 yo, even for my 18 yo daughter I would feel uncomfortable for her meeting up someone from BP, maybe I’m old fashion.. This is a forum for investors not for kids. Having kids find mentors in this forum is a recipe for disaster. I hope BP considers putting an age limit before something happens. Maybe I’m overacting, it’s just my opinion..

The only difference that I know of is that the State of SC has an extra tax for Out of State Investors. I forgot the details if anyone knows the details and how much it is please remind me? NC doesn’t have this tax for Out Of State Investors..

Good job in doing in finding driveway issue before closing. Personally I would like to get it resolved before closing, if the owners are siblings it will be easier for them to resolve it then it is for you, assuming they have a good relationship. Don’t assume after closing neighbor will do the same as w previous owner. If that driveway is only way to park your cars in your property I would look for a resolution before closing.. As other members stated w FHA loan you will have to live in property..

Forming an Entity is a good idea but not necessary when starting out. LLC is the most common for Buy & Hold Investor. Just be aware that most banks (not all) will not Provide finance to LLC. Some Investors after they purchase property with their name transfer it to LLC. With the right insurance I don't think its needed..

Definitely talk to an Attorney and CPA..

If you do a FHA loan I suggest doing a House Hack, get a multi and live in one of the units and rent out the others. It will be hard finding SFH in Charlotte 50-85k range, if you find it might be in bad neighborhood or needing lots of work. You might have to go to Gastonia or Kannapolis area to find decent SFH in that range. I have a 4br/4ba Condo next to UNCC. Renting to College students has been a positive experience for me and I never have trouble finding tenants. My purchases have ranged from 60k to 155k. I’m from NYC so $150k I still find it to be low... If the cash flow make sense yes why not buy a 150k property.. To start out, I bought Condos. They are easier to manage although I’m not a fan of HOAs..

Yes, for the most part it’s not a buyers market. Your question comes up a lot, should We wait for next recession or until market starts to turn to start buying? These are my thoughts. Many people say they will wait and never end up doing anything. I was in your shoes 2 years ago, couldn’t find what I was looking for in Tri State area so I decided to go to the market as a novice not knowing anything about Charlotte just the research that I’ve done and planted my roots. What I do is I buy for Positive cash flow now not for the future, I don’t even consider appreciation that’s the icing in the cake a bonus. If I can get the positive cash flow/ return I’m looking for now I pull the trigger. The way I see it when the market turns and becomes a buyer market I will be a more season investor and will be ready to bounce on great deals. So far all my properties I found have been thru MLS, but you’ll be amaze once you start growing and you earn credibility deals start coming to you..

I invest Out Of State so I don’t have many contacts in Tri State area I do have a great CPA that lives in NYC when you’re ready. My closing attorney that I use in the Bronx is in his late 60s so unless you are ready to close on a deal I doubt he will want to mentor you. I know it will sound cliche, at your age just continue learning. If Real Estate is your passion consider getting a major when the time comes that will help you with your passion.. A lot of novice mention they want to partner up, remember this when the time comes.. Why would someone want to partner up with you? What do you have to offer?? As of yet I haven’t partnered up with anyone, I plan to at some point. When I do first question I will ask is what can this partner offer, bring to the table that I don’t have?

It’s not too late but it won’t be easy.. I have a Coop in Riverdale next to Yonkers, and did a cash out refinance on my home. It took a little longer than expected but I was able to do it, everything is a little harder with Coops but all boards are different. It will be hard to find what you are looking for at your price range in Tri state area, have you consider looking out of state? There are challenges being an Out Of state Investor but I prefer being a novice in a landlord friendly state, our local market is not Landlord Friendly, laws are more in favor to tenants.

Do a quick search and see if property is claimed by someone else.. There might be a conflict.. In the mean time just post it in Craigslist and Facebook Marketplace. I recently posted in Facebook marketplace for the first time and was surprise how many leads I got..