All Forum Posts by: Reggie Ramsey

The best things about Fayetteville are the price of the homes and the VA loans. (Ha! that rhymes) Also during the recession in 2009, when there was a shortage of jobs a lot of kids graduated High School/College and joined the military. The military is always hiring. This gives Fayetteville a boost during down turns.

Hardest thing about investing in Fayetteville? hmmmm I gave this a good 5 minutes...I got nothing.. ha 

Steven, I am now looking for BRRRR opportunities. Its all about the numbers and the location of the properties. I want my BRRRR's to be in pretty decent neighborhoods and I need the numbers to be good enough to allow me to refinace and get 100% of purchase and repair money back. Hopefully in 2020 I can find a few BRRRR properties!

Thank you!

I've used Lumbee Bank for probably 15 of my 20 Flips.  I get a 1 year recourse commercial loan that is Prime +1...(Currently 6%) . That is 75% of Purchase Price and 75% of Repair Cost.  Interest only loan.  I work with Allen Davidson with the Raeford Branch.  I highly recommend Lumbee bank. 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $115,500
Cash invested: $40,000
Sale price: $186,000

My 20th Flip in the Fayetteville NC area.

What made you interested in investing in this type of deal?

I've been investing in Fayetteville for 10 years now and I've only done fix and flip.

How did you find this deal and how did you negotiate it?

I'm a real estate agent and found the deal on the MLS. I had to bid aggressively to win this deal.

How did you finance this deal?

Lumbee Guaranty Bank

How did you add value to the deal?

There was over 600 square feet of unfinished bonus room that was finished.

What was the outcome?

It took me an extra 20 days because I wanted to give another contractor a chance to show me what he can do. But I didn't want to have two different contractors working at the same time. So I let my usual contractor finish the down stairs and then let the new guy tackle upstairs.

Lessons learned? Challenges?

I hate refinishing hardwood floors. I'd probably will just remove the flooring and go with new next time.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, the agent that listed my house did an amazing job...House received multiple offers in 3 days and we were under contract in 4 days. House was sold 30 days later. If you ever need a house listed and sold quickly... Contact ME. LMBO!!

@Joseph Banko I'm an investor/real estate agent in the Fayetteville, NC area. Check my profile. It will be my pleasure to help make your first BRRRR success.

 Hey Guys who did you all end up using??

Hey Nathan, congrats. I've been flipping in Fayetteville NC now for 10 years. Started during the recession and now wish I would of held on to all of those properties.  Just closed on my 18th property today. And hoping to list my 19th next week. I love Fayetteville

Congrats Cindy. Good stuff. 

Hello Ben, welcome to Durham.  Be sure to attend the local Raleigh/Durham Meetup. Also the Deal makers meetup is a great place to network. If you need any assistance from a real estate agent I'm here to help.  What brings you to Durham?