All Forum Posts by: Samara Huntley

Hi Ernesto, 

Congrats on taking the first step on building your passive income through real estate investing. Exciting! Anywho, I am an agent in Charlotte who specifically works with investors like yourself. I have a team of lenders, attorneys, property managers, and contractors (did I mention actually decent contractors?) that can help you from time of contract, to rehab, to filling it with a tenant. 

Regarding your strategy, if you like decent returns, I would advise to mainly focus on SFH's. MF properties hardly work out here as Charlotte is so rural we hardly have any MF inventory that when one actually does pop up it's so overpriced that the numbers hardly pencil out!

@Sarp Ka

Have you considered the east coast? Specifically, Charlotte NC ?

Relatively still affordable, insane population growth and a decent amount of submarkets where there the numbers will still pencil out.

@Shane Blackshear

Where exactly did the rehab go over budget? Unknowns or overdoing it?

I see rehabs going over budget as a common theme with BRRRR's and I don't think this has to be the case. For the BRRRR's I do, I think it's really just about knowing the numbers for everything up front and accounting for a 10-15% contingency. Of course, unknowns arise, but I think having a good understanding of rehab costs/having contingencies in place can save you (partially) from running into this issue down the road. As well as, just making sure your not over doing the rehab. Do what you need to do to get the ARV you desire and that's IT!

Also, don’t know just how far your rehab went over, but maybe try to challenge/question the appraisal? I’ve done it for a few of my refis where they pull comps where the updates aren’t verifiable, therefore, partially inaccurate etc. etc. Once, I got it raised 13k. Followed by, ensuring that the appraiser truly knows every single possible update you did to the house greatly helps. Paint the picture, as they say.

Good luck!

@Jennifer Pauyo I feel this on a personal level.

I’m an investor/agent and 80% of the investors I work with are Men! We as females are definitely outnumbered in this industry, but it’s exciting to see more and more women getting into RE.

#GirlPower

@Sean Byrd

Should you pass up as good deal over this? No. I don’t know about your state, however, in North Carolina, the seller has the option to check no representation so it doesn’t do much good anyways.

Always get your inspections done, you shouldn’t rely on the sellers word anyways! Good luck!

@Marsha Rost all day everyday. These BRRRR rehab budgets are tight.

Oil base paint + a sponge roller usually does the trick.

Of course, it won’t last for ever as nothing does. Still, a decent and cheap alternative if you are okay with the upkeep every few years.

It is legit, it is legal (depending on which state you're in) but most likely not worth your time. Unless, you have a huge marketing budget, have an open schedule to sit on the phone all day and/or have the money to hire someone full time.

To be honest, 90% of the wholesalers I deal with got lucky with a cold call, got one property and that will be the extent to their "wholesaling career." Lol. It can be a good stream of income, if you actually know what you're doing and are 115% ready to compete with the big dogs who pump $50,000 into marketing each month. 

Give it a shot, you'll never know until you try!

Hey Gill, 

Maybe I'm biased, but I like what Charlotte has to offer! Both for the personal life and the real estate side of things.

Inside the city limits, of course, it is a little difficult to get good cashflow as the prices have exploded in the past few years, but in the submarkets there is still great opportunities for cash flowing properties. And as Charlotte continues to grow at astronomical rates (roughly 120 people a day) it is overflowing into these submarkets causing them to explode as well! All to say, with Charlottes diverse/growing economy, great job and population growth, overall affordability etc. I'd check it out.

Also, not too bad of a place to live. Decent weather year round, beach and mountains both 3 hours away, tons of parks/outdoor activities, museums, great breweries and restaurants!

Good luck on your search of the cities, I wish you the best!

Hi Susan, 

Sweet to hear you're looking to invest in the Charlotte market. I have connections to a few good contractors that I use for my projects. Don't want to blast them on this forum though... Message me!

Austin is super duper hot right now. It's going to be tough to get the returns you want in basic BRRRRs/turnkey long term rentals. I would look into the short term rental market and maybe do a few Airbnbs as Austin is such a hot spot. The STR returns are usually 3x++ what a longterm rental produces so it should still pencil out!

Also, I know out of state investing might be daunting at first but I'd look into finding a market you like that meets your criteria for returns/growth etc. and build a solid team of lenders, contractors, property managers and agents out there that you trust. No better place to meet your team than right here on BiggerPockets.