All Forum Posts by: Brian Orr

@Johnny Situ @Josh Stack

I use L&E properties and have for years. They're great at everything they do and manage a ton of properties. Call and ask for Carolyn, let her know I sent you and you'll likely get an extra hug. 

@Account Closed I'd be interested in that as well. Let me know when

Hey @Josh Stack

I was focusing on the more historic homes on the south / south eastern part of town, near and around the mill. In one word - foundations! Almost every one of these homes had such dramatic structural damage that was just above my scope. If any contractor who specializes in foundations were interested they'd probably strike gold there.

Aside from that, the numbers. Searching mostly through MLS at the time the math just didn't work on a lot of the listings. The upside just wasn't there in the time frame I was looking for to accept anything less than a killer deal.

My timeframe has nudged slightly since as I do see the extension of Charlotte further down as I've noted above. The reason Mt. Holly and Belmont worked is because of the neighborhoods and the numbers, as simple as that really.

One caveat for the commuter plan though, exit 26. It's a nightmare

Hey @Tyler Watts, I'll be back in NC for most of November. I'd love to meet up and discuss more about the Gastonia development. I've spoken with council members on and off the past few years but I haven't been able to get down there in over a year. I did notice a lot of properties I looked at have since been flipped. Last I heard they were developing the arts district with work/live space - do you know if that ever happened?

Hey @Mindy Jensen,

I will look into the terms of both, especially the variable rate on the loan. I'm concerned how that may inflate? I was thinking a refi would get me enough cash for 1 deal and I can structure the payments to be less than the rent. But I would have some cash sitting and I'd lose the cashflow here, but it would allow me to expand. I believe closing costs are around $3000 +/-

I can qualify for any mortgage but i've had problems with local lenders wanting to deal multiple properties, tons of hoops and a huge hindrance in building my portfolio. Unfortunately there's NOTHING available in the 30k range, I need at least 50 cash for a below average deal and probably 30 more for rehab costs. 

In that case @Johnny Situ I'd stay clear of Gastonia in the short term for sure. There's just not enough jobs around there right now. Check south or northeast of charlotte, maybe concord area?

I haven't seen that report yet @Candyce Blodgett but I'm not surprised. I've been investing in the belmont / mt holly area just north of Gastonia. I've searched Gastonia many times for investment opportunities just haven't pulled the trigger yet on the right deal.

In the 1970's in New York, across the street from my firehouse (long before I got there), the guys in the house were offered to purchase a building. Lower East Side in manhattan in the 70's meant a whole lot of fire, and a whole lot of crime, but not an ideal place for any of these guys to put their money. The building was offered at $60,000 I believe which they passed on. That building sold again just recently for something like $14,000,000.

For many of the reasons listed I think Gastonia is still a great investment for the long term. The historic houses are incredible and they have a long main street with tons of potential. Should the overcrowding in Charlotte spill a bit south (which it has been), my forecast is some larger companies (ie. amazon) will take advantage of the cheaper land, old warehouses and walkable main street to plant their foot in Gastonia. And if/when that happens, I'd love to be part of the windfall to follow.

Now, all that said @Johnny Situ, if you're interested in quick returns on a flip or immediate cash flow I'd look more towards the current developed suburbs like Matthews, Mint Hill or Mooresville for example.

Good morning BP Family,

I posted this question on twitter, but by request I'll repost here with details for better results. I'm looking for input on financial strategy...

I have a rental property currently cash flowing $450/mth. I paid cash and refi'd the deal at $115k ARV where I was able to take about $80k out and buy another property. This original property is currently worth about $145k now. I feel like I should leverage this equity in some way to get yet another property (can I do that twice on the same house?)

My question is, What would you do: 

Am I able to (should I) refinance this property again at CMV? We have long term renters who are planning to buy the house ultimately.

Take and equity loan on it? I currently know nothing about equity loans.

Or keep as is and continue to pay down the mortgage? I've seen info lately on getting mortgages to zero to maximize cash flow.

Thanks, I appreciate any input on this

Brian

@mindyjensen

Hi Rachel - Thank you, that seems like solid information. You kind of have to get to them before they want to sell is what it seems like. I'll get on that - thanks again!

Hey all,

I'm curious if anybody has insight on the best way to find deals on MHPs? I'm looking primarily in the Carolinas and my only investment experience is with single family homes. I've read most of the forums and a lot on MH University. But I haven't been able to locate any deals that look even close to the valuation calculations suggested.

Thanks!