All Forum Posts by: Wes Evans

@Charlie MacPherson Thank you for the words of wisdom and thorough response. 

@Duane Alexander Thanks for the list. 

Just got started on my journey and purchased my first property. After going through all of these people and steps, it is good to start with each area you need, and go on a mission to find reputable options all at once. You never know who can lead you to the right place. A realtor, contractors, property managers, wholesalers if you are looking off market at all. But as stated before, rock stars know rock starts. Start hitting networking events and create the picture in your mind of what you want the end goal to look like. The clearer your vision of what you want, the more you can come across as someone to work with for each of these professionals. 

Also located in Raleigh and if you chat more feel free to reach out anytime!

Good Luck with first deal!

For all the wholesalers out there, are there words or phrases you shouldn't use when text message marketing that may be getting filtered or blocked by cell phone providers?

My process has been calling vacant home owners and wanted to start following up with text messages. I am not mass calling and texting, more pinpointed searches, so not to worried about running into issues with sending to many from a single number, if that is an issue at all. 

@Bobby Forsythe many helocs are also interest only. So once you take the money you need, pay interest only until your refi. This fits much better for BRRRRR.

With cash out refi, you pay mortage on loan every month. The extra money is getting paid for 15-30 years and not that flexible. But you never have to “pay back” the borrowed money so have more options to leave the money in the deal.

Anyone got any STR data for Fayetteville on location? Are the houses located closer to base booking at a higher rate than downtown or other locations?

@Noah McPherson start by learning all of the numbers needed to run a BRRRR CALCULATION (rehab cost, tax's and insurance, closing cost, holding cost, rent)

While you can’t 100% accurately predict rehab you can learn local pricing for each line item and create a general guideline of rehab work. I recommend J Scott’s book on estimating rehab cost to give you a basic understanding.

PropStream and Rentometer are 2 great tools for looking up properties and running comps, learning a ton about properties in general, and seeing average rents for the area. While PropStream is $100 per month and Rentometer is $40 per year, if you are serious these are small investments to move forward and have access to powerful tools.

@Matt Swope thank you for clearing this with correct info. Apologies for incorrect interpretation and confusion there.

Not sure if this actually applies, but the regulations on ASU permits is the units cannot be used to rent out. 

"

• If Owner/Builder exemption as described in NC General Statute §87-1 is being claimed in lieu of licensed contractors (building or trade), a statement from the owner that the ADU will be built solely as Not For Rent is required prior to issuance. That statement will become part of the permanent record for the project. Please refer to NC General Statute §87-1 for further details on the Owner Exemption qualifications."

https://raleighnc.gov/business...

The guidelines on ADU in Raleigh is for "non rent only" if my memory serves me correctly. Keep this in mind when applying for permit.

@Jay Hinrichs Thanks for the heads up. If I have 75K of open credit via credit cards (cards with interest) and 75K more that I used for rehabs (0%). With 50% usage on the credit cards, would that have a large impact on my rates? Assuming my personal debt to credit is extremely good (780 credit score, 50K savings, high income with low expenses)