New member from Winston-Salem NC

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New member from Winston-Salem NC

Andrew Ayers
Clemmons, NC · Member since 2017 · 6 posts · 1 vote

Good afternoon everyone, and glad to be here.

I'm brand new to this forum, but hoping to fit in and learn from everyone here soon.  My name is Andrew, and my wife and I moved to the Winston Salem area in February very much hoping that we liked it.  Well, I can say after just a few short months we know this is going to be our forever home, so I'm looking forward to settling in.  We are originally from the Pittsburgh area, but we have lived all over the country looking for home.  Fortunately, this gave us a lot of exposure to different real estate markets.

Right now we are currently self employed as online resellers, and have been doing that since 2013.  We have been full time at it for about 2 years now.  We both enjoy it greatly, but we are looking to invest in something more permanent.  We have always dreamed of owning a real estate empire combining a rehab/flip operation and long term rental holds.

We have never invested in real estate before, but we have owned two homes.  One we sold successfully, and one was lost to foreclosure due to some family crises.  

Basically I am here to learn from anyone and everyone I can.  I'm actually fairly confident in being able to find the deals, as that's basically what I do for a living.  It all comes down to numbers and excel doesn't lie.  However, I'm curious to learn the smartest ways to get financed, especially with a foreclosure (though older) on our name.  

The other specific question I would love to hear thoughts on, is that we currently rent right now.  We plan to buy a personal home in the next 12 months.  Does it make more sense to wait until we get our personal home to start, or can we start on investing before we buy a home?  Curious on anyone's thoughts who is willing to share.

Thank you all, and see you around the forum

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  • Katherina D
    Winston Salem, NC · Member since 2013 · 4 posts · 0 votes
    9y

    Hey Andrew Welcome!

    I am by no means an expert and don't know much about the best financing option for you, from a friend that works at a bank, if you go the traditional route.... it's best to buy after the 7 year mark since it stays on your record... and you need to work on building your credit in the meantime.... 

    Now I do think that the best option is to go with multifamily, because you can live in one half and rent the other, until you are ready to move on. For me it made the best sense to buy a home that had the floor plan that allowed me to turn it into a multifamily home. I created a basement apartment soon after moving in...my plan was to move out of the home and invest in another home after 2 years. It has worked out well for me...

    Make sure you are using the calculators to have a good gauge on your cash flow after expenses. 

    I'm interested to find out about the online reseller business... I am currently a teacher and looking at moving in a different direction. Would love to hear from you!

    Best of luck in Winston it's a great place to live!

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  • Andrew Ayers
    OP
    Clemmons, NC · Member since 2017 · 6 posts · 1 vote
    9y

    Hi @Katherina D, thanks for introducing yourself.  Yes, winston is an AWESOME place to live.  Haven't had a place feel this much like home yet.

    7 Years would be waiting too long. I'm only about half way there. I could do the house hacking thing, because I can get approved for FHA, so that is an option, but I really don't see us taking it. I know it makes tons of financial sense, and I totally respect people that do it, but we just aren't multi family people. Our dream setting is a house on 15 acres with chickens and a cow and such. So going to multi family would just place too much strain on our lives.

    I think we are just either going to have to go the all cash route, or do a cash buy and pull out some equity. So, I don't understand that part of the process very well, but that's kind of what I'm hoping to learn. I have owned homes, and used HELOC type vehicles, so I know how they go from an owner, but have never used them as a business vehicle. However, I'll keep pushing and learn.

    As for the reseller part, i'd be glad to guide you if I can.  Maybe send me a private message, or I can just shoot you an email.  Probably isn't something to carry on this forum.  However, I'm open to teaching at least big picture.

    Thanks for saying hi, hope to hear from you again.

    Andy

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  • Michael Macklin
    Mortgage Consultant · Raleigh, NC · Member since 2016 · 181 posts · 53 votes
    9y
    Andrew Ayers welcome to bp. As a fellow investor I want to welcome you. I wish you luck on your journey.
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