All Forum Posts by: Angie Castro

Hey Bharath, I actually very much agree with Maranda. I'd be crazy to sell the 28277 property because of rate, location, and appreciation. If by selling this great deal you are just paying down your principal of the home then it wouldn't make any sense because your payments would stay the same. I'd hate to burst the Fix and Flip or BRRR bubble but both are extremely hard to find. I mean very very hard to find and a full time job at that. So unless you had a better deal that could offer better returns that this house then I would not sell. Do another heloc if anything, sell your primary, OR find creative ways to cashflow even more from this property so that way you can subsidize your interest payments for your primary home. IF you're not on an HOA maybe try co-living.

Hey Brittany! you sound sweet and I appreciate your vulnerability to ask about a method that interests you. My husband and I raise capital from accredited investors on a regular basis. Gator method is a fancy way of saying you are connecting accredited investors and experienced investors looking for financing. It might be hard to imagine but accredited investors usually have a hard time lending enough money. They tend to have 2-6 full time investors that lend from them but not everyone has to lend at all times. It's actually much more secured that people think. Our investors profit greatly from us and we profit greatly by being able to take more than 2 projects at one time because we have the capital to take more. 

My honest recommendation to you is that before taking any big steps towards any new endeavors, please just understand it. If you can't explain to us what the GATOR method is and how it works then maybe you are not ready to make the financial investment to get it started. Those are just my two cents. If you are ever near Matthews and would like to stop by our office to ask some questions I'd be happy to help :)

Hey Joshua! There is definitely many builders that will build below $550K. We can build spec homes for $130K (1,140 SF) it just all depends on what type of property you're looking to build. 

I agree with Kevin!

Hello! 

I recently got the opportunity to purchase a subject to deal with a VA loan at 2.6% interest rate. I'm very excited to move forward but is there anything that I should keep in mind? It's a hybrid deal because the seller will also do seller financing for $83K of the equity at 0% interest rate.

Here are the numbers:

PITI (VA Loan) monthly payments of $1,203 with a loan balance of $203,000

Seller financed at 0% $83K with monthly payments of $300

Total monthly payments: $1,503

Monthly rent: $1,950

Down payment: $35K

The house was built in 2005 and it's spacious. It doesn't need any repairs just to change the living room carpet to LVP. Roof and HVAC are in good condition. I'm very excited for this deal but what should I keep in mind from a legal standpoint? I know SUBTOs are not for everyone and there is a level of risk. I'm okay with the risk as long as I understand it. Any recommendations? 

Hey Alec! 

I love going to the CLT REI meet up in Heist brewery. That one is planned by Jarret Jackson I know he posts it on his Instagram. Also CLT Buyers monthly meet up is fun. I know their next one is on August 8th at their office. Both are pretty informative and easy going.

Hey Carol, DSCR will not cover the rehab only the purchase and the home needs to be considered habitable to pass the appraisal. Only loan that would cover your rehab is an FHA 203K (primary residence loan) OR hard money fix and flip loan and you would have to refinance later. I have seen some hard money loans for rentals that can cover the rehab but the rates and terms are terrible.

 Hey David! wholesale friendly attorneys: Sperry & Hatley (Michele or Cesar) they can also help with novation and double closes. Harry Marsh Law (most used by wholesalers) He has a copy of sample contracts in his websites that are easy to use when starting. Montgomery & Hart, reach out to Christina there. 

Hello! I think Zillow rental manager is a great tool to manage your first rental property. They have screening built in and it's free to use for landlords. My only suggestion with Zillow is to TRIPLE check the persons Identity (Have them show you their driver license during a showing), Call their last landlord, and call their employer. You will get a lot of applications but be very throughout when selecting the right one. I've had multiple scammers and people committing identity fraud in Zillow but I have also found wonderful tenants so just screen well and if anything seems fishy then it most likely is! 

Omg Alecia that is so interesting! The bed and breakfast is so cool. We don't hear about those often or as a way to house-hack. I love the way you think. If it was up to me I would be moving once a year!!