All Forum Posts by: Account Closed

You should be able to get the 180k funded since the LTV will be so low, provided the lot seller is willing to subordinate. That being said, I agree with @Scott Patterson that this is a thin deal.  Are you splitting profits with lot seller?

Going to try and make it..finally! Thanks for keeping up with this :)

@Veronica Helms, there are 3 or 4 REIA groups in Charlotte (shoot maybe 5 now), that are fairly active. Most of these have subgroups as well. There are several smaller meet up groups as well. Become a networking monster at these groups and subgroups. I don't know what type of investing you want to do, so it's difficult to tell you how to sift out deals. But I'll be blunt and say this- in this business we balance time and money. You either do it yourself, or pay someone else to do it. This is for repairs, property management, selling deals, finding deals, etc. So, if you want a killer deal, and don't have the time or necessary skill sets, you'll be paying realtors and wholesalers. If you don't have the money (or you need a killer deal to get your first loan), I'd suggest making the time to learn and then create an incredible deal that anybody would be a fool NOT to lend on. This is- in my opinion- how you get started.

I think the most important part of the equation is having a slam dunk deal under contract. There are plenty of lenders out there who will look past other perceived weaknesses (such as bad credit, little to no money, entity, experience, etc) if they feel it's a slamming deal. I'm pretty sure my first hard money lender was hoping I'd default so he could get the property at my price bc it was such a slam dunk. Of course these lenders are usually personal relationships, and/or local lenders. Do you go to any REIA groups locally? There are plenty of lenders there that you'd meet and not know they lent money as it's not their main focus. The online "national" hard money lenders are usually brokering the loan to someone else and don't have the funds to lend- thus they have many strict requirements for their investor/lender. Someone with local knowledge is more helpful in my opinion. Good luck!

Happy it worked out Troy.  Hope to meet you in person one day :)

@Michael Harris, we will build and sell 2 homes here :)

@Cindy 

@Cindy Marlin, although I think you can generally get more interest with a finished product, I like a few pre-sales with the amount of builds we do.  Keeps me and my banks feeling cozy 

Thanks @Audrey Truesdale.  Good to hear from you.  Hope business is great for you :)

@Khaled Helmi, my goal is to net 20% of sales price.  Doesn't always happen but keeps me safe on the buy side.  

@Jeff Brown, thank you!

@Jay 

@Jay Hinrichs, market is good if built and priced right.  Maybe not as easy as 2 years ago since inventory and builders have picked up a bit.  I actually priced these a tad too high and only presold 1.  Had to finish, and relist at lower pricing.  Still did well, but it was an eye opener that people aren't as easy anymore.  Congrats on your contract

@Troy Gandee, thank  you!

@Greg Mucha, thanks.. could've showed you in person :)

@Kelvin Letron Brantley, thanks!
@Zachary Betters, thanks.  Hope to see you in person at more meetings :)

@Amy Bates, thank you.

@John Thedford, 1 presold.  The 2nd one sold a few days on market once complete and staged.  The 3rd one lasted maybe a month (ish) on the market.  Required side setback is 5 ft.  

@Kevin Breed, thanks.  They were a lot of fun (and stress) to build :) 

Purchased an outdated house on a large piece of property in one of the most exclusive infill neighborhoods near center city Charlotte, North Carolina for 890,000.  We subdivided this property into 3 lots and built 3 new construction spec houses.  Due to the size of the homes (4300-5100 sq ft each) and the level of detail required, these homes did take about 10 months to build out.  The 3 plans were similar, all homes being 3 stories to maximize square footage on narrow lots, and used a ton of porch space to make up for the smaller yards.  We also had to take several measures to keep neighbors happy and mature trees safe!  Sales prices were between 1.2 million through 1.35 million.  Pics below:

@Marc Woodward, perhaps update/edit your first post so people see you've resolved your issue.  Other than that, congrats on getting out of it.  It takes a great investor to smoothly unwind a bad deal (but we only like to brag about the good ones) so kudos to you.