All Forum Posts by: Chris Puckett

@Sarah Lattanza I wouldnt recommend it.  Why take on the extra responsibility of overseeing provisionals when you should be using that time to build your own business. If you do want to go that route i would stay away from the "major" brands that have a TON of provisionals.  You will spend 90% of your time trying to keep them from going to RE jail.  

@Jeremy Aldridge Hey, there is an MREIA meeting held in Concord for investors.  I have found that those meetings are not as helpful as they used to be and typically turn into sales meetings.  If you find one let me know.  I would be interested.

Hey @Dana O'Donovan, had a similar experience in Salisbury, NC a few years back before the housing market rebounded.  I took a bath on that house because of insurance.  Insurance on a vacant property is outrageous.  I eventually sold it at auction, had to pay $3,000 at closing just to walk away from it.  

I'm of the belief to cut your losses soon as possible because the cost do not stop.  Just my experience.  Best of luck.

Hey @Jeff Efird I'm a REALTOR®, investor and property manager.  Would love to connect with you.  I'm more involved in buy & hold but would love to help.  Give me a shout. 

@Kin Leung Here are my thoughts, I'm an NC REALTOR®, investor and property manager, 

1. LLC is strictly for protection. Your risk tolerance is really the key to whether you do an LLC or not. LLC will limit you when it comes to financing.

2. Start up cost for an LLC is relatively low, couple hundred dollars. Annual fee is around $200.

3. if you set up an LLC you and want to handle the properties you currently own you will just have to get a lawyer to change over the title, typically using a quit claim deed. Pretty easy process but you will incur some attorney fees.

@John Morgano best way I have found is to network with other commercial brokers.  if you are looking let me know,  I have some connections I can use to possibly find what you are seeking. 

@Philip Mullinax Thanks for the info.  Just a bit of advice, cheaper doesnt always mean better, especially when you are talking about a real estate transaction.  Saving $100 on a closing can cost you later if you attorney doesnt handle the paperwork or deed prep correctly.  I'm not familiar with Lochlear, so let me know how it goes.  

@Philip Mullinax Kevin Link or Bob Critz in Concord are who I use. Honestly havent found any in Rowan County that I trust. Bob and Kevin handle all of my RE and REI business.

@Bill Fairman 5 right now.  Only 1 through FC.  Rest are through Uwharrie and First Bank.  First Bank is where i started and they have really tightened their requirements.  Uwharrie wasnt bad.  FC just offered more options for me.  

Question for my Buy & Hold com-padre's in the Charlotte area.  What forms of funding do you use and recommend?  I'm using First Citizens in Concord.  I've found that small banks are becoming less and less investor friendly with stricter terms that just make my numbers impossible to work.  

Would love to hear what everyone is doing.