All Forum Posts by: Chris Sackinger

I have a new prospective tenant who is going to pay for her blind father's rent. They seem very stable and credit check looks great. My concern is if I need to evict how does this arrangement need to look on the lease? This property is in NC.  

Reach out to Bank of NC or other regional banks. BB&T can be helpful too. I found that calling and talking to bankers about what you want to do will help you find a great partner. If they take time to educate you on commercial loans and have a genuine interest, it may be a good fit. Bank of Ozarks in Charlotte is one I am putting together a deal with as we speak. They were helpful in explaining debt service and other commercial loan specific topics to me. Then I went out and used the calculators on this site to play with numbers until they worked. Hope this helps. 

Good luck Tom and lets connect. I have a flip that just hit the market on Shopton Rd and would enjoy connecting. We have several rentals near downtown and currently are looking at a multifamily in Winston Salem. Would enjoy networking and hearing your ideas. Lets connect.

My first flip (May 2016) used our HELOC. We started small buying a $65k home in Mount Holly NC. The rehab budget went over but we learned a lot about the process. Our exits were to sell or worse case rent. After reading above @Sam Ally

"Not to be melodramatic, but with the wrong combination of forces I could not only lose the flip but my own home too since I took out the HELOC to do this."

I kinda chuckled. This ran through my head too but I reasoned that if they took my primary I still had a house I owned out right. Oh well, the flip turned out great and we made money. 

My second flip (Oct 2016 still going) was purchased with a combo of Hard Money and proceeds from the first flip. This helped us manage the risk with our HELOC. We should have this one back on the market in about 10 days and then look for another.

I am interested in other creative funding options, but have not tried one yet. I had one verbal deal where I was going to put 8 months of a homeowner's mortgage payments in escrow and take profits over a predetermined amount after rehab and sell, but the homeowner could not wrap his head around the deal. 

Anyways, always looking for ways to use less of my money or leverage my money to do more deals.

I use 4% for CapEx and 5% vacancy. Try the calculators under the tool tab. You get 5 for free with a free membership and more with the Plus/Pro. Play with these numbers. Talk to some agents in the area to get an idea on rents. Look over deals on realtor.com and run test calculations. When I bought my first Rentals I went small. They were $40k each and that limited my risk. They came with tenants and their own issues but that was a great place to start. Try not to box yourself into a number (i.e.) total dollars coming in per month. Try and look at total picture of investing and learning.

Could be a ton of different reasons. You have to have your goals and criteria in view at all times. What are you trying to start with?

Hi BP Community-

I need some advise on a current rehab that is going south. Most of these issues are self-inflicted but I need help on next steps.

First, my contractor and I have a handshake agreement on the rehab of my house. We have an agreed price and scope but there are no time penalties and time is bleeding right now. The contractor has taken over 2 months to preform the work to date and I feel trapped with him now. I would like to pressure the contractor to finish the work but do not feel I have much leverage.

Second, I would like to move on from him after this week but am concerned about a lien if I fire him and we can agree on a price for his services so far.

Besides the obvious of taking care of my business better in the future, how would you handle this situation? Thanks for any and all ideas.

A specific Wholesaler in Charlotte I have an opportunity. I have a rehab on Shopton Rd West that has a ton of traffic everyday. Lets partner to put your sign in my yard and give me first options on leads that generate from that signage. Reach out to me for details.

I used a line of credit on my house for the first one. I had $100k and purchased the house cash and coordinated the subs paying as I went. I have a second home now that I am closing but I used $100k from a crowd funding site and $50k of my line of credit for the purchase. I will pay my subs again as the project goes. I would say be careful with these sites. The people are unorganized with the site I'm using and has caused issues. Luckily I have a great agent who is keeping the sellers calm as we finish funding.

Hi BP I need a Hard Money Lender to help on a property I have a contract on. My crowd funding site has dropped the ball and I need another avenue. Needs to be able to work in the next few days. Please reach out to me. Based in Charlotte.