All Forum Posts by: Chris Stroup

There are tons of contractors in Fayetteville.  Whoever you decide to work with make sure you trust them and their work.  

@William Bailey is one of the contractors that we use.  He does good work and communicates clearly.  

@Steve W.  I suggest taking @Dan DiFilippo up on his offer.  He is very knowledgable about the Fayetteville market and running numbers!  @Dan DiFilippo

@Dan DiFilippo

I have multiple streams of money coming in and try and keep my expenses low (try is the key word lol).  I also have two partners doing the same thing.  

I run a knife making company, I run a real estate team, and I am a real estate agent.  I'm also a 100% disabled Veteran.  If the money doesn't go towards living expenses, it goes towards growing one of the businesses.   

We are working really hard right now to be able to have FREEDOOOOMMMMMM.  

Fayetteville, NC is a very good market for cashflowing rentals.  There is a large military base and a couple of large hospitals here so employment is stable.  You can purchase a rental with 60-80k that will cashflow.  The market is crazy right now but there are still deals to be found.  Happy to talk to you if you want to learn more.  

Why not build a quad?  

Make sure there isn't anything available in your area because building new construction is going to be expensive.  If the numbers still make sense, do it!  It will be much easier to close on the loan before you get out so I wouldn't waste any time.  

I was going to suggest the same thing as @Kyle A. Isaacs.

I have been using a different combination.  Instead of rent by the room, which seems very hands-on, have you considered doing short term rentals using a property management company?  

I'm not sure about your area, but in Fayetteville, we have someone that stages the properties and then a short term rental property manager that manages everything.  

We purchase foreclosures and wholesale deals mostly to get value add properties. We are doing this with two right now. Once the 6 month seasoning period is up we are going to use a commercial portfolio loan to do a cash-out refi. We plan do groups of at least 2 but hopefully more properties at a time so the season period is up around the same time. Then refi and repeat. The refi will have to be done in an LLC and the interest rate will be higher since it is a commercial loan. It is based on the deal and not on the persons credit and income.

I am happy to answer any questions you might have! 

Being a real estate agent gives you access to deals.  You will get your hands on them before anyone, generally.  It will cost you money and time to get and maintain.  In my first year I spent about 3k just in classes and fees.  Each state and firm is different though.  I would not have gotten my license if I was only going to use it to invest.  If I didn't have systems in place and a very solid team, doing a real estate transaction can be confusing and very time consuming.  That said, being a real estate agent is fun.  It is all about solving problems for people.   

@Donald Loftin do it!!!!!!  I am an investor in Fayetteville also.  The best thing to do is to get educated and take action.  Don't wait around forever, that's the biggest thing that I see new investors doing.  The perfect deal doesn't exist.  

We do an investors meet-up every month called Pints and Properties.  It is a great way to meet people with similar interests.  

Thanks, @Justin Melendez We work with many out of state investors. The market is Fayetteville is great but as both Justins said, it is competitive. We have a steady flow of foreclosures, MLS properties, and off-market deals. There are definitely deals to be had but it takes a bit of patience and requires you to be ready to act quickly when a deal does show-up.

The best thing to do is to analyze deals, know your criteria, and have financing lined up.  This will enable you to act quickly as soon as you see something that meets your criteria.  

Another good market is Fayetteville, NC.  I am an investor and Realtor here.  The market is very stable because of Fort Bragg, a few large hospitals and the Goodyear Tires factory.  The multi-family market isn't the greatest but we have many foreclosures and off markets deals.  Feel free to message me if you have any questions.