All Forum Posts by: Chris Stroup

The wholesalers that I work with I met on Facebook, BIggerPockets, and at real estate meet-ups.  

I suggest going and adding every group about real estate investing in your area that you can find on Facebook.  Most of it won't be any good but every now and then there is something worthwhile.  

@Justin Tahilramani - Definitely.  I am going to send you a private message.  

I am in Fayetteville. We are moving away from fix and flips to just buy and holds. I am a Realtor and my clients are doing the same. All of my investor clients are looking for turnkey rentals from the MLS that we can get a good deal on. Some are also looking for BRRRR deals. Right now our contractors aren't as busy so the turn around should be shorter on the reno.

Fayetteville, NC is starting to have some MLS properties drop in price. Also, many sellers are more willing to negotiate due to uncertainty. I am a Realtor and I work with investors and financing hasn't been much of an issue. I haven't had anyone back out of a deal yet. Fingers crossed.

I have had listing agents call me and try and accept low offers that they previously turned down.  

I bought my first personal residence without ever seeing it.  I was stationed in WA and moving to NC.  We did video tours and closed on the property two days after we got to NC.  In your case, you should be able to do a mail-away closing. 

Many of the investors I work with are out of town or out of state and never see the properties they purchase.  We do WhatsApp video tours and I show them the neighborhood and answer their questions as we virtually walk the property.  

As long as you have someone you trust and that knows what they are looking for, I see no reason to worry about it.  If it is an investment property that needs work, make sure a contractor walks it also.

1. What area(s) do you service? Fayetteville, NC

2. Who does your team consist of? i.e. other sales agents, property managers, lenders, attorneys, etc... We have around 8 real estate agents and the best admin staff that I could ask for.  We have the entire team in place to go from showing the property to having renters in it or listing the flip.  

3. What changes, if any, have you seen during the COVID-19 pandemic? More virtual tours, mostly WhatsApp video chats with clients so they can ask questions as we go.  

@Jr Trotta If you don't have access to the MLS there are a couple options. You can find a Realtor that you trust and pay them to do a CMA for you. If they are representing you in real estate transactions they might do it for free. I don't charge my clients.

Another option is to use Zillow. Select sold and narrow it down to properties that have sold in the past 180 days. Then you are looking for comparable properties. When I do mine, the first things I look for are similar age and sqft. You can adjust for bedrooms, bathrooms, garage, or carport as needed. Depending on the area, ARV can vary greatly from neighborhood to neighborhood so keep a close eye on the area.

If you have more questions, feel free to message me.  

@Jonathan Lane the courthouse foreclosure process is different in every state.  Try and find an investor-friendly real estate agent in your area.  Some of them will be able to help you through the process.  You could always go to the courthouse in your county and start asking questions. 

In Fayetteville, NC we normally have a lot of good foreclosure deals. The BRRRR strategy works really well for these. Purchase the property with cash or a business line of credit and then once renovations are complete you can finance all or part of your money out with a 30-year mortgage. You need to find a local lender and work out the details before you purchase the property though.  Normally they want the closing disclosure to be structured a certain way to be able to include renovation costs and everything in the new loan.  

Be careful with foreclosures.  Make sure to do a title search before you purchase the property.  There can be liens on the property that will convey with it.  Meaning that you would be responsible for those once it is yours.

I recommend linking up with someone in your area that deals with foreclosures and seeking their guidance.  

 Thanks Craig!  Luckily I have Shelby Osborne and the team guiding me.  I haven't listened to the business podcast, I will have to start.  Thank you for the recommendations, I appreciate your advice.