All Forum Posts by: Cory Peters

I’m looking at doing my first flip. I current own a rental owe 130,000 worth 250,000. Looking to purchase a property for $110,000 rehab and sell $275,000. Need ideas how to acquire funds to purchase and rehab property.

I have an issue and need advice. I have a tenant who has been with me for 2 years and has been a great tenant. Today I received a text from my tenant stating, “she lost her job (contract ended) and that she won’t have Nov rent. Said she can be out by end out Oct.” This would be breaking the lease which ends May 2019. Do I collect keys end of October or work something out with her? How personal can I get asking about job prospects/interviews? I’d be more willing to work something out if I know there is a potential job lined up.

I would like to use the Equity in one of my rentals to purchase another property. Should I access that Equity with a HELOC or a Cash out Refi?

I’m ready to purchase my next property however the market in Charlotte, NC is at a all time peak. I know my price range and area I want to purchase in. Should I make offer on anything the hits my criteria? I’ve noticed that properties are leaving the market 12-24 hour after listed. These are also price for such a market. Or should I wait till the market softens?

Thank you. I'm ok will selling the property if it will help me acquire a better deal. Would like to move into a multi family. I'm concerned if I pull equity out that the property will not cash flow. Any good books or resources to help me make an informed decision? 

I'm new to real estate investing and have a passion and interest in growing my knowledge. I currently own a single family property in Concord, NC. I'm stuck on whether I sell the property in search for a multi-family property or if I pull equity out to purchase my next property. The property is valued at $200,000 with a $130,000 mortgage. My monthly mortgage payment is $1000. My tenant is in her second lease with us, first a 12 month and once that ended signed a 18 month which ends May 2019. I'm collecting $1150/month rent. Any advice on what I should do, or where I can look for answers.