All Forum Posts by: Dawn White

Matthew, what do you think of the market in Statesville & Mocksville right now?  Since I'm in a very small market, I'm looking to expand into an area still fairly close but that is active for flipping.  I'm thinking bedroom communities to Winston would be the most active, but may be open to Statesville.  I eventually want to buy and hold, but right now need to build my capital, so flipping is what I'm looking at.  Can you give me any advice in that area?

I live in the small town of Jonesville, NC...next to Elkin where there is very little happening right now.  My husband & I are new investors and would like to get started looking for 950 sq'- 1500 sq', SFHs for up to $110K (including rehab costs) to flip.  We are interested in the Yadkinville, Mocksville, and Western Winston-Salem areas, however, are not very familiar with the markets there.  We may even consider the Statesville area should that be a viable market as well.  We are looking for a RE Agent that is knowledgeable in those market areas and works with investors.

Hey Zach,  welcome to BP!  I'm a new investor in Western NC and this site is a great resource!  Glad you're here!

Michael, what about throughout NC?  I'm in western NC....do you loan there?  BTW...Welcome!

I actually went to an auction on our courthouse steps in Surry county just to see what takes place.  I was surprised when I was the only one there!  The attorney took me under his wing and explained the process to me and walked me through the clerks office, the 10 day bid book and the register of deeds office to show me around.  He said rarely does anyone show up for the actual auction, usually investors just come in and check the upset bid book and submit an offer from there!  Who knew?  I learned a lot that day:)

Will do!  Enjoy your vacation!

No, we have rethought the exit strategy and we'll really need to sell it ASAP.  Probably start by marketing it to local companies/hospitals for purchase to relocating executives/staff, as soon as we have rehab started since we suspect it will take awhile.  Didn't realize lenders won't refi if the house is being listed...good to know.  Thanks.

Thanks for the info...I'll have to review that again.

Talked with a so-called HUD expert last night at a REIA meeting and he was from the Kernersville area of NC. He says 81% is the lowest he sees these days in his area (Kernersville, NC) but thinks it might be worth me putting in a much lower bid since its been on the market for 6 months. If it gets denied, I could just wait it out (he suspects it will be dropped again soon). I am much further west, more toward the mountains in a smaller community with very little competition to fear. I'm not so much as trying to get the house for nothing, but my main concern is that I can get the numbers to work if I have to hold it for awhile until it sells. So I need a low price on the house and low cost on the financing. .

Right now I don't think we'd qualify for another traditional mortgage, since we are on a single avg. income personally and are a brand new LLC...no experience in investing. So I'm wondering, once rehab is done (with hard money), I'm assuming, if needed, it would be easier to refi the property with a traditional mortgage . Is that a correct assumption?

 I meet with some contractors Monday  to confirm my rehab numbers and will keep you updated on the progress.  Thanks for all your input!

Duane, Alex...I'm new at this, but isn't that the difference between Double closing (using C funds to pay A) vs. Simoultaneous closing (using trans funding to pay A)?  From what I understand, the 2 are not the same and many times the Simo closing is referred to as a Double in error.  Do you think that might be the misunderstanding?  I was thinking a double was illegal when doing a short sale but was still sometimes acceptable depending on the state...but simoultaneous was preferred.