All Forum Posts by: Account Closed

Hey, I can show you how to underwrite and get a competitive offer out within 2- 3 hours of hitting the MLS. Sent out 20 offers in 3 weeks (an offer for me included walking a property and conducting my own inspection) and I have two flips under contract within 5 minutes of each other in the Concord area. The market is hot but you can pick up a property if you are willing to put in the work.

I won't make you mow a lawn but if you want to swing by one of the projects let me know!  

@Brian Plajer

I would say 1 llc for every couple of properties is a good rule of thumb but it all comes down to how you operate as well (CPA and State Fees can quickly add up). LLC's don't really provide as much protection as you think if you are very hands on with the properties (think doing maintenance or direct interactions with tenants). I've had a CA client when I was a Multifamily broker in San Diego get hit hard in a lawsuit as the "corporate veil" was pierced as he was interacting directly with the tenants and conducting his own maintenance on the properties. If you are handing everything off to a 3rd party that does add additional strength and protection to your LLC.

Also I saw your post about the 3rd condo! Congrats!

Hey @Thomas Hoyla! I just sent you a DM with some info regarding your questions 

I know of a lender that should be able to help. The part of finding a duplex that meets a lot of the criteria investors use is not very common in this market compare to others. Your best chance would be to find something off-market as you get only a few smaller deals a month that cash flow or barely pay their bills. If you are not completely set on a duplex I would recommend finding an SFR that can be renovated into two 'units' and have the other unit be an STR. This way you can be close to the downtown area to capture the crazy growth we have seen while still being able to leverage your 203k loan.

Hey @Brianna Chisholm! Congrats on starting your REI journey! As a local, it should help fast track you in finding your first purchase as you do not have to do the upfront work of learning a new market or deal with the possible mistakes that come with not being in the area (You see a lot of Investments made by OOS that make you wonder what different about their underwriting).

I am an REI agent out here in the local market and would love to connect you with some of my vendors that do everything from smaller projects to new construction builds! Also good work on getting the LLC first prior to purchasing a property as most CPA's that deal with REI clients hate when everything is done backward for them to untangle/fix.

@Joseph Brown

Shelby Osborne Podcast 406!

@Trinity Carrick & @German Hall

Fun fact that nobody thinks about HOA's are an uncontrolled cost that will only increase over time. I have dealt with rentals in downtown San Diego that due to the HOA wanting to repaint the building and having issues with doorways increased dues by $175 a month (this was a 14 story building). The rental was mostly an appreciation play with minimal cash flow and the HOA increase killed the remaining cash flow and STR's was not allowed.

Just something to think of as well. 

I just sent you a DM with an investor-friendly lender. He has a variety of loan programs including loans based on the assets performance and your credit which is always a great option to have! Even though the property is considered residential I would stay away from most residential lenders as they usually don't deal with smaller properties like that and won't know how to get the best refinance for you. Smaller local banks and credit unions are a good place to start as well

Hey! @German Hall great move on joining BP lots of friendly investors on here that share tips or advice that is a game-changer. 

I work as an REI agent in the CLT market and it is crazy right now. Most places listed on the MLS go at least for the asking price if not more within 1-7 days of being listed. We have .5 months of housing supply so you have to be very aggressive in your offer and how quickly you submit the offer. I have seen places near downtown go within two hours of being listed.

Coming in with a conventional loan a high Due Diligence amount along with a high EMD is needed to remain competitive inside the 485.

@Melanie Johnston hey if you want to connect let me know! I work the Charlotte NC market but I was a broker/ investment manager in San Diego prior to moving to NC. Scottsdale was runner up but I lived in a desert before and I can't handle 120 degrees! Visited a bunch and been to some football games! I would invest in the area after I finished my 2021-2022 goal in NC. 

@Jim G. it comes down to what's on the market and what fits your goal. NNN's are very common for larger companies anything from the service industry (fast food/coffee shop) to high-end & lower-end retail. I would focus on the company and what space they operate in. CVS is a great play long term as a company/stock play and with them being an essential business that is something to pay attention to. I would review LoopNet & local MLS of the market you choose and take it from there. Find a commercial broker that focuses on NNN and they will be able to help.