All Forum Posts by: Evans Wright

Hey Yolanda!

Great job recognizing an opportunity to do creative finance and reaching out to the community for help.

My recommendation to figuring out what to offer is by simply talking to the owner and asking him what he needs to support his family and be comfortable. Have him work up the solution while guiding him to what you want which is obtaining the property. If he can identify a number then work backward from there to come up with your offer price and terms. It might be that the number doesn't even factor in interest if he gets a total price he would like.

Remember to listen first and you will undoubtedly come up with creative solutions to take care of the sellers needs while ultimately getting the property you want.

If you invest in an opportunity zone and hold for 10 years then your gains on the property will be tax free.

Hey Erica!

I have done what you are wanting to do for myself and clients. You will need an offer to purchase contract, promissory note, and deed of trust if you are looking to do an owner financed lot. I would connect with a closing attorney like Sperry & Hatley or 24 Hour Closing. They will have templates for this stuff and complete the promissory note and DoT for you if you use them to close on land.

 Hey Kasey, just fyi Iredell county is in litigation because of the new zoning regulations and are not currently enforcing it.

"If you previously complied with the new regulations and applied for a permit; the County will not seek further enforcement of the permit(s) until receiving further order and/or direction from the court." Iredell county STR regulation page.

I can't speak much for the RTP area but I do know a big tech presence is starting to take fold in that area. I am located in the Charlotte area and would agree about the presence of our financial sector but also medical is a huge industry as well.

If your outlook is 10 years then going with either option will prove fruitful. There are strong macro factors to include migration, job increase, and quality of life that will be bringing people into the area for years to come. I would also add that it may seem expensive in CLT area from your point of view but for many of our new transplants it is much more affordable. It seems like 3/5 people you meet are from NY or CA and have moved here in the past 5 years. That trend will more than likely continue.

If you found yourself in a legal battle over pick your scenario, you could save money by being your own council or you could hire a professional to get you the best chance of things ending in your favor. Why would you not want the same in what will be one of your biggest purchases ever?

I have used a professional interior designer to furnish our STR just outside of Charlotte, NC and here are my thoughts based on the questions you asked.

- Everyone's situation is different but for my wife and I we thought it was important to hire a professional designer. I am full time investor/agent and she had W2 that she put over 50 hours per week in. Our time was limited. We also identified that we do not have an eye for design and theme and it is hard for us to make something of a blank canvas. Those two choke points helped us identify that we needed a professional especially if we were going to distinguish ourselves from the competition. That is exactly what our interior designer did. We told her our theme which was lake and nature inspired due to our proximity to a big lake here and she did the rest. End result was phenomenal. 

Now could we have done something similar - with enough time yes but we didn't have time so I believe it was critical to have her on our team. It was by no means not cheap but I have always been of the volition that if they can do it better and faster than you then hire it out so they can give you time to focus on the bigger picture. 

I do not have previous data to compare bookings because we purchased the property and immediately hired the designer but I wholeheartedly believe that our bookings especially for longer stays are correlated to our property having amenities and design language that attracts people. It cost us over $35k to do interior and exterior of a 3bed 2bath house, 1500 sq ft and on half an acre of land. Not cheap but they did everythingggg. Hope that helps!

 I literrally just chatted with Billy today about a development project I am taking on! Super cool guy.

Hey Sanjita! As Angie mentioned, your budget will determine what areas are the best to invest in Charlotte proper but I do think the areas surrounding uptown will perform well if you are willing to put the effort and resources to distinguish yourself from the competition. To get the most bang for your buck, I would focus on 4+ bedrooms since they are the least saturated in terms of inventory. AirDNA confirms this and has great resources for helping understanding STR performance and data.

Additionally, it is no longer good enough to have a nice house with furniture so focus on design that can distinguish yourself but also you must add amenities. Focusing on amenities was one of our top priorities when we were working with a my PM and interior designer. I own an STR by Lake Norman so I also agree with Wyatt that looking by there could provide fairly lucrative opportunities and the ease of access to the city. One of the things I was most surprised by is the amount of people that want to stay at our place for 30+ days in that area.

I am happy to provide additional info or connect you with people to help you continue building wealth. :-)

Hey Ashwin!

I can help you with all that data and help analyze the property to see if makes sense based on your strategic investment goals. I will send a message.