All Forum Posts by: Grant Wilsterman

Hey Edward, I would recommend getting in touch with Jeff Koenig with Koenig Law Firm. 

Sending you a DM with his contact info now!

Thanks and good luck!

Hey Timothy, my name is Grant Wilsterman. I am a Broker with Savvy + Co. Real Estate here in Charlotte. I would love to be your contact and boots on the ground here in CLT. I work with many investors and am very tech savvy to help with analysis and video tours. I would love to connect and am excited for you to take advantage of the growth here in the southeast!

Grant

Hey Austin! I really like the aggressive plan and sounds like you are financially set up to take on a project like this which is great. As someone who is also looking to purchase my first home with my girlfriend and buy another rental this year, I am in a very similar boat as you. I recently sold my property in Greenville to prepare for this. I have helped enough people buyer and sell here in Charlotte and am ready to do so myself. 

My first comment would be to budget some money and TIME for finding a multi deal here in charlotte area. It has become very competitive in the CLT area for multi's over the last couple years. I look at every one that actually hits the market even though I am not personally in the market for a multi. 

The only benefit to completing one purchase at a time would be reducing the risk of mortgage issues. Since you would likely be working with 2 different lenders for a personal residence mortgage and multi-unit mortgage, the lenders my require a lot of documentation or straight up not lend to you while doing 2 deals at the same time (especially if you a pushing you DTI ratios). That being said, a 5% down on a quadplex or smaller is considered a residential conventional mortgage and shouldn't be an issue. Once it has 5 or more units, it is a commercial building and will require a commercial loan with more like 15-20% down minimum.

I would love to help you in choosing an area of charlotte to start hunting for both these purchases. Sending you a DM now!

Hey Justin! I am a local broker in Charlotte and help investors out a lot. I know the Charlotte market really well, run my own deal sourcing campaigns in neighborhoods. 

I would be happy to answer your questions about the Charlotte market, neighborhoods, and pulling stats on the area. 

Thanks and I look forward to helping you buy your first rental here in CLT!

@Wei W. The BP investor meet up is from 7-9pm at Residence Culture Brewery.

@Wei W. Thanks for reaching out to the BP Community. Luckily, by living in Charlotte and the southeast in general, we live in a great place to invest right now. Charlotte has a lot of investor activity for good reason. I am happy to meet up for you anytime this next week for coffee to talk about it and the local BP meetup is on the first Tuesday of every month (Next one is March 3): https://www.biggerpockets.com/forums/521/topics/805461-charlotte-nc-rei-networking-meetup-tues-march-3rd

Thanks and I look forward to meeting up with you!

Grant

Jason,

NC is generally a tenant friendly state and the eviction process could take about a month and a half. That being said, it is worth it at off the tenant money for keys. If they don't go for that, you will need to serve them an eviction notice based of the type of lease that you have with them. (See below)

• 1) 2-day notice (for a weekly agreement that's about to expire)
• 2) 7-day notice (for a month-to-month agreement that's about to expire)
• 3) 1-month notice (for an annual lease that's about to expire)

From there, you will need to file for eviction in small claims court.

Thanks and good luck!

@Josh Stack This analysis of Gastonia is fantastic here. Really in depth and well done. I really think Gastonia is lined up to have some of the better growth prospects than the other surrounding cities of Charlotte. Based on the growth and future planning in Charlotte, it is tough to see a scenario where surrounding cities of Charlotte don't see strong growth. 

A big thing Gastonia has going for it is also the addition of the Silver Line. Public transportation is much needed here in Charlotte. Though the Silver Line is probably a decade after from getting to Gastonia, the growth in that direction should be influenced by it.     https://charlottenc.gov/cats/transit-planning/Pages/silver-line.aspx

@Michael O'Neal Congrats on the new job and I hope you enjoy Greenville a lot. The city has seen a lot of growth in the last 5-10 years. I lived there for 3 years after graduating from Clemson and own a rental property there. If I were to redo the rental purchase, I would definitely look to buy on the east/south side of Greenville. I really think that has higher grow potential and rental stability. I am not sure what price range you are looking for, but neighborhoods like Nicholtown and Morning Side are good options. Another thing to follow is continued development of the Swamp Rabbit Trail. This is a really popular running, biking, walking trail through Greenville. They will be extending it south and places along the trail have seen nice development. 

I can also recommend the agent I worked with, Brad Ledford with The Art of Real Estate. Really nice guy and knows Greenville really well. 

@Mike Hege  Based on my experience and exposure with new construction here in Charlotte, I would be skeptical of that $70/SF as well. For the new builds in the area, I would expect the cost to be closer to $100/SF. If you can get a couple additional quotes on the construction costs to make sure that is correct. 

I am confident you will be able to find tenants for a new build place though. Rentals here in Charlotte are in high demand!