All Forum Posts by: Jack Saunders

Kevin,

Great time to get into the REI world as rates are starting to come back down and prices are still on idle. North Carolina is another Hot spot my team just left a huge convention where majority of the vendors were talking about the net wave of REI with Tiny Homes and Modulars.

In many areas inventory is low and one way to circumvent that is to start buying land lots and creating new homes. Great thing about a Modular, Manufactured and Tiny Homes is No building required in regard to breaking ground. Units are affordable less than ground up builds but rents are almost identical in most cases.

The timeframe to have a company come out and install a TH, Modular or MH is usually 60-90 days. You avoid 8-12 months of pain having to deal with builder delays, ground breaking due to winter/hard ground, costs of materials or shortage of inventories, etc.

If that's not your cup of tea you still have Charlotte, Duram and Fayetteville all offer some great sale prices on SFR's and 2-4 units for STR/LTR.

Owning a home is a plus to get started if there is equity to use and you want to stay cash fluid just pull out some cash through a refinance or Heloc to cover the DP on the new REI.

Hey Jack,

What state is this property in?

Thanks

 Hi Jack,

You will find a lot of lenders who will want to help you, but it would help them and you save some time if you can narrow a few things down.

What state is the property in? What is the purchase price?

Are you qualifying on your full income or looking for a loan type with easier qualification standards such as a DSCR loan?

They will also need your FICO when looking at rates just as a heads up.

Hey, I am reaching out to someone.  They normally only cover Charlotte but I don't know if they have expanded since we last talked.  

@Jack Saunders - @Randy Rodenhouse Touched on some really good methods for off market acquistions. Another good strategy is reaching out to brokers/agents to find a "pocket listing" which essentially is a listing that is off market and they are shopping it around among their vetted buyers. If you make it a habit to call 5 brokers a day and let them know what you are looking for, eventually you will find an off market flip before it hits the MLS. Usually pocket listings have reasons on why they are not on the MLS. It may be as simple as they are preparing to list it or as complex as a divorce is happening and the seller wants to keep the sale hidden. It ranges on the reason but "pocket listings" are a fantastic way to get off market properties. Nonetheless it all starts with developing strong and long lasting relationships with high volume brokers/agents in your area.