All Forum Posts by: Jim M.

I have a deal here in Charlotte. There is a property with an existing home that would need to be scraped. I am doing a rehab/800 sq foot addition about 4 houses down and close on that one in about 3 weeks. I actually wanted this new build but the seller delayed in getting back to me on my offer, then accepted a very slightly higher offer who backed out just yesterday. These are some rough numbers below.

Numbers

Purchase- 335k

Build 250k (2700 sq feet)

commissions 5% 41k

holding costs 10k

Exit price 825-850k

profit margin close to 190k(825k price)

The time frame would be 5-6 months construction. Would put on the market during construction.

I'd be looking for 10-12 % and 100% financing. I have a great contractor, have done 10 projects in the last two years from 150k-450k.

Anybody interested?

Please send me details on your multi families in Charlotte. [email protected]

Armed guard is probably me overreacting but I need the peace of mind this week. It's two houses side by side and I don't need them taking the ac units or even going inside and taking appliances. As soon as I get the permanent power on I can get the alarm on and lock it down. Spend a grand for a guard to save 5 if they take the units.

Wesley heights. They target the vacant houses or ones under construction. I got an armed guard for the week and that wasn't cheap. Once we get the fence and power on after inspections this week and an alarm installed we'll be all set. Not the first time I've had a house robbed!

So one of my houses got robbed last night. took the copper from under the house but thankfully left the ac units alone! Can't get a security guard til tomorrow night so I'm spending the night tonight! Once we get the new fence up wed and power turned on with motion lights they won't be able to get in as easy.

They took probably 50 bucks worth of scrap and it's like 600-700 bucks to repair it and now more cause I gotta get a guard. I'm gonna leave a note with a $50 bill and ask them to just take the money and leave the house alone! This is in a nice neighborhood of 300-500k homes right outside uptown charlotte!

What do you guys do to keep the thieves out?

I just finished one a couple months back and was all in about 160k including renovating the existing structure which was about 1200 sq feet give or take. This was pretty high end as well. Custom cabinets in all baths and kitchen, hardwoods in all rooms, granite, etc. Those finishes dictate quite a bit of your budget.

I see tech stocks taking a hit in 2014. Oil and nat gas stocks will have a nice year. I'd invest in that area. Rentals are still a solid investment but I am very wary with the hedge funds and when they eventually dump them.

If they have equity and going through bk the other creditors are going to want that house to sell for max value so they get paid as well. 400k- 25 k in commissions leaves 75k or so for the other bills.

Tax value isn't really the value of the property. Can you give us more detail on the property? Size, surroundings etc

I think you received solid advice and direct answers to your questions. I think the gentleman answered your questions very respectfully as well.

Nowhere did you state that you spoke with an attorney and he just advised that you do as a local attorney would protect you better than any random internet poster.

As far as the neighborhood purchases go...he asked that you be "cautious" and then advised why he thinks you might be jumping too quickly. Can you answer why the properties are abandoned in that neighborhood? I don't know your area from a hole in the ground but if property is abandoned there is usually a reason. If you're satisfied with the risk involved then move forward with the purchases.

He was looking out for you and your best interests.