All Forum Posts by: Jim M.

There are some Charlotte investors on here. If I can help in any way please let me know.

Welcome Lloyd! There's a few Charlotte investors on here. If I can do anything to help just let me know.

Ann Bellamy He doesn't need the mortgage paid off immediately just wants to be done with the house. He understands I'll rehab it and sell it in a few months and the mortgage will be paid off when I sell.

You've got to hold the house a year so keep that in mind.

1031? How about a slow flip and and trade up? Pros you make some rental income and save a bit on taxes but cons could be the renters, market cooling etc. I say flip it quick and get into another flip or a rental.

I guess I should of been more clear. He just wants the mortgage paid off. I'm more interested in what should be my concerns...mortgage being called due etc

3 and a half months or so...there is an addition onto the property of about 400 sq feet that would be done

So I've got a seller who is looking to get out of a property. How should I take this down? He wants to get out of the property and is open to a creative financing option....sub2. I have not done a sub2 before.

Mortgage balance 150k and some change
Rehab budget 85k
arv is 310k (have 2 other rehabs going in neighborhood myself)

40k spread

I don't have the cash to take down the whole deal but do have enough for the rehab costs. The rehab time would be a little over 3 months and there and its too thin for hard money so I'd rehab with my cash. I haven't done a sub2 before but I've got some rehab experience so my rehab numbers and arv are pretty firm. What are your thoughts?

I'm assuming the mortgage payment includes insurance and taxes. With that said if it rents for $800 a month you won't cash flow over the long term but you will be close to breaking even. Its not a great deal but it has some potential.

Place looks great! Congrats on the sale! Numbers pretty good?