All Forum Posts by: Josh Lyons

Hi Steve, I'm interested in attending one of these.  I work just around the corner off of Sardis Rd N. Any chance after hosting at a non-smoking joint in the future?  I'm working hard to purchase my first rental property... would love to chat with some other investors in the south Charlotte area. Thanks!

Thanks @Harry Marsh and @David Seroy.  'Preciate the quick responses.  David, do you lend for buy and hold?

Does anyone have a hard money lender contact in Charlotte, NC? 

Has anyone used the Rental Property Calculator on Calculator.net? It gives a detailed chart including Cash on Cash Return and IRR. Just curious if some of you find this tool helpful and accurate? Thanks!

@Joe G. Thanks, that's really helpful.  Do you always do LLCs if you have an equity partner on a rental property?  Are there other good options? 

Thanks @Joe G.. That's helpful.  Yes, I'm looking to rent for cash flow.  Once you set up the reserve account, what type of structure is common to "pay yourself" and your partner?  Would a common agreement be to take a percentage of the rent each month once you have the reserve established?  Also, what would be a good amount to have in reserve for a 3 bed/2 bath single family home?  Thanks.

Hi everyone, I've been reading about how partnerships can be set up and I have a specific question.  If two people want to buy a house to rent as 50/50 equity partners, how could the ongoing maintenance costs be structured/split, especially if one partner can't afford to pay some of the ongoing maintenance?  

For example, if two people put 50% each on the down payment of the house then they will theoretically split all profit at 50% as well. But, what if only ONE owner can afford to make a large repair (i.e. replace the A/C unit) after one year and the other owner cannot afford to help with that repair? What would be a common way to deal with this regarding the profit split?  I understand that equity partnerships can be structured in almost any way that the two people agree to, but I'm curious about what a "common" structure would be in the above example.  

Essentially, I'm trying to understand how an equity partnership can be structured regarding the split on ongoing maintenance versus the profit split.  Ideally, each partner would pay the maintenance costs but maybe that isn't always possible.  Any comments would be great, thanks!

Thanks JD.

I'm new to BP and trying to find and buy my first investment property to buy and hold. I'm in Charlotte, NC. I've read a lot about the simple and very important advice that "you make your money when you buy." You have to get a good deal up front. My quick question... for a new investor without many connections, resources, access to MLS, etc., how good of a deal should I be looking for realistically? For example, should I be expecting to find something 10% or 20% below it's market value? How prevalent are the 10% or 20% below market value deals? What about in a sellers market? I'd also appreciate hearing any stories about how you found good deals... such as the percentage they were below market value and the method you used to find them (i.e. through a connection, from MLS, "driving for dollars", direct mailing...). Thanks.

I want to buy a house and rent the one I currently live in. This will be my first purchase to start investing. But, Charlotte, NC is a very hot market and many 150-200k houses are selling in less than a week (even within hours). My question... in a market like this, is it best to just wait for the market to cool off before buying?  Or, can good deals be found even in a hot market? Of course, I don't want to pay a premium price because of the seller's market. Thanks.