All Forum Posts by: Justin Roland

I’m in a similar situation in Concord NC. I am going to wait until rates drop a decent amount and sell my former primary, which is now a rental, at a premium. I am thinking next spring will be when I sell.  I may pay off my current house (6.625%), pay off half and buy 1-2 rentals or just refinance it and buy 3-4 rentalS

I’m interested to see what you decide to do as well

Justin 

Hey Christopher,

If you are looking to purchase the property with a DSCR loan, I can help you out

PM me for more details if you're interested

Hey Joel,

I’m a mortgage broker in Charlotte with very competitive rates and a wide array of loan options to choose from. If you want to have a chat about your personal scenario feel free to reach out

Conventional loans are for investment properties unless you plan on living in a multi family as well. Then you could use an FHA loan. 3.5% down for FHA. 5% down if you plan to owner occupy a property with a conventional mortgage. Investment property requires 15% down minimum

You could also do a Second Home or Vacation Home loan. 10% down and your dti needs to be able to support it. It also needs to be at least 50 miles from where you live 

In concord, the 28027 zip code is a solid area. The downtown area is being revitalized so it would also be worth looking into. You could visit the idea of student housing in university area of Charlotte with a SFH and rent by the room.

I’m a mortgage broker and can help you out on the end as well. I also know some investor friendly realtors in the concord area. I’m in Concord also

I agree with what Mitch mentions about HELOCs as well. Usually, you want to be able to pay HELOCs back quickly. This will be a long term loan so a construction loan hard money style that is interest only would be preferable. Then you could refi if rates drop and keep good long term debt and keep your DTI manageable for future investments

A cash out refinance on the Charlotte property would probably be the way I would lean if I were you if you have enough equity. You’d get a better rate, and have stable long term debt

Hit me up if you need anymore help!

Welcome Rachel! I’m fairly new and do STRs out of state. My #1 tip would be to not over analyze things and just get going on a good deals. LTRs are hard to cash flow right now. What strategy are you looking to do?

Charlotte NC has a really hot market with a lot of growth in terms of population. If you need help with anything just let me know!

Hey Heidi! I would love to connect. I’m a lender and investor in Charlotte. Good luck on your journey and let me know if I can help out in any way!

@Nikesh Patel

Cash flowing on a long term rental is very hard to do in this rate environment unless you find an absolute deal. I think you should look into a short term rental in the NC mountains or NC or SC beaches. I have 2 STRs in Hilton Head and they are great from a cash flow perspective and appreciation

We manage them ourselves and it only requires about an hour a week total. If you want more info or want to chat feel free to reach out