All Forum Posts by: Kai Kopsch

@David Dahan Wellcome to BP; the best way to start your RE career is right here for free. The market in 2023 is tough in NC for investments with high-interest rates; its no more easy money to make; you need to hustle to make it in this market in NC, but we have a great market outlook in NC, one of the few markets in the US that still has an appreciation. The best advice I can give to start in 2024 is don't spend money on classes or mentors. You can get everything for free on BP. Establish business credit does not have to be an LLC sole proprietorship works to open a business, open bank accounts, get a business CC and a line of credit after the accounts second. Second, go to RE investor meetup groups, make contacts, and get some small bling to give out to friends and make every day at least 5 new contacts, from the postman to your personal banker; everyone should know you're in RE. Wishing you a good start into RE investing

@Carol Burns Big lenders don't like financing a single-family lot because underwriting takes the same time as for a much more profitable SFH. Here in NC there are some smaller lenders how to offer land loans. Financing is available up to 80% of your land's purchase price or value, whichever is less, in a subdivision and up to 70% for financing raw land. Just to name a few: Welcome Federal Credit Union, AgCarolina Farm Credit, Truliant Federal Credit Union

There is no down payment assistance for investors except for the first home. Those programs were created to help first-time home buyers or owner occupants primary residents.

@Brian Rodriguez congrats on your first post! Local REIA is always a great way to meet people in the industry. I would recommend getting your Real estate license doesn't cost that much to sign up, and you only need a high school degree in NC. The advantage of having a license is you bring value to your future mentor/ BIC or employer; you can start working for a Realtor team as a Real Estate Transaction Coordinator average salary in North Carolina is $44,101. This way, you have a free mentor that pays you, and after a few years, you go an do your own RE deals.

How is paying the 30K commission? If a house is listed on the MLS, the owners have already agreed to pay the commission by contract to their listing agent and the selling agent. The next question is, what do you bring to the table? Experience, capital, securities? 100K more by multiple sellers?

@Brady Heath excellent first post here at BP; you find everything you need to get started with RE Investing. The advice from Randall & Nathan is spot, where to get everything you need to get started next step would be building your team Mortgage Broker, Realtor, and Inspector.

if you're a few years out before starting in the US with RE Investing, the best thing you can do is work on your credit and safe money and start establishing business credit with banks and credit unions here in the US

enjoy Panama, and good luck

@Sherrie Tullsen-Chin I don't know Jamil Damji's Astro Flipping coaching program, but they're all similar. The real estate market is constantly shifting, and most coaching programs are outdated. You find here on BP tonnes of free RE advice; please save your money for investing in RE. Wholesaling is one of the most challenging ways to start your carrier in real estate; over 90% fail within the first year. Besides the failure rate, wholesaling is legal when done right, but most programs teach you to practice real estate without a license which can get you in trouble. 

@Donald Danley Jr besides the quality of this deal I would first work on your fundamentals. With the market shift, lenders have a lot more time to take you on as a future client and work with you on your credit situation run estimates and get you ready to submit an offer. A new business is most likely not getting good funding without your personal credit I would set up the business first establish relationships with Banks and Credit unions and let those accounts season. 

@Lisa Misuraca understand your frustration, but a forum can't help you here without knowing your whole tax situation, and this should be done confidentially with a second opinion of a CPA. Make sure you have an extension filed, and don't sign your tax return before you have spoken to an RE CPA

I hope everything turns out good