All Forum Posts by: Kai Kopsch

@Samson Hall, congratulations on starting real estate investing at a young age! There is no need to create an LLC right away; save your money and invest in yourself! Yes, your education, and don't fall for online classes on wholesaling. This is the toughest way to start in Real estate, with over 95% of people failing. An easier way of starting is to get your real estate license and work a few years for a Borker team and get paid right away.

Quote from @Spencer Riche:

"Date the rate, marry the property." Don't let high interest rates or another news headlines stop you from capitalizing on a great opportunity. If a property ticks all your boxes, has potential for added value, and yields the return you want after accounting for the cost of capital, why overlook it just because the rates are considered "high"? In my view, now is a prime time to make a move in the market when others are reluctant "waiting it out" and keeping their capital on the sidelines. I've landed some of the best deals of my career this past year. Plus, if rates drop later on, your position will only improve.

Date the rate, marry the property. That sounds like a dad joke from my office BIC! The biggest problem for most of my millennial first-time home buyers is affordability.

The affordability of middle-income housing has become a significant challenge in the Charlotte region. In 2023, it would take a family income of $152,000 to afford a median-priced house. The median household income in Charlotte, North Carolina is $74,401 the gap from $76K would not allow you to marry the property!

@John Thomas, welcome to BP! Everything you need is available here for free or for a small fee. Please don't fall for coaching/guidance/mentorship in Real Estate classes. Invest into yourself self by treating your future RE Investment career as a business from the first day. There is no need to set up an LLC, but get your business registered and open business accounts and bank accounts for later lines of credit. Secure financing next choose a few target markets and research them thoroughly. Look for areas with strong economic growth, job opportunities, and a growing population and build a team.

Given that the washer and dryer were provided as a courtesy, it might be best to take the loss and not ask her to replace the broken appliances. I have a home warranty on my rentals and let them be replaced if necessary. 

as meanchend 1st mortgage stays with the property; you might want to consider negotiating with the lender to pay off the mortgage at a discounted price.  Lenders might be willing to accept less than the full amount owed, especially if the property is underwater (i.e., the mortgage balance exceeds the property's market value).

So, in short, you can pay off the mortgage even if it's technically still in the previous owner's name. The previous owner doesn't need to authorize the payoff, and you might even be able to negotiate a better deal with the lender.

Ultimately, the decision should align with your investment goals, risk tolerance, and the amount of time you can dedicate to managing your properties. Diversification can also be a key to a robust investment strategy, so considering a mix of both rural and urban properties could be beneficial. Happy investing!

The average family now has to fork over an extra $1,000 per month for their daily expenses compared to 2020. And as if that wasn't enough, the average home price in North Carolina has skyrocketed from $275,000 at a cozy 3.52% to a staggering $415,000 at a less-than-cozy 7.25%. 

It's like a financial rollercoaster but without the cotton candy and laughter for my millennial first-time home buyers. 

The median household income in NC is around $66,186, which qualifies the average family for a $110K house. combine this with higher interest rates on credit cards and rising rent, there goes the downpayment savings. 

On small to medium-sized renovations, I collaborate with Amex using their Business Blueprint. This splendid financial tool provides lines of credit ranging from $2,000 to $250,000, with low monthly fees for six-month loans all the way to 24-month loans. 

With Amex Business credit cards, you can get 0% interest for up to a year, 2% cash back, and a welcome offer plus high credit limits without affecting your personal credit utilization.

@Dustin Owens, there is no need to sell your current home to start REI. Explore your financing options, such as traditional mortgages, hard money loans, or private lenders. If you have a good credit score and a stable income, you may be able to secure favorable loan terms. I would recommend interviewing a few lenders to find the best options and ask them for recommendations on a Realtor and inspectors.

I use American Express business blueprint; they like to work with REI and provide funds ASAP