All Forum Posts by: Kenny Ramsey

Matt,

He flipped a 5,000 sq ft house and underestimated the cost to flip it is what he says and by all accounts from being in the trades I feel 98% he's right without auditing him. However, it still doesn't change the fact he should've cashed me out on the sale. 

I have some docs but reading thru it's nothing strong but it would definitely hold up. Lets assume we've got cell text, bank record documentation of transfers of funds. Multiple txt threads agreeing to pay x + % on invested money. 

Pretty sure text is like email which is now an accepted form of evidence and documentation. 

This guy is flipping minimum 2-3 homes a year and pretty active in the Charlotte real estate community. He has a property coming up that I didn't invest in but is for sale. Can I put a lean on his assets? 

Can anyone recommend a lawyer to help me go after this guy or any advice on putting pressure on him to pay me what he owes me.

We've done a deal on a previous house that worked out well. Decided to do another property with him and the guy won't pay out. 

I feel so sick and vulnerable right now. 

Property values in SC are very close to Charlotte market, which is weird but you get less for rent. 

Venturing out the numbers seem to get worse not better. 

I’m seeing more success in buying single family 3 bed 2 bth homes under 150k and cash flowing off rent. 20 minute radius of Charlotte you can rent it for $1100-2200 mth. 

I could be wrong here but the taxes & money owed here should be up for negotiation if the next step is tear down which is going to cost them money. I would think anything they could get would be a win.

Have you gotten a GC to walk it and give you an estimate on a total rehab?

I’ve been blessed to work myself into a situation to reap 150k in liquid cash with a near perfect credit score. 

I’ve very interested in real estate bc I’ve been in the construction trades my entire life (enjoy it as well). I can literally do any repair and specialize in HVAC & Plumbing.

Located in Charlotte, NC.

What I want out of this/these investments are never have to work a 9-5 again. I would like to be the maintenance and property manager. 

What should I do with this 150k?

Investment Info:

Single-family residence buy & hold investment in Edgemoor.

Purchase price: $132,000
Cash invested: $1
Sale price: $206,600

Bought it and rented out the extra two rooms to cousins. Then eventually rented out entirely when I moved to Charlotte. Property value went thru the roof and decided to cash out.

What made you interested in investing in this type of deal?

Liked the idea of house hacking.

How did you find this deal and how did you negotiate it?

Just looking around on Zillow. Didn’t really negotiate.

How did you finance this deal?

USHA loan 0% down.

How did you add value to the deal?

Upgraded countertops
Completely overhauled landscape
Overhauled the driveway
Put EVP flooring down

What was the outcome?

While owning the area booked and the value went up.