All Forum Posts by: Kenya Teague

I agree with Levi, you have to get out there and do your own market analysis...and you will definitely get a feel for the area. It's definitely competitive...whether you're up against other investors or the average Joe wanting to purchase a single-family home.

@Ken Power you can always lend to other investors and get a good return on your money while trying to build your credit or why not partner with someone else on multi-family investments? They can secure the loan and you can use your cash for the reno.

@Louis Luciano be prepared to place strong offers for multi-family properties in Charlotte. There are plenty of investors out there with CASH and that will trump your FHA loan every time (plus most sellers and agents run from FHA loans). The competition is stiff. I've been in the market for awhile in Charlotte looking to grab a good multi-family property...especially a fourplex and it's rough competing with the cash buyers.

Hi @Alex Smith

I've been watching the Charlotte market closely and I understand your concerns. For me, the key is creating great deals. Yes, the house may rent for $1400 and cost 200k, but are there other opportunities to get more rental income out of the property? Can you throw a shed in the backyard and charge an $75/month for storage? Does the property work better as a vacation rental because of the size/location (you can earn more using it a vacation rental)? Is there enough room to add an additional bedroom and go from a 3/2 to 4/2 (that's more rent per month)?

Get creative and think outside of the box.

Hi @Alexis Sutton,

Welcome to the club! I'm located in Charlotte as well.

Hi @Andre Osborn you can always use the BiggerPockets calculators via the website or if you're on the go, I use the DealCheck app on my phone for quick analysis. Good luck with your deals!

I'm looking for recommendation on contractors in the Charlotte, NC area who have experience working on FHA 203k loans. My project includes a new deck, remodel of staircase and bathroom remodel.

Also recommendations of any great general contractors in Charlotte, NC would be helpful as well.

I'm looking for feedback from those who have experience using FHA 203k or 203b to aquire/renovate a property that needs to work. I'd like to hear from people who've had success with the program.

I found a great cash-flowing deal, however the property needs work to make it livable and won't pass typical FHA or Conventional standards. Not letting that stop me, I'm exploring using 203k to get into the home and not cause the deal to fall apart. I looked into hard money, however it's super expensive on a $300k purchase. I'm trying to be positive and not just throw in the towel. I ran the numbers and it's an awesome opportunity to get into a great area in Charlotte (which has development popping up everywhere).

Brett,

You're welcome! I've learned that sometimes you have to get creative when obstacles come up so it's good to you being able to overcome a rough moment and triumph. That's pretty cool that you found the private lender on Craigslist! Was he actually advertising as a private lender?

That's awesome, Brett! I'm on the hunt for a private lender myself. Great to see another newbie putting in work.