All Forum Posts by: Lee Korak

 @Lee Korak    Assuming 100k market value, and going up to 70% loan to value your new loan would be 70k.  You would net in cash the difference from 70k-54k minus any closing costs. so, just assuming 3k in closing costs you would walk away with 13k. 

Just FYI, you should be able to go up to 75% so that would add 5% or 5k in your example to your cash. 

Hey @Lee Korak, we have a site wide search feature you can access using the magnifying glass in the top right of the page. It will include forum posts in search results.

You can filter to only look in the forums as well if you want. You might just want to search everything, though, because we could have the answer to your questions in a blog article, podcast, or somewhere else on the platform.

Hi @Lee Korak

Welcome to BP! I'd suggest joining the local Real Estate Investor Association (REIA). The NCREIA has a chapter in Charlotte. I'm fairly active in the group myself, as I speak at events and host Zooms from time to time too. I operate a lending company/brokerage for investor loans and a wholesale company as well, so if you need any connections there or ideas on how to connect with wholesalers, let me know. When it comes to BRRRR, it is all predicated on your ability to buy the property at a discount. Feel free to reach out if you want to connect or need any advice.

@Lee Korak its interesting you frame the statement as "forced to look" in HP and WS (missing the mark if you aren't looking in Greensboro too) because those are the cities I've had the most successful BRRRRs. You definitely want to get connected with wholesalers because unless you're doing the off-market reach out yourself, the MLS is not necessarily where millions are made...at least not for value-add properties that you're looking for.

At 7+%/20% down for investors, BRRRR is dead in the Charlotte metropolitan area. We still have too many rental SFH on the market due to the cash buyer boom from 2021. My turnover rates are up by at least one month. This is the best time to get started and buy your primary residence and take advantage of the market situation days on the market until sale is up by +142% in May 2023 List to close is down 5.2% to just 96.5%. I have seen deals up to 20% below asking. This is the first time in 6 years you can buy Homes in Mecklenburg County under tax value. Get a loan with 3.5% down and let the seller pay a 2-1 buydown (Seller-Paid Rate Buydown) and refinance later when interest rates go down.