All Forum Posts by: Laura Shinkle

Hi @Evan McClure welcome to BP! You're definitely in the right spot

I'd love to hear more about that Multifamily property that you have under contract. Where is it, what do the numbers look like, how did you find it, etc.

@Danny Mullen you can also look on FB. There are a lot of wholesale/homes for sale FB groups. 

Yes, exactly what @Stephanie P. is saying. And the seasoning period, to my knowledge, is from when you purchase the property, not from when it's rented. And it's usually 6 months. So with the rehab timeframe, depending on how long that takes, it wouldn't be too long after the tenant is placed and lease in place to show the income you'll need to refinance anyway. 

@Danny Mullen, Jaysen is right. Wholesalers are going to sell for cash, I haven't heard of one that will do financed contracts. As far as I'm aware, it's because of the restrictions on the side of the lender. 

The Charlotte market is a bit challenging for cash flow. If you are dealing with a strictly financed purchase, I'd recommend either looking in a different market to get the numbers that you want or connecting with a RE agent that can help with purchases that are on the market and sellers are willing to accept finance. 

@Melina Santos I refer a lot of my clients, including out of state investors, to Chris Claflin with Sunnon Property Management. He has great attention to detail and communicates well. I'm happy to connect if you'd like!

What condition are the properties in that you're looking to purchase? Are you buying with hard money or your own funds or financing the original purchase?

100% consult an attorney. Issues arise with lifelong tenants because they know the law and often times DIY landlords do not. If that ever gets to courts, a judge will rule in the favor of those that knew the laws. NC is in general favorable to landlords, but you have to make sure you've followed the right procedure to get on the court's good side. 

@Alex Murphy for your individual circumstances, you really need to consult an attorney that can advise you and a CPA that can tell you any tax benefits. Like was previously mentioned, I don't think LLC's provide any tax advantages vs owning in your name. You'll also find it challenging to get funding for a property through an LLC. If you would like an attorney recommendation here in Charlotte that can explain your options, I'm happy to connect you. @Charlie Lane is also an attorney here in Charlotte and on BiggerPockets.

@Chuck Hollowell have you been able to find a lender that can do what you're wanting to do?

@Lauren Olson as you can see, there is a TON of debate on local vs OOS investing. Like I tell my clients, it really depends on why you're investing and if you're willing to compromise and try a different strategy to get in the location you want. Questions to think about:

• -What are you hoping to gain/learn from the local investment that you can't learn from OOS investing?
• -What type of investing DOES work in my local market (for this, get a recommendation for a local investor friendly agent in your area. Happy to provide that)
• -Does the local investment strategy that works appeal to me?
• -Will you be able to trust the team that you build out of state or are you going to have to take a trip to that area? Is that feasible?

In my opinion, as long as you have a team that you trust (which you'd most likely want locally anyway) then stick with your strategy and build a team that you can trust in a market that gives you what you're looking for. I disagree that it's riskier to do a deal that is not in your local area. If you're buying your first property and don't know what you don't know, there is always a risk whether you can physically visit the property or not. 

Just my two cents.