All Forum Posts by: Laura Shinkle

Hi @Daniel Gibbons, I'm a real estate agent here in Charlotte. I would be happy to help you build a team in Charlotte. Are you willing to do work on a home prior to renting, and if so how much?

I look forward to speaking with you soon!

Hi @Elliott G.

I love that you are thinking about that already and planning ahead! We usually recommend speaking with a lender at least 6 months out to make sure there is nothing crazy on your credit and to get a plan in place financially. I am happy to recommend some lenders that I work with in the Charlotte area that should be able to help you formulate a plan for your goal!  I can PM you those names if it's something you're interested in.  Then when it gets a little closer to graduation (yay!) I would love to help you in your new home search! I work in the Charlotte metro and surrounding area so we can definitely find something that will work for you!

Hi @Colin M. there are some banks and lenders that require an address to get pre-approved but they are not who I use. You want someone who can pre-approve you without a property address, for obvious reasons. Especially since the Charlotte market is very competitive. As was mentioned, Movement Mortgage is awesome and I have a lender there that I've worked with personally and is fantastic at what he does. I am also a real estate agent here in Charlotte and love working with investors. Let me know if you would like the name/contact of my lender and how I can be of help!

@Ed Ferriter I am an agent with Keller Williams in the Southpark area. I can connect you with an agent in my office who does land deals. What time of land sales are you looking for?

Agreed @Derek Tellier, "anything" is not helpful. I'm not sure what your skill set is. But it sounds like you're going down the right path! Best of luck to you!

Hi @Derek Tellier,

First off, not an expert. But I listen to a lot of podcasts and constantly try to learn new financial strategies. 

I wouldn't stop contributing to 401k. Contribute up to the max match from the company and then save the rest. 

From your post I get the impression that your question is not just about 401k but on how to get money to start investing. I'm not sure if anyone else mentioned other strategies on saving money. I listen to a podcast called Listen Money Matters. It's two smart guys talking about all things money. They have a ton of episodes and info on their website about making a budget, sticking to it, how to save for rental income properties and a lot more (one of the hosts is obsessed with buy and hold REI). They interviewed a few weeks ago the CEO of Blooom. It's a company that will help you maximize your 401k to make sure it is invested in the best options your company has to offer given your risk tolerance. I know that doesn't help with a down payment for a rental property but it may help to maximize that employer match. I think there is a link for a free analysis through the LMM website. Here is the link to the website for that particular episode. If you don't like it, it's only an hour of your time lost. It may be helpful for your situation. https://www.listenmoneymatters.com/blooom-401k/

Perhaps a combination of a reducing your living expenses, refinancing your current mortgage (if your wife and lender are ok with it) and saving as much as you can will help get you to your goal faster without losing out on your employer match money. It won't be easy, but no one said it would be. I'm still struggling with all of that as well so you aren't alone! 

I don't know your work/family situation but perhaps picking up a freelance job would help save up money faster. An investor in your area may need help with something and would be willing to pay you. Reach out to people in your area. You may be surprised. 

Hope this helps! Best of luck with your situation!

Laura

Welcome to Charlotte @Account Closed! 

Hi Tashoma, welcome to BP! Congrats on the two properties. Finding deals in Charlotte these days isn't easy unless you're willing to do demo and remodel. I know several lenders that would be great to talk to if still would like a couple recommendations. Let me know if I can be of help!

@Henry D West welcome to Charlotte and to BP! Let me know if you have any questions I can answer! We are here to help!

Hi @Jacob Camilliere I just saw this post. I would highly recommend talking to a lender before you go much farther. They would be the best ones to talk to about your options, how much you could afford, what programs you might be eligible for (free money!). And talking to a lender is free but will give you a much clearer picture of your situation. I have a relationship with a lender here in Charlotte who is amazing!

Also, I know you have the lease but don't be so quick to dismiss the FHA. It is an amazing program; only having to put 3.5% down instead of 25% is a huge win. That frees up a lot of capital to either renovate or buy a second property. Use the leverage if you can! If you have to wait a year and save up in order to take advantage of that, would it be such a bad thing? Or how much would it cost to break your lease? Could you afford that if the right deal and financing came along?

Just some food for thought. I'd be happy to help in your search for a property (I'm a broker with Keller Williams) or message me and I can give you my lender's info.