All Forum Posts by: Matthew Jones

Just like every hobby or business, it takes blood, sweat and tears to be successful. The struggle and grind creates character and you will learn how to do things better and faster with experience. Some parts of your rehab are cheaper and more efficient to have someone else do for you. (IE...roofing, siding, sheetrock...just examples)

Keep up the hard work, it does pay off! And single or not, when you find the right partner in life, they will join the struggle with you to make you both successful.

Where is the property located in Charlotte? I am just curious how you got a 170K home for 40K.

I am new down here, and not well connected, but i havent seen any types of deals like that in my months and months of exhausting searching.

Nice work!

I would absolutely pay down that debt immediately. Your credit score is suffering because of your utilization rate and you are paying crazy interest. Consider looking into balance transfers that offer 0% interest for 15-18 months. (usually they charge a 3% account balance fee) but at least you arent paying the 14-16% interest on your card. Also, call the credit companies or go online to their website and request a credit balance increase...this will ultimately help your credit score increase by lowering your utilization rate.

The only credit cards I ever use are interest free for 18 months and I have never had a late payment or anything to effect my credit like that, but, this past year, I opened a new 18 month interest free CC with a limit of around $6900. I purchased 1 item for $4,000 with the intent of paying it off within 18 months (I already paid it off), but I was not educated about the utilization rate. Prior to that purchase, I had a 775 credit score, and after that purchase, it dropped to a 735!!!! Ridiculous. 

Regardless, pay off that credit card debt. Because you are young and your credit score is less than desirable, lenders will scrutinize you as much as they can.

I am going to try and make it! I will be in Virginia earlier in the day but I think I can make it back in time. Hopefully you guys will accept a newb! :-)

Hey BP!

I am looking to establish a relationship with a real estate agent in Charlotte, NC. I am looking for someone who is hard working, creative, innovative, and business oriented. And also looking for someone who isn't afraid to say it how it is, tell me if I am being smart or dumb, and not just try to make any sale they can.

I am looking to buy my first property in the next few months, and would love to find someone who is very familiar with Charlotte, Lake Norman area, and Lake Wylie area. When this first deal works out, there will be more deals worked out!

I am a very easy person to work with, and I am sure I have skills and experience that I can offer you as well in return. I also like to have a lot of fun and I live on Lake Norman :-)

Feel free to PM me or give me a call at 607-341-3571. I would be happy to take you out for a drink or dinner, or whatever youd like.

Thanks!
Matt

No one can tell you if it is a deal without other metrics like how much does it still need for repairs, what do the comps look like, what will it rent for, etc.

@TJ Gray....if you have time and are not in a huge rush, look on craigslist and also look for construction material auctions locally. Sometimes you will find killer deals on brand new windows and other construction materials that will save you A LOT of money. Its always worth a quick look. 

@Mindy Jensen...I worked in the glass tile/mosaic business for a high end glass tile supplier for high end homes and businesses, supplies countless customers with grouts and sealants and certain sealants actually cause the grout to look darker and dirty. This all depends on the type of grout and sealant used (IE, sanded vs unsanded grout) and methods used for applying the sealer. 

Great info guys! I appreciate your time!

Regardless of what my first property type is, I had planned to rehab it in some sort of way. I dont want to buy something really turnkey, because I really enjoy projects and I (in my opinion) do great work. The OCD really helps lol! And I want to be able to add that sweat equity to the right property. Luckily I have a little bit of experience with all aspects of construction and remodeling, so that should help me in the future.

Calling all Charlotte Area investors!! I am curious as to what you first property was that you purchased in this area. I have lived down here for a little over a year, and the market is much different from where I lived in Upstate, NY. 

If you have time, I would like to know a few things:

- What was your first property type and what was your strategy for it (Buy and hold, flip, etc)

- When did you buy that first property? Obviously, a lot has changed in Charlotte in recent years.

- If you were to do it again, what would you do differently (if anything at all)?

I am curious of these questions because my initial strategy was to find a 2-4 unit property and house hack (I just learned this term a few days ago...but that is what I had wanted to do!). However, it seems as if the inventory of 2-4 units is quite small compared to where I moved from (Binghamton, NY). So now I also am considering starting with a SFR with a live in and rehab strategy.

Thank you are for any answers you give, and I appreciate your time!

-Matt