All Forum Posts by: Michael Shea

Any recommendation for Charlotte NC?

Good afternoon,

I'm new to BP and getting acclimated to the site and the resources available to me.  I'm doing the BP 90 Day Challenge and I'm looking for some advice.  I'm using the Rental Property Calculator daily to analyze different properties in my area.  I've also participated in Brandon Turner's "How to Analyze Rental Properties for Maximum Cash Flow" webinar.  Using his advice to start and then applying my market data to these deals I seem to be seeing relatively high COCROI (+12%) on all deals analyzed.  I'm wondering if there are other BP'ers willing to take a look at one of my deals to see if there is something I'm missing in the analysis or if there are assumptions within my deals that I'm underestimating.

Here is the link to the deal - https://www.biggerpockets.com/calculators/shared/916449/7da6c614-e8cc-41b9-9e15-965565b159ba

About the assumptions:

This is the Charlotte NC area

Purchase price shown is the current asking price

Property taxes are from the assessor's office and the monthly income is the average for 2 beds in Charlotte.

My goal for deals is cash flow.

Any and all thoughts/suggestions are welcome!

Thank you in advance!

Mike

@Brian Orr Thank you for taking the time to say hello!  Nice to see others from the area with similar interests and a desire to help!  I have just joined and still getting acclimated but would like to connect at some point.

@James Wise Thank you sir!

@Andrew Syrios Thank you!

@Colleen Goldstein Thank you for welcoming me to the site!  Nice to hear from another member so close to home.  I will check out Hobby Millionaires and would love to accept your offer to meet and chat.  I'm available on 12/4, 12/5 and 12/8 to meet up for a conversation if you can find any time those days.  Let me know!!!

Again, thank you for connecting!!!

Mike

Hello BP,

I'm excited to be a part of this group! I'm new to BP and to REI. My wife and I live in Matthews North Carolina which is about 20 minutes southeast of Charlotte. We have a son, Brady who will be 3 in Dec '17. We're originally from the Northeast and have lived here for 5 years now. I work in the financial markets and have always had a passion for real estate. Having said that I have very little direct experience with REI. We own a home now and this is our second so I'm familiar with the process of purchasing real estate but only to occupy and not as an investment. I'm very interested in networking in my local area to learn from other investors and eventually build a trusted team to work with. I've also committed to the 90 Day Challenge as part of my learning process. As far as my goals I'm interested in buy and hold rental investments both single family and multi-units. I'm planning to make my first purchase in 2018 here in my local market. As I learn to expand my portfolio I'm interested in other markets outside the Charlotte area and outside the state.

I would love to hear from anyone willing to offer advice for novice REI with respect to buy and hold rental strategies, building a network, learning and finding various lending options, etc.

This is my first discussion so if I've left out anything glaring please go easy on me.

Thanks,

Mike