All Forum Posts by: Matt Redden

@Ursula B. Greenville differs from the Triangle in competition. Many of the buyers here are contractors/builders that do side projects or want a rental property here and there. You have very few that do REI full time. As far as investing goes here in Greenville, it's definitely a place to dive into. You have the university as well as the hospital which are the 2 biggest factors that make this city grow. You have the discharged military who find this place and decide to reside here (like myself). My point is that there is a lot of potential here. You can definitely hit between 1-2% for rent and there's always someone who needs a place (nursing students & nurses are some of the best tenants). I can actually send some properties your way so you can take a look my leads. If you ever have any questions feel free to reach out to me.

[email protected]

@Willie Morgan make it easy on yourself and just download the contracts off BP... You can revise and taper to your needs or buy the cd at staples and you'll have tons of contracts. If you go through an attorney for your deals they should look over it and make sure you have all that you need. If you're worried pay an attorney to write up a wholesale contract for you. 

I've used the ones off the CD, the NC contract and the BP one. All work fine. Just make sure you have your contingencies in place. 

For rehab costs I've learned a quick way to gauge costs is scale from about $7-$12 per square foot. 7-8 good house, 9-10 decent and 11-12 needs work. Anything else is complete rehab. For example 1450 sq ft house in good condition (1450 x $7) and I add 2% of average comp ARV (just in case). Then typically I'll give a range low to high. Every buyer is different in the fact they want different things in the house or are particular about certain things. This gives me room for a range of buyers.

Anyways hope this helps and I didn't confuse you anymore. Can't wait to hear about the first deal!

"Feed your faith, to starve your fears and doubts"

@Yates Snyder Great decision to pursue RE and great site to come to. I'm in NC as well just east of you in Greenville. What type of investing are you planning on doing?

William Murrell Hey always good to connect with someone in NC. Welcome to BP the paradise of all paradises for RE questions, research, etc... Wish you all the success in your future investments and hopefully we can link up sometime. I'm in the Greenville area so if you're ever this way lets grab some lunch!

I'm upfront with all parties. Generally this is how my spill is when they call and inquire about my bandit signs: Ma'am/sir I am an RE investor and I can get your property sold quickly. You won't have to pay commissions, closing costs, etc... Send me the information of your house, I'll do some research and if I can't find an interest in your property, I work with a network of investors that I can reach out to. It does have to be a win-win situation for all parties meaning you have to make a profit, as well as me and my partners. I do need to have the property at a great price. There answer will generally tell me how serious they are. But I am always upfront with me making profit and assigning. I don't indulge how much I can make but they know I have to profit.

@Kristin Whitaker hey just wanted to thank y'all again. Mail chimp is exactly what I'm looking for. Easy and professional.

@Joshua B Here's some info about what contract needs and guidelines.

http://www.ncga.state.nc.us/EnactedLegislation/Statutes/PDF/ByChapter/Chapter_47G.pdf

Personally I don't know too much in depth, because I have not had a lease w/ option under my belt. From what I've read and advice I have gotten is really it depends on you and how you determine how serious the buyers are. Typically the money down is lower than 10% (maybe 5-7) and you would establish an interest rate (7-8%) and the life of the contract 5-10 years or even sooner. If it were me I would get enough down to cover their default and any damages, establish an interest rate (double your rate if you have a mortgage) so you have a cash flow coming in and keep the loan length at about 5-7 years.

Again I don't know a whole lot about it but I hope this helps a little bit.

Michael Williamson welcome to BP Mike! Got a lot of great info up here so definitely troll around. I'm in Greenville a little ways from you and would love link up. Feed your faith to starve your doubt.

Everybody Thanks for the recommendations... I will definitely try mail chimp & constant contact just to see what best fits me. I'm leaning towards mail chimp just because of the free mailers involved. Thanks again everybody!

BP is great and another alternative if you dont mind spending $40 go to office depot or staples and by the program. It has a lot of great contracts aside from jusr real estate,