All Forum Posts by: Chris T.

Thanks to everyone that came out last night.  We had a good mix of new and returning members.  It was great getting a chance to hear what everyone is doing in the Charlotte market!

Keep an eye out for the next event on the 1st Tuesday of May!

We have our tables reserved and it is looking as though we will have another great turn out!  

Be sure to spread the word and invite anyone that might be interested in talking Charlotte real estate investing and networking while enjoying a craft brew!

Looking forward to seeing everyone on Tuesday!

@Cliff T. - We closed our loan the end of Sept (2018) so rates are probably going to be at least 0.5% higher I might imagine, but here are some of our details.

Commercial Retail Single Tenant

under $1M with 80% LTV

5yr / 25yr

4.75%

Truliant Federal Credit Union

I know there were restrictions on the location of the property (had to be in their banking footprint), but if you are looking in the Charlotte area, that won't be a problem.

Hope that helps

@Dave Foster - I think this is one of my new favorite lines when it comes to 1031 exchange!

"You can live tax deferred but you gotta die to be tax free!"

@Brian Mann - for me personally, the properties I have in the LLCs (as opposed to the properties I have in my personal name) were going to require a commercial loan anyway. Once you are talking commercial loans, it really doesn't change things if you buy in your name vs LLC. The SFRs I own are in my name.

The LLC's I am a part of have all been formed in NC.

@Orrett Lawrence - If you are open to working with someone that is not local to Fayetteville, I completed a 1031 exchange in 2018 using @Dave Foster as my QI.  He is VERY active here on BP and a wealth of knowledge.  Even though we only communicated via email and phone, the process was very easy and went smoothly.  If nothing else he is a great person to ask any questions you might have.  

Hope that helps. 

@Michael Boylan - Welcome to BiggerPockets!

There are a lot of active Charlotte area investors that are here on BP.   In addition to the online resources, like @Jared Wonders said, networking is a great way to get questions answered, hear what others are doing, and make great connections.  

There are lots of great meetup opportunities in Charlotte, with something happening most any day of the week.  I also host and just posted for our next monthly networking meetup for BP members in the area.

Charlotte, NC REI Networking Meetup - Tues. Apr. 2nd

Hope to see you at one of the local events!

WHAT: Casual Networking Meetup of local Charlotte, NC area Real Estate Investors

WHO: Investors of all levels and experience

WHEN: Tuesday April 2nd @ 7pm - (1st Tuesday of Every Month)

WHERE: Resident Culture Brewing Company, 2101 Central Ave Charlotte, North Carolina 28205

Come enjoy a beer, share what you are doing or hoping to do, and learn from other investors in the Charlotte area! Everyone is welcome and encouraged to come out to meet other local investors. It will be an informal get together with good beer and like-minded investors of all stages.

There are often other groups at the brewery so look for a small sign at the end of a table to help identify the group.

** Please be sure to comment below so even those using the mobile app can know who is coming! **

@Martin Lindsay - it really depends on what you are looking to do with the property. Are you planning on keeping it after you rehab and rent it out (BRRRR) or flip and sell?

If you are keeping it, then I would be focusing on the rents in the area to see if it would justify the $105K loan payments (assuming you try to refi out your full costs). Also if you are able to get a 75-80% LTV on your refi, you will have a little more cushion with your appraisal (needing $131-140K appraisal to get your money back).

If you are flipping, then that is where it might get a little harder. Concord is transitioning in a lot of places. Appraisers like to use similar comps so they might lean toward the older houses as opposed to the newer homes. It is up to the discretion of the appraiser. If you are needing $140-150K ARV to make it all work, your cushion might not be as big.