All Forum Posts by: Chris T.

@Jeremy Johnson - First off Welcome to BP!  I promise you this is normally a place where people are friendly and helpful.

In regards to your post, you have not really provide much in terms of information.  What size is the property? What is it near?  As it was alluded to, developing a subdivision is very complex and capital intensive.  Not knowing your background, but if it was me, I would start reaching out to smaller developers, custom home builders, etc. and have someone that is very familiar with the process give you specific feedback.  You could then put the property under contract and wholesale it to a builder.  Anyone interested will probably not want to partner, but rather just buy the land from you if it really is a good deal.

@Vladimir Oursou - I understand not wanting to rent out rooms.  My wife and I used to do that via AirBnB until we had our first kid, but then that stopped.

Lending (traditional and hardmoney) seems to have tightened up. You might be best to wait it out a little longer. That might give you the chance to further build up your savings as well as do some of the work to your primary residence (might be where the 15k would give the biggest return). By doing that you could then do a cashout refinance of your primary or a HELOC to get additional funds. That would give you more options and a bigger cushion for repairs/reserves in addition to the down payment. Hopefully financing will have loosened up some by then too.

Be sure to reach out to a realtor if you have a good relationship with one so that you don't end up over rehabbing your primary to the point where the neighborhood wouldn't support the value from the additions.

@Vladimir Oursou - Welcome to Charlotte and congrats on saving up for your 1st property!

Not knowing your exact situation, I might suggest one of two paths: Live in Flip or House Hack.  While $15K is a good amount saved, you would be able to make it go further if you purchase a property to live in as well (less than 20% down payment options).  If you are willing to rent rooms out then a house hacking would be a great option to build up equity and savings again.  If your situation wouldn't work to rent out additional rooms, then finding a property to do a live in flip would be great.  Live in the property for at least two years while fixing it up/renting it out.  Then when you move the proceeds will be tax free.  Use that as a larger spring board for your next deal(s).  

Best of Luck!

@Ryan Rader - we have not done any virtual events with this group so far but I do know of others in the area that are if that's what you are looking for now.  PM me and I could probably steer you in the right direction depending on what you are looking for.

@Jared Wild - I agree with what @Ashton Fry and @Amol Kulkarni said.  You might need to provide a little more information though.  There are good and bad neighborhoods/schools all over the Charlotte area, but depending on where you are working, lifestyle, and price range will have a big influence in what I'd recommend.  

If you are into lakes I'd recommend up near Lake Norman, but if you were working in Ballantyne, that would be a terrible commute.  If you are interested in trendy neighborhoods and urban life, then Uptown, NoDa, Dilworth might be where I'd suggest starting your look.  If you want to go where the money is and older, grander neighborhoods, then Myers Park/Southeast Charlotte is where to go.

@Ryan Rader - Unfortunately with there still being restrictions on gathering size, brewery occupancy, etc. there is not a date scheduled yet.  As soon as we are able to, we will definitely be starting the monthly meetups again. 

@Randy Garcia - I know that someone has tried this recently (ARTICLE HERE) and was met with lots of opposition.  

I know NC also has some restrictions when it comes to new mobile home parks but I don't know exactly what they are or if it would apply. 

If you can fight the red tape I think there is demand for nice affordable houses.  Best of luck!

@Steve Maginnis - thanks for posting a follow up.  It is always nice when you get to hear about the details and see the final result.

@Adam Venditti - it sounds like it could be a good niche....if there is a market for it.  I'd suggest reaching out to your target market (pilots/flight attendants, etc.) and seeing if there is interest and what is currently available.  

You'd want to do this anyway to determine a price point.  Is it something that is like a hotel/AirBnB and pay by the night or are they looking for something more long term?  What do they not like about current options?

@Matthew Loving - I have one national tenant (corporate owner) of a retail location that sent a letter informing they would not be paying April rent.  In preliminary discussion with their leasing agent (3rd party), they are seeking rent forgiveness for April (not deferred) and then adding a month on the back end of the lease term.  Still waiting to hear back from their lawyers since nothing is in writing at this point.