All Forum Posts by: Paul Sofia

I currently have a client who has a couple established properties in the Charlotte MSA, one being a commercial property in Union, the other a multi family (8 units) in Gaston County. He is needing primarily for the one in Union county because he's needing cash to do some repairs on part of the building for getting it updated for the new tenant (15 year lease) who is an experienced operator. Feel free to pm for details.

There is much more to come on many fronts.  It was orchestrated by the blackrocks and vangards of the world.  We are in a huge real estate bubble but most were unaware dating back to the spring of 2020.  Values were artificially driven up which encouraged investors to continue to dump $ into both residential and commercial space.

It is way worse than where we were in 2008 leading to 2009.  The moratoriums and forbearances were some of the "tools" that have been deployed back as early as 2020. We haven't seen the real crisis because they've held back on the foreclosures.  That's keeping the lenders propped up right now.  Once they go into foreclosure and nonperforming notes, we will have a major market meltdown.

Wait and see.

 I know of a good guy out of upstate SC.  

You definitely need to think about selling some of your properties.  Real estate can make and or break you.  

I've been in manufactured housing for near 30 years now.  Number one, if you want this in city limits, zoning will probably flat out refuse it.  Secondly, I have never known there to be a manufactured duplex.  Modular, on the other hand, which I also deal with, you can do a mod and put it in the city limits but would cost as much or more as a stick built, more if you go with a two story.

You're much better off going with an existing duplex

Is this truly a new development that would need infrastructure to boot?  If that's the case, if it's a flipper with zero development experience, no way would I have any interest

It's definitely doable.  I've done quite a few.  In fact, just finished one that I have yet to put on the market.  Most of mine have been done just north of Charlotte in Rowan County along with some in Cabarrus

Have you tried contacting a local community bank?  If you want to develop it, I can refer you a lender that will lend on a completed subject to appraisal but you'll be limited if you just want it for the lot.

If you simply want the land as part of your property, you have more options including a HELOC which you can still use for development down the road. There are things you need to be aware of prior to going down that path, though

FYI, I'm also a modular dealer so you have no idea what I messaged her about.  Don't insinuate without facts.  Mind you, I pulled out of the lending space back in '20.

Curious to see if any landlords were able to retrieve their back rents through the "system"