All Forum Posts by: Tony Pellettieri

Hey Tim, my name is Tony and I just started investing in the Charlotte area. The way I acquired much of my knowledge was by listening to books on audible. Bigger Pockets has quite a few I could recommend and many more depending on what you're interested in focusing on. If you have any questions about the metrics of your property, I'd be happy to take a look and see how you might be able to change your "no cash flow" situation with either your current property or an additional one. Best of luck!

Hey Geoff, my name is Tony and I just started investing in the Charlotte Area. I'm near Fort Mill and am currently investing in Fix & Flips in the Chester/Lancaster Areas. Let me know if you have any area specific questions. I've put a good deal of time into research of the surrounding cities of Charlotte and would be happy to help how ever I can.

Hi Rohan, I'm a new investor in the Charlotte area. If you're looking for a good area to invest in for value appreciate, look no further. Charlotte is experiencing a tremendous amount of growth, including all of the surrounding cities. I would look at cities that are currently undervalued and are being developed such as Rock Hill, Chester, Lancaster, Gastonia, just to name a few. Property values are soaring in these areas currently. I also hear Raleigh is booming. When getting started, staying close to home, especially when you live in an area that experiencing high growth, is not always a bad idea.

Hey Lennell, my name is Tony. I'm located right outside Charlotte near Fort Mill. You happen to be in an excellent location to get started investing using the BRRRR method. Charlotte is experiencing so much growth, including the surrounding areas like Rock Hill, Lancaster, Concord, Chester, and many other cities within an hour proximity. There are many opportunities to purchase properties that are distressed or in need of improvement at a reasonable price and increase their value tremendously and also rent them out if you choose to hold/rent them with all the people moving to the area. I would suggest picking a specific area and studying it. Depending on what kind of capital you have to work with, and what finance strategies you're utilizing, investing outside of Charlotte can be an easier/more cost effective way to get started. If you have any questions feel free to holler at me anytime. Best of Luck!

Tony

Hello, my name is Tony. I live right outside of Charlotte, NC and I just got started investing! For the past 4+ years I've been preparing/trying to figure out how to get started investing in real estate. During that time I've listened to many books, currently over 200+ in my audible library pertaining to investing/personal finance, trying to learn as much as I can every day. Rich Dad Poor Dad, Secrets of the Millionaire Mind, and Think and Grow Rich are the corner stones of the path that's lead me to where I am today.

Perhaps an unconventional way to start, especially with the tremendous learning curve when just starting out, on December 1, 2023, I decided to leave my job in sales of 3 years and commit full time to learning how to flip houses first hand. The first house I put under contract, come to find out after consulting with a GC, needed to be torn down and rebuilt. As difficult as it was to swallow my pride, I ended up backing out of the deal. Though I lost my earnest money, I saved and learned a lot by not moving forward with the purchase of that property.

Fast forward 2 months, after learning how to much more thoroughly analyze a deal with help from other investors, I currently have two so far successful flips underway. The projects are a couple of weeks behind schedule, but much progress is being made. Each day is a learning experience and I'm loving every minute of it. Although I did get off to a bit of a rocky start, as expected, I look forward to continue learning, especially in the area of creative financing!

We are Tony and Kim. We just joined BP and this is our first post! We listened to many of the BP books for years prior to getting into the business of real estate. Kim is a Nurse and I just started working full time managing our business. Kim is working on her RE license and plans to join me in the coming months.

We currently flip houses utilizing our own cash/private loans to purchase, hold, and remodel the properties before reselling them. We have a great GC/Project Mgr & Subs/Handymen to take our projects from start to finish. We aim for an ROI of 25%+ and RoR of 120%+ on the deals we invest in. We recently came across a set of properties that blew these KPIs out of the water and don't want to pass them up. I've been learning about creative financing lately and gathered that the seller is open to owner financing. But, before moving forward, we need some guidance on how to structure the deal.

The purchase would be for 2 properties. House #1 was recently remodeled and is in move in ready condition. We plan to spend about $6/SqFt on a couple final finishing touches to capture as much value as possible and expect to list it for sale within a week of closing. House #2 needs about $20/SqFt of remodeling and we expect to complete/list it within 4-6 weeks.

We've proposed to the seller: full asking price, 15% down, remaining 85% balloon 4 months from date of closing. We don't mind whether the ballon payment comes from the sale of one or both of these properties or from one of our active flips we currently have going on.

My questions are:

How does the contract, or contracts, need to be written to give us the ability to list/sell these houses after we fix them up within the 4 month time frame. The sooner the better.

Would it be best to do 2 separate contracts, one for each house?

What are the logistics of selling a house that you obtained seller financing and still need to make a final balloon payment on?

Any advice would be much appreciated!

- Tony & Kim