All Forum Posts by: Roshan Bhula

@Wes Mccullar welcome to CLT! A few people I've connected with have had success. Spoke with 3 homeowner in the last few months who's expressed interest to sub-lease since they struggled to lease their home on their own. IMO, Charlotte has and will continue to have these opportunities; however, HOA's have been tightening up to place restrictions against this use case - it's fairly easy to find out if that's the case (or not). Happy to chat when you have some time.

@Romario Nicholas, great suggestions from the group. I was in your shoes a few years ago, working a W2 and seeking my first rental. At that time I had money saved but wasn't in a position to dump 20% into a rental, but I found a deal and used a HELOC to fund the half of the downpayment, knowing I could pay the HELOC off over the next 8 months with my W2 income. Risk was low in this scenario with my promotional interest rate at 1.5% (not as easy to come across now), but just consider the cost of money if you do it that way.

I'm an active broker in here Charlotte and, I'm seeing it first hand, there are plenty of sellers willing to go the seller financing route. It's just matter of determining what's important to the seller and coaching then on how it may be a win-win to go that route. Happy to chat through it more and see what may work best for you. LMK.

Hi @Colleen Goldstein! 

Glad to see you've also found value in various areas of Charlotte as well. My wife and I have found success in some of growing neighborhoods like Steel Creek and Dilworth. Totally agree uptown is a toss up. I noticed condos sat for ages on market because buyers seems more interested in newer apartments that are turnkey and outfitted with home automation (plus great amenities).

Happy Investing!

Roshan  

Hi Joshua, 

Happy New Year! Charlotte's been a great market to watch grow for the last decade. I've been here for quite some time and @Ryan Johnston makes a great point; the sub-markets are emerging and those areas are work checking out. 'On market' opportunities for investments are typically tough to secure (but certainly not impossible to find - trust me), but I like to focus off market despite being an active broker. Happy to connect and chat further - interested to get your thoughts on small multi-family and your interested in some larger deals. 

Regards,

Roshan

@Mike Dorneman I'm also thinking about a HELOC on my first property. I actually have funds for it but don't want to put down all cash (if I don't have to). I don't want to leverage more of my HELOC than I can actually afford to pay right now, like a credit card.

Not sure if I’m thinking to conservatively, but want to get your thoughts on that strategy. Thoughts?

@Tom Ott would you recommend going to small local banks or credit unions for this? If so, are their rates typically on par with big banks?

Thanks in advance!!!

Hey Joshua, I was just reading over thing and thinking more on how to plan for the next steps. Right now I'm working my W2 role and all spare cash minus based expenses are going into savings for a first investment property. Unless I find a bank that will offer 100% LTV HELOC to my current mortgage which was underwritten with a 20% down payment. I think that allow me to save & bank funds to stay nimble for perhaps a second property. But at least need the first one for starters.

@Pancham G. Congratulations on the major progression! I am trying to roadmap my way into purchasing my first couple investments over the next couple year!