All Forum Posts by: Roy Lin

@Saami Siddiqui: I'm also in the same boat where the rents for SFR don't quite justify the price that the market is commanding. I'm looking at alternative options in condos.

@Ryan V.: Thanks for pointing out that cost. I'll include that in my return calculation.
@Chris T.: While I do like to err on the side of caution with $750-$800 (decent cap rate/CoC), I'm looking on Zillow and MLS on rented units and $950 isn't extremely unrealistic (might be slightly on the high side); but I still appreciate the feedback!
@Steven D.: Good point! Have you had luck getting a mortgage < $50k?
@Saami Siddiqui: Although you weren't specific to the deal, I still appreciate your feedback. Can you tell me more about this condo deal that fell through? Is there anything different you're analyzing between SFR and condos? And are you picking to invest in condos for a specific reason?

Hi BP Fam!

I've bought SFR in Charlotte before, but first time analyzing a deal that involves a condo. I'm having a hard time finding holes in this deal; can someone poke holes? What am I missing?

4806 Spring Lake Dr APT C, Charlotte, NC 28212; listed at $57,000

Cost: $57,000
Down: 10% = $5,700
Loan: $51,300
Closing costs: $1,500

30-Yr Fixed @ 5.5% (conservative)
Property Tax + Insurance = $100/mo (conservative)
Maintenance = $750/year
Vacancies = 1 months rent
HOA = $281/mo

At $950/month, I calculate approximately 9% cap rate; 24.5% CoC. Sounds like a good deal right? What am I missing?

Thanks everyone!

@Michael Bowman; @Matthew Manus Thank you both. I'll be reaching out for a discussion on our next deal.

Hi everyone,

We've had a sub-par experience with our current attorney in regards to closing on our investment properties. I'm looking for a competent and diligent law firm/attorney in Charlotte, NC; specifically one that's real estate investor-friendly. Can anyone recommend?

Thank you!

Best of luck to you!

@Tyler Jahnke

First off, congrats on embarking on your REI journey! It's a huge step.

Secondly, I really appreciate you documenting to such extent your dealings with Morris Invest. I, too, am in California (LA) where home prices seem borderline insane. At one point in my short investing career, I was looking into turnkey providers like Morris Invest, but couldn't pull the trigger on them. I went an alternate path; still investing out-of-state. While it's easy for everyone to post success stories, it's way more difficult to post personal negative stories on an online forum, so thank you for having the courage to do so for our benefit!

Thanks again and keep up the updates! I'm very curious to see how it all turns out.

Stick to your numbers and like everyone else has pointed out, don't fall in love with the property if the seller and seller's agent have unreasonable expectations for price for the condition and location of the duplex. You never want to overpay for a property. Don't be discouraged! Keep chugging along!

I'm a buyer in Charlotte, NC always looking to connect with wholesalers. PM me and I'll send you my email so you can email when you have deals. Thank you and best of luck!

Hi Dylan,

Congrats on the BRRRR success story! That's such a good story.

Would you mind sharing the lender you used for the second property with only $3,000 closing costs? 

Thank you!