All Forum Posts by: Samara Huntley

Truly my best appraisals have came back when we didn't cheap out on the reno. 

As Tim said, make it look above average to the appraiser. My best BRRRR's ever have been when we went the extra step i.e paint the exterior, go all out on the kitchen and baths, nice landscaping etc..

The best one I completed was located in Concord (sub city of Charlotte) in October of 21 

Purchase price 94,000

Reno 47,442

Appraised Value 205,000 (we originally estimated a 175k ARV)

On this one, we carefully picked our finishes which needed up making it the nicest one on the block. To get a free BRRRR in the Charlotte, NC market is tough, much less getting one you can cash out on.

This doesn't mean you have to spend tons of extra money. Instead of a tub insert, do a tile surround (the price difference is a couple hundred bucks.) Instead of painting all the cabinets white, do the lowers a different color to create variety. Keep it simple, i'm not saying paint your lowers pink. A light sage green or navy blue will do. Pick nicer finishes - get the $300 v.s the $150 vanity. Wooden shutters help too. 

Hi Balakrishnan, 

 As Tanner stated, in today's market it is hard to find 1% deals. As well as, it is just a rule of thumb, not deciding factor. If you find a property where all of the returns hit your metrics, other than the 1% "rule," what does it matter? With todays interest rates, it doesn't need to hit the 1% rule anymore to cashflow. You're not doing anything wrong, you are just looking for a deal that doesn't exist, at least in Charlotte anyways! 

Regarding good BRRRR deals, if you are looking within the city limits of Charlotte, it is going to be hard to find anything that is actually cash flowing, much less, hitting the 1% rule. Charlotte has appreciated too fast for the rents to keep up within the last few years.

My investors and I have had the greatest success BRRRRing outside of the city limits in sub markets like Concord, Kannapolis, Gastonia, Indian Trail/Monroe area. 

Good luck!

Thanks Moshik! 

 Sam, would love to connect. I am a Charlotte native, investor and agent that specializes in working with investors. I do work with a lot of wholesalers (Moshik) and have a direct mail marketing company as well to get access to even more off market deals. 

I mostly specialize in BRRRR's as that is the only way (other than STR's) where I can get my investors the returns they want here in Charlotte. My team completed over 30 in 2021, we take them from the time of acquisition - all the way through the rehab - to turning them over to the property manager. I guess you could classify us as a turnkey company.. but with much better returns??

Anywho, feel free to reach out!

Congrats Imani. 

House hacking is a great way to get started and then transitioning into the BRRRR strategy (my favorite strategy ever).

I am an agent and investor in the Charlotte area and my team specializes in helping investors, specifically by BRRRRing properties so we can get the desired returns. 

Would love to connect. 

Hi Ian, 

Charlotte is a very, very competitive market, however, there is still some opportunity for an Airbnb within the city limits. Even if you go 15-20 minutes out from center city, there still seems to be properties that can produce decent returns.

I currently have an Airbnb .2 miles away from Southend and it is currently producing over a 22% CoC return. On average, a STR can triple your returns vs a LTR. Even with the additional work, they're worth it! Especially if you have a great management company that handles all of the headaches.

However, as Ryan suggested above there is discussions going on about Charlotte enforcing stricter guidelines so do your Due Diligence thoroughly before purchasing ensuring that they are indeed allowed STR's in that neighborhood/community.

Please reach out with any questions. Happy to help. 

Hi Anna, 

Congrats on looking to get started in investing. I cannot speak to Apex/Cary area, however, I can speak to the Charlotte area. 

Fastly growing and rated one of the fastest growing cities in America. As a native, it's fascinating to see the extreme growth! 

As for investment opportunities, Charlotte itself has appreciated so fastly that it is hard to find any opportunities with any returns at all. I would advise looking in the submarkets of Charlotte. For instance, Concord, Kannapolis, Gastonia, Indian Trail/Monroe are all sub cities that my investors and I are still finding opportunity in. 

Message me with any questions. Happy to help. 

@Cassidy Burns the NC coast (Wilmington, Kure Beach and the OBX), Lake Norman (30 mins from Charlotte NC).

Just picked one up in Southend. One of hottest neighborhoods in Charlotte. Most stays are business related and are for 30+days which is also kind of nice. Good luck!

@Nicole Bussard

Hi Nicole, congrats on getting started.

My team and I help investors get into cash flowing properties. OOS of in state.

However, as Terrell mentioned it's a market that's getting somewhat competitive. Truly, about the only way we can get a property to cashflow is by using the BRRRR method. We do this by managing the acquisition, rehab and ultimately turnover to one of our preferred PM's. I have managed and completed over 20 BRRRR's this year and currently have two under construction. We mainly work in the submarkets of Charlotte in Concord, Gastonia and Kannapolis. Would love to further discuss your goals. Feel free to reach out with any questions.

@Justin Tahilramani

I second that. Anything you have, 99.9% of the time Harry can handle it.

I am with you John, the 1% rule doesn't apply anymore as the interest rates are so low. 

My investors and I can make .7 -.75% properties cashflow all day. 

@Sarah Bridges, the 1% rule is an easy metric to use, but ultimately if the property cashflows and hit's all of your other desired returns - What does it matter?