All Forum Posts by: Scott Patterson

Im not a fan of "saving realtors fees"  the savings usually show up somewhere else, but it is a bit different on a new build but I wouldn't factor in the savings in the business decision for doing the deal.  I would only treat it as icing.

I'd say it's a bit thin, if you sell for 300k, you will net around 270k after transaction costs etc, so about a 40k gross profit prior to money cost.  So I would hesitate if you are simply borrowing the money, but if you can partner with a money person that covers your risk, then you just have to determine if making 20k thereabouts is worthwhile for your time involved.  

I'd go with whatever can generate the most cash for you when you move, i would not recommend a long distance rental.  

is the 180k your cost to build or do you have some profit in there?

Where's the 180k coming from and how much does it cost you?  What part of Charlotte is the neighborhood?  What is the status of the subdivision? many more lots or few remaining etc  

What is the market value of the lot?

build your credit, but you don't worry about it as far as your business goes.  You can learn enough to to buy your own house and investment houses without credit.  That should be your goal anyway.

Your closing attorney should be able to get it for you, that is the easiest and laziest way to get it.  

Otherwise, you will need to go down to the special proceedings at the courthouse at 832 EAST 4TH STREET

You will need the file number, it will look like 16sp1234

request the file and make a copy

Join the Meetup- 

https://www.meetup.com/Real-Estate-Investing-Trenc...

At the Olde Mecklenburg Brewery 4150 Yancey Rd, Charlotte, NC

Yes, we have our own bartender to cater to us and we can order food so we can stuff our liver, brain and face at the same time.

Cost- $20 per person or 2 for $30

Yes, there is a charge, but there simply is no other meeting that gives you over 1.5 hours of straight real world education in a badass setting.

Quickie Topic- Is Wholesaling Legal?

The answer is no, not like the gurus would like you to believe, but I will show you what really matters and how to keep yourself out of trouble. Conventional wisdom on this topic has been and is very wrong.

Guest Speaker- Jay Parker - The ABJ’s of Subject To’s

This guy will lay down your baseline for Subject To’s- the most confused and misunderstood strategy and Jay will break it down for you so you can add this powerful real estate strategy to your toolbox

Main Topic- The Business of Real Estate Flipping

We aren't talking the hype, we are going to talk business, from the foundation of the MAO formula to the real numbers and how to run your business as a flipper extraordinaire.

Go to Meetup.com to sign up and RSVP

Contact info- 704-500-0011 [email protected]

Hmm, so you are familiar with the business but not the market? or are you new to the business?  Regardless, I think if you are looking for a house to move into as an investment then i would rent for 6 months to a year to find the right house.  Whatever you spend/waste on rent will be more than made up from taking your time and finding the right house / area etc. 

Well, what is the agreement?   The easiest thing to do is to have your lender secured by a deed of trust and promissory note.  An attorney can draw that up pretty easily.  If it a profit split of some sort, then just outline it in the promissory note.