All Forum Posts by: Scott Ryne

@Ian Ray Dayton is my hometown. How is the market there? I have thought of looking at Dayton, but it has always been such a stagnate market. Has anything happened to change that?

@Terrance Clark I am a wholesaler in the Charlotte area. I can provide you with leads on properties in Charlotte if that is what you are looking for. Are you currently living in the Charlotte area? Why is this site of interest to you? 

@Taerk Soliman Exactly. Incentives = results. 

As a contractor for 35 yrs, this is my take. You are paying for my time. I set the value of my time based on my experience, knowledge and my ability to complete the project on time, on budget and at the level of quality you desire. To me the cost of the project is irrelevant. I can build a 1200 sf 3/2 that costs 100k, in the exact same amount of time that I can build one that costs 150K. Assuming a fee at 10% of cost, would did I do to earn an extra 5K for the same amount of time?

As an investor, what is most important to you when you hire a contractor? The project is completed on time, on budget, and at a level of quality you desire, right? Therefore, that is where the contractor should earn his money. That is where I earn my money. Bonuses. If I don't deliver on time and on budget I don't earn what I feel my time is worth. If I don't deliver, you have my fee to compensate you for the cost of my delay.

For all the contractors out there that are going to jump on me, I have language in the contract to protect me from delays beyond my control.

To me, anyone paid on a percentage basis for anything they do, is either underpaid or over paid for for the service they provide. This includes servers and real estate agents among others.

The tax foreclosure auction process is very similar to a bank foreclosure auction in NC. At the auction there is a winning bidder. Then there is a 10 day upset period. If no one upsets the the bid, then the property is sold to the highest bidder from auction day. If it is upset, then the 10 day upset period starts again. This process continues until there are no more upsets.

After the final upset (if there is one), the sale needs to be confirmed by a judge. The owner has all the way up to the time the judge slams down the gavel and confirms the sale, to pay the back taxes and redeem their property. Once the sale is confirmed, there is no further opportunity to redeem.

I do not know for sure, but a  "Due Diligence" fee may be just a North Carolina thing. I never heard of it until I came here. A DD fee was conceived by the North Carolina realtors association (In my opinion) as a way to stop wholesalers from putting properties under contract and thereby removing them from the market place. It is a non refundable "Option" fee, which is standard in commercial real estate, that is supposed to compensate the seller for removing the property from the the market. The only time you will hear this is if you are working with a non investor friendly realtor. All the realtors I work with know I won't pay it, so they don't ask for it.

@Adrienne Bryson This a retail thing. It does go to the seller and is non refundable, but it does apply towards the purchase when you close. I never ever agree to pay a DD fee and I think all the investors I know are the same. Except... if the deal is so hot and I will lose it because DD is a deal breaker, then I might pay it. Haven't yet, but I might.

Will, I am in Kannapolis/Concord area. Send me an email and we can talk. My profile should give you my email address.

Chris T, there is still one the fourth Thursday of the month at Huntersville Family Restaurant. Jack and Michelle Knockle host. It's a great meeting.