All Forum Posts by: Shawn Erato

welcome to Charlotte Shawn! I have a great loan officer reference - i've worked with him on a few deals (I am a local realtor) and he is super creative and motivated to find solutions. I hope it works out for you! apparently i cant post his info here but if you are interested plz connect and i will DM over to you

Hi Sean,

Google: mortgage broker (your county)

Call and talk to them, see if they can help you get pre approved. Call a couple to see what they say. Mortgage brokers can be great wealths of knowledge.

Also google: commercial residential mortgage broker (your county). This is whom you'll want to talk to about a DSCR loan.

Additionally, I would recommend signing up at a local credit union.

make some calls and talk to some pros. You’ll be on your way. Good luck

Shawn - If you are interested in buying an investment home first you can use the DSCR program. This can help establish a cash flow position and help you show some income to buy a primary next.

Hey Shawn, look for homes in the 230-300K range that have been sitting on the market longer than 60 days. Then start making low offers. If you find a listing at 230K that you get for $180K, it just leaves more room for you to use your capital elsewhere so long as you are happy with the house. The main point that I would focus on though is days on market, find some sellers that might be getting nervous/desperate. 

Hey Shawn! That's a good idea! My advice is that you should research the local market, set a realistic budget, and have a marketing plan in place to sell the property quickly and for a profit. Let me know if you need any help. ;)

@Shawn Erato Hi Shawn. Don't underestimate the value of having a great relationship with a realtor. I'd work on finding one you like in your area if you don't already have one and then setting up MLS searches through him/her. Also follow up some with them somewhat frequently like maybe every 3 weeks to keep you on their mind so maybe when they get pocket listings they will contact you. (If you don't know pocket listings are listings that come into their brokerage before they get listed on the MLS and are often offered in house to the realtors preferred buyers to try to sell them before they have to split the commission with an out of office realtor.)

I’ve been working with my realtor for 25 years as well as being friends with him. It’s paid off very well for both of us. He gets my listings and I exclusively use him if I’m buying something.

That is super exciting Shawn and welcome to Charlotte! Benjamin and Brady are spot on, you have to know you numbers and be persistent. You will find the right deal in time. I am local to Charlotte and will keep an eye out for you on any deals that seem like they might be a good fix and flip opportunity for you. Cheers!

That’s great to hear, Shawn. I would recommend networking as much as possible and trying to find a mentor in your area. I would also try to analyze as many properties as possible. The more repetition you get, the better you will become at recognizing great deals in your market.