All Forum Posts by: Stephen Foltin

I think the speculation I have is real considering the economy is going to be in a recession and this is supposed to be 3x worst then 2008. I think house values are going to drop because no one can buy a house, everyone is going to be looking to sell because they are out of work. Do you know of any creative ways of getting out of a contract in this situation?

thanks but they are not willing to talk about the price until the appraisal happens.

Thanks for the feedback, my condo will cash flow $200/month and is in a pretty solid spot with others in the community already renting which I have reached out to and talked with about how their renting has gone. Yes, the $10k is non-refundable but my thought is if I can get the same house, 2 years older for 10% less shouldn't I try and pursue that instead of the new build?

Hey all, Hope everyone is staying safe out there. Well, my current situation is I own a condo with my fiancé (wedding pushed back to next year), and in January we decided to purchase a new build Townhouse in South Charlotte (Hadley, Ainslie Downs St.) that is scheduled to be completed end of June. We plan on renting the condo and moving into the townhouse once it is completed. The purchase price is $355,000 and we have already put down $10,000 for down payment (non-refundable). My question is should we go through with the sale? This townhouse is in a development that is toward the end of completion, which started in 2018, 90 or so are completed and are occupied while the remaining 20-30 units are being built. We recently noticed that another townhouse with the exact same stats as ours (4 bedroom 3.5 bath) in the same development is being sold for $320k. So my question is should we back out, as the exact same property only two years older is being sold for 10% less? My current thought is to wait until we get to the appraisal but even then, if it appraises for a little less the builders do not have to come down to the appraisal price. It is only $10k I would be losing and I would actually be saving money if I could get the same house in the same development for 10% less, not to mention the fall that could be coming to the housing market due to Corona. I am kind of undecided on what to do, any thoughts and help is much appreciated! Thank you, Stephen.

Awesome suggestions, thank you all!!!!

Hello All,

I am located in Southend Charlotte NC, I have purchased a new townhouse and will be looking to rent out my one bedroom condo come June 1st. This will be my first time being a landlord, I was hoping to get the best tips on where to get a rental contract and the must have items I should include in it. 

Much appeciated,

Stephen

hello Ryan and Eric,

I am in the same boat Ryan, I am trying to find a house I can hack but am moving slow as I am trying to learn as much as I can before I make any offeres. Eric, I would love to hear more about your find and what your plan is! Does your realtor invest as well?

Hello Arthur,

Welcome to Charlotte! If you go the single family route, I am curious what your plan will be and how you research in finding a property. As Chris mentioned the monthly meet up is a great place to start meeting people in the area. 

Hello Kyle,

I am in a similar boat as you as my fiancée and I are looking to start investing in the South Charlotte area. I would recommend attending some of the meet-ups they have as I went to the monthly 1st Tuesday meetup at Resident Culture and meet a lot of great people. Sounds like you are making the correct steps to getting your first property. Good luck to both of you and hopefully we can connect at one of the events!

Stephen

Hello all,

I am currently looking for a house in South Charlotte area that I can fix up, refinance then rent out. I want some kind of fixer upper but don't exactly know what to look for as far as location, price, and amount needed to fix up. What are some of the keys things I should consider when buying a fixer upper that will be refinanced then rented out?

Thanks!!!

Stephen