All Forum Posts by: Account Closed

I think this is a great idea! I'll keep my eye on this post if anything develops. A central location would be convenient, maybe hickory tavern Metropolitan? 

 Its on the westside of Charlotte, NoDa is too hot to find a deal 

Rough numbers

Purchased 100k

Rehab 40k

Overages 3k

Holding cost $825 for 6 months

Private money 4k

Sold for 209k

Profit roughly a little over 50k

I just wanted to extend a big THANK YOU to all those selfless mentors out there really helping us newbies and this website for motivation and advice.

I’m writing this post about 2 months after my close and 3 weeks away from my next!!! Also to let others know it's tangible, it can be done! Now I’ll say this, IT WAS NOT EASY, and It’s scary but, not the bad scary, more like the roller coaster exhilarating kind of scary. I was overwhelmed and stressed a lot with working a full-time job, staying on top of contractors, and staying within budget.

Now I have been a looooong time lurker and tire kicker when it came to REI. I read all the books listened to all the BP podcasts but didn't do anything about it. Finally one day I was like F it. I'm tired of being the guy who always talks about it and I'm going to do something about it.

I found my deal by driving for dollars, hand writing hundreds of mailers, and sending them out.

Traditional financing on the property, but it was in such poor condition I had to get a contractor fix it up a bit before I could get a loan on it.

Private money for the rehab.

Took about 6 months from purchase to sale.

Good luck out there!

Congrats!

Hey all, I have a good deal in an awesome neighborhood. Thing is I may have bitten of more than I can chew. I have a nice deal even though the profit margin is slim (24k) but, being a new-ish investor (1 flip, wholesale and J.V project) I'm willing to work it. However, there are homes on the same street and neighboring roads ranging from 290k - 340k. Comps are awesome literally same street, 15 houses down, and a week ago for 320's. Thing is I would have to add square footage on to the property and I've never done this before. 

I'm just looking for general advice and guidance. Should I stick to the basic renovation conservative project or explore the alternative. Where would I begin?

Have you checked comps in the area? What neighborhood is it in? You can message the details if you'd rather not post them. 

@Ryan Battista I couldn't agree more everyone is reading about how fast Charlotte is growing so there are a lot of out-of-towners and hedge funds here. In addition to those who are already doing well in this market. Also people are getting there lists from the same list source. I was at the Charlotte meet up where a gentleman who did some mailers said he went to a house and the seller told him that she had had 14 other letters/postcards from investors.  I am moving my marketing efforts and dollars up and down 85 towards Gastonia, Concord, and Kannapolis. 

If you go to a local REIA meeting , BP meet up, or a meetup.com meeting you'll find people there who know a thing or two. Especially if you go there with a deal, then they'll know your not just a tire kicker but you are out there hustling. A mentor makes all the difference check out the Chicago REIA (Real Estate Ivestor Assc.) I met my mentor at a local Charlotte REIA and was able to network as well.

I was literally in the same situation as you. I door knocked and planted signs and still I had no idea what I was doing. When I finally got a deal or someone that was interested I went to a meeting asked for help and so many people were there to help me out. They told me the prince range I should be in for it to be a good deal for them and I just knew I had to be at least 3k-5k below that number.

Good luck man!

Yeah, mainly signs. I made it a priority to get an easy number to remember, (area code-300-3000). Its been working well, so far 41 leads in over a 6 week period. Closed 2 working on locking up a couple of more!