All Forum Posts by: Tasha Barnes

Hi Jon!

My name is Kasey and I have a team, ROI Realty Partners and we specialize in helping investors! Charlotte and its surrounding areas (counties) have ample opportunity in the rental market. Regarding STR, there are restrictions, and they vary. For example, Iredell county (north of Charlotte) just passed a law that if you want to STR your home you need to rezone it. Regarding Mecklenburg (Charlotte) specifically, many HOAs have rental restrictions (such as a minimal lease requirement), which can make STR tricky. Many of our clients that are looking at STR are also looking at MTR as Charlotte is currently top 20 in the country for traveling medical professional demand (furnishedfinders), and we are currently one of the largest cities without a medical educational institution. That is all changing with the development The Pearl, which will also increase the demand for MTR as there will be more students, doctors, etc. coming to the city for months at a time. The Pearl is expected to start seating students in 2025.

Do not hesitate to reach out if you have more questions or would like more market information!

 You might want to look into doing a hard money loan for the purchase and rehab and as soon as you complete the repairs, refinance into a fixed loan. 

Hard $ to fix & flip.

Then refi out long-term

Please make sure you check with a local Civil Engineer (that does developments) what the rules are around subdividing in that city/county. Not all properties can be subdivided as planned for future development for a variety of reasons such as local regulations often limit the number of times a single parcel can be divided up for development. If this requires septic (vs sewer) then there are other considerations also, such as minimum acreage required for septic/well (usually one acre per lot), which areas could the septic be placed (usually needs to be placed in areas of undisturbed soil, meaning wooded areas are off limits, even if cleared), soil quality to pass for septic, location/topography relative to road given grading of land, frontage required for each parcel, turn radius for ingress/egress which may limit developable area, driveway relationships to neighboring roads/intersections, etc. Local setbacks from front, rear, and sides are also something to look into. Nothing to be afraid of, but my firm works with landowners and developers regularly, and these are discussions we guide them through while designing their plots. Sometimes investors buy land that only permits a limited number of houses/buildings and it was not what they thought they bought originally.

Hope this helps!

Hi BP Family,

Hi Jared,

Thanks for posting the question. I'm looking in the Buffalo market as well. Good luck:-)

Tasha

Been following the podcast and studying the forum. After doing research and building a small team, I think we are ready to start to align financing for our first flip in Buffalo, ny. Can anyone help me make a connection to lenders/investors that would work with a novice team? 

Tasha,

One thing to consider, as a New Investor, the knowlege of the Hard money Lender may be of more value than the lowest rate.  I have had several of my clients say they used their particular hard money lender as deal double check.   If that lender declined funding the deal they took it as a warning that maybe they did not run the numbers right, were too risky, etc.

We use Lima One! We have a great referral over there Id be happy to put you in touch with!