All Forum Posts by: William Stewart

Thank you

@Laura Shinkle I will check out FB and join some groups. And yes I'm aware of all the scammers on CL it is ridiculous. Just last week I went to a home that was supposedly owner financing. 

The was a family sitting in the driveway when I pulled up. Apparently the guy had just gotten them to send him 1000 dollars to rent the place. Somehow he had access to the lock box and told them to keep the key. At the same time he was trying to get me to send him money for a down payment for owner financing. It was a big ol scam he was playing. He was calling from google voice phone number that kept changing. That was the first red flag. I told the family that I felt like this was a scam, and at first they thought he was just trying to rip me off. I gave them my number to let me know how it went. Because they said they had even signed a lease and had the key. The called me the next day and sure enough the guy had ripped them off. I feel so bad for them. Especially this time of year. They ended filing police reports, but I don't think they've gotten their money back. 

Somehow the scammer had gotten access to the key and was having people go look at the home from CL. Then he would have them go to a site called rently. Which I think is a legitimate site so I'm not sure how he got the families money but he did. 

That's just one example of the jerks on CL

Hello BP

My name's Billy

I'm living in the South Charlotte area. Indian Land to be exact. I'm relatively new to real estate. I have one deal under my belt which was an owner financing deal.

I sort of just fell into it about 6 years ago. I had about 10,000 saved and wanted to stop blowing money on rent. So I started looking around for homes on CL. I found one for sale by owner for 59,900. Basically just asked if he'd owner finance me and he said sure.

The deal was 10,000 down and the rest 49,900 financed by him for 10 years @ 8% interest. I ended up house hacking it before I even knew what that meant, and got it paid off in 6. It now rents for 850 a month. Not bad for a newbie;)

So 6 and a half years later and a little more knowledge about real estate I'm looking to do something similar to that again. I have about 12,000 saved. I'm looking to put down about 8,000 on a fixer upper. A duplex would be glorious, but I'm having trouble finding those in the Charlotte North Carolina area.

My goal is to find something with owner financing. Get the title in my name. With owner on as lien holder. Live in it for awhile and fix it up. Go to the bank and get it reappraised and pay financier back and get some equity out. Then rent it out and do it all again. Something like the brrrr method. As I said I'm a newbie, but I know something close to this is possible.

Hello BP

My name's Billy

I'm living in the South Charlotte area. Indian Land to be exact. I'm relatively new to real estate. I have one deal under my belt which was an owner financing deal.

I sort of just fell into it about 6 years ago. I had about 10,000 saved and wanted to stop blowing money on rent. So I started looking around for homes on CL. I found one for sale by owner for 59,900. Basically just asked if he'd owner finance me and he said sure.

The deal was 10,000 down and the rest 49,900 financed by him for 10 years @ 8% interest. I ended up house hacking it before I even knew what that meant, and got it paid off in 6. It now rents for 850 a month. Not bad for a newbie;)

So 6 and a half years later and a little more knowledge about real estate I'm looking to do something similar to that again. I have about 12,000 saved. I'm looking to put down about 8,000 on a fixer upper. A duplex would be glorious, but I'm having trouble finding those in the Charlotte North Carolina area.

My goal is to find something with owner financing. Get the title in my name. With owner on as lien holder. Live in it for awhile and fix it up. Go to the bank and get it reappraised and pay financier back and get some equity out. Then rent it out and do it all again. Something like the brrrr method. As I said I'm a newbie, but I know something close to this is possible.

If there's anyone in the Charlotte or surrounding areas that could give me any advice it would be greatly appreciated. Or if you or anyone you know has a deal similar to this let me know.

Thanks for reading

Billy

Hello BP

My name's Billy

I'm living in the South Charlotte area. Indian Land to be exact. I'm relatively new to real estate. I have one deal under my belt which was an owner financing deal.

I sort of just fell into it about 6 years ago. I had about 10,000 saved and wanted to stop blowing money on rent. So I started looking around for homes on CL. I found one for sale by owner for 59,900. Basically just asked if he'd owner finance me and he said sure.

The deal was 10,000 down and the rest 49,900 financed by him for 10 years @ 8% interest. I ended up house hacking it before I even knew what that meant, and got it paid off in 6. It now rents for 850 a month. Not bad for a newbie;)

So 6 and a half years later and a little more knowledge about real estate I'm looking to do something similar to that again. I have about 12,000 saved. I'm looking to put down about 8,000 on a fixer upper. A duplex would be glorious, but I'm having trouble finding those in the Charlotte North Carolina area.

My goal is to find something with owner financing. Get the title in my name. With owner on as lien holder. Live in it for awhile and fix it up. Go to the bank and get it reappraised and pay financier back and get some equity out. Then rent it out and do it all again. Something like the brrrr method. As I said I'm a newbie, but I know something close to this is possible.

If there's anyone in the Charlotte or surrounding areas that could give me any advice it would be greatly appreciated. Or if you or anyone you know has a deal similar to this let me know.

Thanks for reading

Billy

@Brandon Owens

Sorry for delay. Far as I can tell the rental market is hot here. Houses our renting for ridiculous amounts even with hurricane damage. There's simply not enough housing for all those misplaced by Michael and those here to work to rebuild. Supply and demand. 

Depends on the work you need done. I have a great water mitigation team I work with. The company I’m selling for does excellent roofs. I have contacts with people who do windows, stucco, paint, fascia soffit and gutters. Let me know what you need and I’ll see if I can help

I am a storm damage Restorarion contractor looking to buy rehab and rent property’s in the Panama City area. Anyone out there looking for a partner let me know. I can do much of the rehab myself. Or have contacts here in pc to do what I cannot. I have 5000 saved to start with. I was thinking find the owner of the many empty property’s here, offer them a monthly rent. Fix up the property and refinance and pay it off and then rent it for years to come. 

Anyway I’m fairly new to the investor world I just closed on a property in South Carolina. I am the proud owner of a modular home on land owned free and clear. I would like to add more to my portfolio now that I have the bug. I am also looking for any owner financing deals that maybe out there. Thanks for reading and look forward to working with you. 

Thanks 

Billy

@Michael Malitz I’m interested in any deals you may have. I’m in Panama City. @Scott Tucker I’m here doing complete renovations with a great contracting company if you need help let me know. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $59,900

Bought a modular home with land for 59900 owner financed. 10 year contract at 8 percent interest. Paid off in 6. All in for 30000. Rented it out 4 of the 6 years.

What made you interested in investing in this type of deal?

The fact that owner would finance me.

How did you find this deal and how did you negotiate it?

Craig’s list. He was asking cash for the deal. I asked him if he would consider owner financing. He said sure and that was that. My first deal.

How did you finance this deal?

10000 down. Then house hacked and eventually completely rented it out.

How did you add value to the deal?

New floors roofing and maintenance

What was the outcome?

Own it free and clear six years later. Buy and hold investment

Lessons learned? Challenges?

Tenant screening is very important.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Can’t say enough about how great the people at Grand strand law group were in securing this deal for me. Excellent job