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chad kennedy, Other/Just Looking in Charlotte, NC

Homes Flipping Question

Asked by chad kennedy, Charlotte, NC Fri Jun 8, 2012

Hi Im a college student an I have been in commercial real estate for about 10 months.Over the 10 months I have brought around 1 billion dollars of projects to the table for the financial group to fund , however I have not closed any deals I have learned a few ways I wanted to invest which is flipping homes.But as I said being a college student I dont have the funding to flip homes.Does anybody have any advice on how I could fund my project?.If you have advice feel free to give me a email at chads704@gmail.com or leave a comment.

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Answers

5
Lexie Longstreet’s answer
I would suggest you take time this summer to get your real estate license. That way you can join the MLS and start looking for properties you might be interested in. You also might find that selling real estate for a living would be more lucrative than flipping. Or at least in the beginning till you get your feet wet.
Flipping is not easy... you will be in bidding wars for the best properties to flip. And you will need hard money loans which have high interest rates. That means you need to flip fast. Paying 14% interest will eat up your profits fast if you hold the property too long.
0 votes Thank Flag Link Fri Jun 8, 2012
Thanks for the comment Ms.Longstreet after reading it Im second guessing if I wont to start in that part of real estate but I really thank you for the advice
Flag Tue Jun 12, 2012
Chads:
There are a LOT of investors in the Charlotte market doing the same thing as you and it is very competitive. Hard money loans & transactional funding are the way you will probably need to go at the start. They want to see very solid numbers and will take a large piece of the upside. Getting your contractors in place and quick turns are essential. You probably would be best to focus on properties with 2 full baths.
0 votes Thank Flag Link Fri Jun 8, 2012
ok Mr.Fisher thanks for the advice however after reading it do you know of how I could work as a real estate assistant for any local organization were I could learn from?.
Flag Tue Jun 12, 2012
Chad, I forgot to mention that you should become a member of the Metroina REIA here in Charlotte. It is an organization for real estate investors. There are private lenders and hard money loan people that also attend. If you attend a meeting, you will find answers to just about any question you may have.
0 votes Thank Flag Link Fri Jun 8, 2012
ok Ms.Crowder thanks for the advice however after reading it do you know of how I could work as a real estate assistant for any local organization were I could learn from?.
Flag Tue Jun 12, 2012
I have been a real estate agent for 16 years. I own rentals and I have flipped properties. Flipping was really hot a few years ago but today most investors are buying and holding the properties. You need to make sure you know what you are doing, (know how to estimate the cost of repairs, estimate resale value, holding costs, etc.) It is possible to find private investors that loan money for flipping but they usually want a seaoned pro with lots of experience. I would recommend working as an assistant for someone that flips properties for a few years before going out on your own.
0 votes Thank Flag Link Fri Jun 8, 2012
In this market you better be a pro with lots of experience or you will be another statistic. However, if you still want to do it start small, do as much of the work as you can and be realistic about how long it will take.
0 votes Thank Flag Link Fri Jun 8, 2012
ok Mr.Brenizer thanks for the advice however after reading it do you know of
how I could work as a real estate assistant for any local organization were I could learn from?.
Flag Tue Jun 12, 2012
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