All Forum Posts by: Hill A.

I'm interested in attending one of these meetings as well. I don't have any properties besides my current residence which we will be renting in May, but I have a potential partner and we are looking for properties in the Jacksonville and Wilmington areas... Our primary focus is going to be foreclosures to turn to buy and hold as well as condos in the Wilmington area... Would love to talk to some Wilmington folks about the condo thing as the numbers look great on paper but there seems to be a lot of downsides to them. Are newbies welcome at these events?

So first of all forgive my terminology if its incorrect!  From my searches it seems there are two types of policies - Rental and Landlord.  Since this is my first rental property I don't need the landlord policy.  I am located in coastal NC.

I have been studying real estate for a few years, and was finally about to take the plunge on SFH's when I got relocated to the West Coast due to work. My house would sell at a loss right now, so I plan to hold it for a few years until the market in Jacksonville catches up to the huge amount of over-development that drove home prices down. To make a long story short, I am having trouble finding rates that work for me as the cash flow on this property is already going to be nearly nothing.

Thank you all for your help, I have already learned so much just from browsing the forums

Note, our house is twice the price of those renting at 900-1000, but it seems that me militaries monthly housing allowance of 1200/mo creates a virtual rent cap in the area

That's what my plan is... I'm thinking of placing it for rent or sale thru the property management company I chose. They wont charge any fees until it's rented/sold so they have the motivation and drive... My problem is my town was overbuilt, has tons of vacancy and the main industry is military, and the military is downsizing so there are vacant houses everywhere. Additionally my house is 50k over the average sale price, so I'll rent or sell at a loss most likely. Avg rents for SFH are 1000, and we need 1250 to not have negative cash flow (and that's not accounting for maintenance). There are 2 houses for rent in my neighborhood, both of which are bigger, but not as nice inside, and they have been vacant for 3 months. As a result they have dropped rents to a level that I would lose 100/mo minimum after PM costs. I still think it's my best option because I can't see the market here going lower than it is now, and at least they will be building my equity until the market allows me to get the extra 40k of value out of my house that we know it's worth

Thanks, I've built a list of properties and was starting to get frustrated that with me leaving in a few months I'm limiting my options drastically regarding anything that would need repairs (as I don't have a good contractor setup yet). I have enough to worry about with my current residence having negative equity in a very bad sales market. I think I'm going to have to hold it with negative cash flow of about 100$/mo for the time being, which has put a lot of stress on me. Lessons learned! I bought in 2011 as the developers where overbuilding the town... 5 years passed and 49% of homes in this town have negative equity and there are foreclosures, vacancies etc on every street

Hello all, my name is Aaron and I'm currently living in coastal NC but will be moving to CA soon. I have been studying real estate investing for a few years now, having read most of Kiyosaki's books and a handful of others. I had always planned to become "financially free" but assumed it would just happen if I worked hard and saved... (My TSP account begs to differ however with 8 years of paying into it, it sits at a whopping 14k that has earned an avg of 1% interest!)

Anyway, an old platoon commander got me interested, and we are still in touch.  He's a great guy that pretty much made all of his lower level leaders read "Rich Dad Poor Dad" as professional development reading!  He is doing great with his investments now and is moving on up to multifamily.   As you probably inferred,  I am active duty military and had hoped to stay in NC because that's where I will be investing, but it is much better for my wife and daughter to be close to the rest of my family so we are heading back home.  

I have been listening to the Podcast for a few weeks now in the short amount of free time that I have on my drive to and from work and it has opened my eyes to many things that I had not learned from the books (long distance investing, share investing, partnerships, etc) so I am excited to be here and learn as much as I can.