All Forum Posts by: Antonio Patterson

Starting out in real estate with a focus on Section 8 rentals, the BRRR method, and Airbnb properties is a strategic approach. Here's how to get started and advice on each area:

Section 8 Rentals:

Education: Learn about the Section 8 program, including eligibility requirements and benefits for landlords.

Networking: Connect with local landlords who have experience with Section 8 rentals for practical advice and insights.

Property Selection: Look for properties in Raleigh, NC, and surrounding areas that meet Section 8 housing standards and have potential for rental income.

BRRR Method (Buy, Rehab, Rent, Refinance):

Research: Study the BRRR method to understand how to find undervalued properties, finance renovations, and refinance to pull out equity.

Partnerships: Consider partnering with contractors, lenders, and real estate agents experienced in BRRR to streamline the process.

Market Analysis: Analyze local market conditions to identify neighborhoods with potential for property value appreciation and rental demand.

Airbnb Properties:

Regulations: Familiarize yourself with local regulations and zoning laws governing short-term rentals in Raleigh, NC.

Property Preparation: Prepare properties to meet Airbnb standards, including furnishing, amenities, and guest experience.

Marketing: Develop a marketing strategy to attract Airbnb guests, leveraging platforms like Airbnb and optimizing property listings.

Overall Strategy:

Continuous Learning: Stay updated with industry trends, attend local real estate meetups, and consider joining real estate investor groups.

Financial Management: Manage your LLC, Opal Capital Holdings, effectively to track expenses, income, and tax obligations.

Long-Term Goals: Keep your multifamily apartment goal in mind, and progressively scale your real estate portfolio based on experience and market opportunities.

If you would like some help getting started, or just want to discuss please feel free to reach out to me directly. Hope this helps and good luck on your journey!

The 1st thing I would look into is the Corporate Transparency Act. I believe since you opened the LLC this year you had 90 days to file with FInCen, and from what I read could have hefty fines and a felony.

I have four SFH's on Long Island and I have had very good success with section 8 with these houses. I bought them 2017, 2018, and 2019 and have had the initial section 8 tenants stay in the respective houses since then. It was a very easy process on Long Island my agent just found the tenants and had some extra paperwork to get things set up initially. I have been able to substantially increase the rents during this period of time with having not much of an impact on the tenants. If you have any other specific questions, you can reach out to me. I was initially hesitant to do it but have been very happy. Between the lack of turnover and significant rent increases has made it easy to be very profitable with these houses.

Regarding "I currently have a holding company LLC created called Opal Capital Holdings back in March." Did you create this LLC through the NC Secretary of State? An NC SOS search shows that this entity (the LLC) is not registered and was not created in 2024. Did you maybe misspell it? 

An LLC is required by NC state statute to adhere to naming conventions specified in NCGS 55D-20. Name requirements. "Opal Capital Holdings" is not a viable LLC name. Per statute, the name: "must contain the words "limited liability company" or the abbreviation "L.L.C." or "LLC", or the combination "ltd. liability co.", "limited liability co.", or "ltd. liability company"." 

FinCEN won't apply if the LLC was not formed. In general, an LLC is a "reporting company" by FinCEN definition, and most real estate centric companies will not meet the "exemption" definition. See more details in the FinCEN Small Entity Compliance Guide.