All Forum Posts by: Beville Nicholas

Thanks @Caleb Heimsoth!!!!!! I really appreciate your help!!!! If at any point there is something i can help with, I would love to!!! Enjoy your weekend!

@Bill S.,@Caleb Heimsoth, @Andrew S. I'm not sure why your names didn't link above.

I really appreciate all of your feedback, i'm going to rethink my decision to pull the money out. Can you share any starting points on how i can get financing for the wholesale purchase and rehabbing?

@Bill S., @Caleb Heimsoth and @Andrew Syrios, thanks for the feedback, I'm going to reconsider cashing it out. Any idea on how I can go about getting a lender to help with the 20% downpayment and rehab costs? 

@Andrew S. Thanks for the feedback. Yeah it was a difficult decision, I have a new 401k with my new job that I plan on saving for my retirement. My IRA will not bring in enough to support my family and I during retirement so I'm hoping to beat the 5-7% annual return by betting on myself.

After a lot of searching I found one multi-unit home in Raleigh cash flowing $512.73 and one in Durham cash flowing $328.98. I just don’t have a very accurate way to estimate the repairs needed.

Thanks in advance for everyone’s help!

I'm a newly licensed real estate agent and investor here in the triangle with access to the MLS looking to network with a team of local investors, wholesalers, contractors, and inspectors to get the best advice on what's realistically possible in this market.

I switched jobs about two and a half years ago, and was fortunate to accumulate a modest sum in my prior 401k (now converted to an IRA) that I plan on cashing out. I have accept the 10% penalty and tax implications of this decision. That said, I'm looking to make my first rental investment utilizing the BRRRR method. I'm using the rental calculator to run some numbers on deals and could use some local market feedback.

I’ve narrowed my focus to either a single family or multi-family home, under $200,000, located in Durham or Raleigh, in fairly good shape with minimal repairs/rehab needed (<$30k), primarily for a self-managed rental property investment. I’ve been pre-approved for the investment mortgage and I’m ready to make a decision if it makes sense but in no rush.

I'm looking to get advice and local contacts that can help. What numbers are realistically possible? cash flow? Cash on cash ROI? Inspection costs (before purchase)? Etc.

I work with a majority of millennials, many of whom I encounter complain that they are not being paid enough to cover their living expenses so they split rent with 1 or more roommates. The living wage here in Raleigh, NC is $23,629 per person annually; this is about half of their $46,985 average earnings (at my job). It seems there is a perception gap more than anything. My thought here is that Millennials have normalized a lifestyle of heavy consumption which is unsustainable if seeking long term wealth.

I agree with many of the comments above, there is no question that owning a home is a better long term financial investment than renting. House hacking is a good starting point and I will champion this BiggerPockets PSA to my fellow millennials.