All Forum Posts by: Brock W.

Joe, Thanks for the response.  Was that rental rate uptick in Fayetteville or Wilmington?  

Steve, appreciate your input!   I'm a native as well, and have seen storms going back to Hugo in '89.  I would agree with you thus far,  I'm wondering if Florence will prove different, as this is the worst I've seen it.  

Jiri, good perspective.  Thank you!

Hurricane Florence has come and gone as I write this from ground zero Wilmington, NC. I'm curious as to where the BP community thinks the best opportunities are to be had. I would think that short term prices would suppress on SFH's but from a little bit of online research about the RE effects of other hurricanes, that seems not to always be the case as demand goes up as rescue money and recovery related personnel pour into the region. I had been looking at "buy and rent" opportunities with condos and apartments, and on the one hand perhaps prices go down as less people want to live in the area, perhaps prices go UP as people still want to live in the area, just not in free standing homes? What do you all think?

The after pictures were phenomenal!  Great looking house!

Hello All-  Briefly, this is what I've learned:  Most of this info was relayed to me via MY real estate agent who, in turn, was informed by the seller's agent.

In this instance the owner/seller is in some way disabled or incompetent and the sale is being administered by an attorney retained by the family.  This 10 Day Upset was court ordered to insure that "we all do our jobs, and a 120K property doesn't sell for 50 bucks."  So somehow this is meant to safeguard the indigent owner.

There was an offer of $115 k vs a sales price of $119k  so now I am in position to "Upset" the offer if I choose.  I must, however, satisfy some stipulations:  1) my offer must exceed the previous by 5%  2) I must put 5% down with the county clerk at the time I make my offer 3) I have 10 days to close 4) If i fail to close I forfeit the 5% down payment and also am required to make up any shortfall between the eventual sales price and the original offer 5)  My offer can in turn be upset by another bidder or the original bidder.

Long story short there are too many questionmarks for my taste at this point.  The property is a decent deal but far from a once in a lifetime type of opportunity.   I will likely pass this one up.  

Javier, I hope that is of some use.   Everyone else, thanks for your input.  

PS-  One note:  because this is a court ordered sale, somehow the buyer's agent is no longer entitled to a commission,  so my agent is understandably less gung-ho.

@Ryan Blake.  Huge Help.  Thanks so much!

@Ryan Blake, thanks for your input.  Working with a broker whom I trust,  She has been very upfront about the associated risk.  I searched?googled as well but was less adept at finding this info.  If you have a link I'd love to get it and forward it to my broker.  

I'm looking at a condo purchase where the legal owner is in some way incapacitated and her attorney is conducting the sale.  The asking price is under market and has the "right things wrong with it" such that if I buy it and sink 5k and a month of work I can expect to force appreciate it by about 15%.    So the numbers are tempting,  financing is in place but I am struggling with this "10 day Upset clause".  As I understand it, this clause permits the seller to accept my offer and put a 10 day block of time AFTER due diligence is completed, to potentially field other offers.  Should they get such an offer, then they can decline mine with no penalty.  Earnest money is returned but none of the due diligence (Appraisal, Inspection, Pest Inspection) expenses will be refunded.  This strikes me as arbitrary and in bad faith.  Can anyone share their experiences/insights etc?

Nathan Milholin,  no sir.  This is all very early stage and my experience is limited to the aforementioned free and clear rental .   The strategy for the time being is "buy and hold" so cash flow is priority #1 and appreciation over the long haul is likely priority #2.  That said,  I don;t know what I don't know, so things like a cash out refi are not off the table.  

Thanks so much for your input!

Good stuff, Thomas S.  Thank you.

Hello BP friends-  

Looking for input from you smart folks. I own a rental valued at $160 k. In preliminary inquiries, I'm told I can expect to be able to borrow 80% LTV. Assuming this, I now have $128 k. I'm wondering about the various merits of purchasing another Single Family Home,(advantage a multi-unit (free of any HOA associations, ideally), or a commercial property for rent to another business (not housing my own business). For the sake of argument, if all the properties are priced the same, can anyone speak to relative advantages and disadvantages of each property type? Cash flow chief among them. Perhaps relevant, I don't mind being a hands-on landlord in terms of maintenance, acquiring tenants etc. As always, with these questions, I'm wondeirng if I should give more detail, but for now will leave it at that. Thank you!