All Forum Posts by: Keith N.

Can anyone recommend a bank (Raleigh local, or other) that offers FIXED RATE Home Equity loans for a primary residence? … NOT a variable rate HELOC.

I specifically want a loan with a longer term (20-30 year) amortization period.

Fixed rate for the life of the loan would be best, however I do not necessarily care if it's a 10/1 ARM, or if a balloon payment is due after year 10 or year 15, etc... As long as the rate is fixed for at least 10 years.

I know these products exist, but I'm seeking recommendations for banks to do business with. Of course I have Googled and picked up the phone a bit, but as you know some banks are easy to work with and some are not.

Does anyone have recommendations for this specific type of loan product?

@Cliff T. Sounds exactly like my roommate from years ago who I kicked out. He was an old friend though... who turned out to have mental health issues.

An attorney might charge you $600 - $1000 to evict someone, but it's certainly something you can do yourself. I've only had to evict a tenant one time (not a person in my primary residence though). It talked to a lawyer for an hour to get guidance (paid $150 for their hourly rate), and then did the eviction process myself.

This guy is living in your personal house though which makes it a tough situation. Maybe try negotiating (Give them $500 to leave). The main goal is to get this person out of your house ASAP, even if it costs you money.

If you give them proper notice to end their MTM lease, and they're not out by the date you defined, you can go to the courthouse and file an eviction for "tenant holdover". There are apparently no current moratoriums on any type of evictions (I spoke with a lawyer last week about this).

Is this guy someone who used to be your friend or someone you knew before they moved in?

If someone was living in my personal house and not paying/stealing/staying past their lease, I'd simply grab their stuff and toss it in boxes and put it on the porch when they're not home and then change the locks... In fact I have done that before. 

@Adam Payne

How has this been going in the last month since your post?

Has anyone had luck getting a whole house AIRBNB “legally” up and running in Wilmington?

I’ve read through all the regulations on the county/city website, so I’m aware of most rules.

- must register 

- can only do whole house more than 400ft from other “whole house” rental

- must “live” or have MGMT within 25 miles of your Airbnb

Anyine actually get their STR rental approved here? Anyone had luck just doing AIRBNB anyways and ignoring the cities regulations?

@Payton Chung did anything change regarding the AIRBNB rules in raleigh?

.... I think they made a law last year that you can only AIRBNB bedrooms in your own house. Cant buy a house you don’t live in and AIRBNB it.... or something like that

I want to know what the max LTV allowed is when doing delayed financing.

I had thought that for most lenders it was 75% LTV for SFR and 70% LTV for small multi-family (2-4 unit) properties.

Is this still correct, or has anything changed because of the coronavirus and banks being more strict with lending practices.

For Example: I but a duplex for $100K in cash. I want to immediately take out a mortgage after closing on it in cash. What is the maximum amount I can pull back out of the house when getting a mortgage on it. Is it $70,000 (70% LTV)?

@Angelo Mart

Can you elaborate on why lenders doing this, and what this means for us?

@Jack Yen I just bring up how the water payment works once the tenant seems interested, or if they ask about utilities.

Yes, I write it into my contract. I use a "standard NC lease agreement" that you can find online. I list my normal monthly rent amount in the regular "rent" section. Then in the "additional disclosures" section at the end, I write "tenant has agreed to pay a flat fee of $45/month to landlord for water".

No tenant has ever complained. They probably like that it is a flat fee. Just pick an amount that is fair for both parties.

@Jack Yen I have a duplex in Raleigh that isn't separately metered for water. What I do is I list the house for rent at the price I want to rent it to. Once the tenant decides they want to rent it, I mention "by the way water isn't separately metered, so you will just pay me XXX (flat fee) per month. 

This has always worked out for me, and tenants never use too much water.

1 Person: $45, 2 People: $75, 3 People: $90-$115

... Just don't advertise the full rent amount with water and say "water included". No tenants brain works like that, and psychologically they will see at as being a more expensive rent. Advertise the price without water included, and then when they want to sign the lease say "oh yeah, this is the flat water fee in addition to rent."