All Forum Posts by: Derrick Lubomski

@Brian Garrett Brian I do not have enough saved for the down payment myself. I have talked to the local banks about funding, but only for a duplex and but don't know what my max approval is. I had told them for my first property I would feel comfortable around $250,000 and there was no issue getting me approved for that much. 

@Thomas S. Would you suggest flipping instantly then? If I had hard money to pay it off in full then finished the property in a month and resell to pay my lender back and collect profit? I was trying to avoid this because I did not want to pay the 30% in taxes. I say around $600k because it is a tricky market..what I had left out was it is a lake house with a private dock/boat house/boat lift and two jetski lifts. So its hard to weigh those all in when comparing comps because no two houses on this lake are similar. I couldn't find any 5 bedroom houses to compare prices too, but looking at properties that have sold in the past two years, the price per square foot ranged from $210 as high as $270. And trust me looking at some of the pictures from these houses, some of them were rough and dated. Where is this is a BRAND NEW house I have seen in person already and it does not need a lot to complete. Also keep in mind me working for a GC I have MEP/drywall/sitework guys all in my back pocket so can get this work done for a lot cheaper then most. But playing it safe on the conservative side, 2,600 sq feet x $225/sqft is still $585,000. See why I'm still convinced this is a great deal? Maybe all I need is a partner to go in with me on this..

As I am new to real estate investing I had always thought that house hacking a duplex would be my first deal and a great way to start my journey to financial freedom. However while building relations at the most recent Raleigh REIA meeting I had met a guy who says you never turn down a good deal. This being said a very good off market deal has just been brought to me, however I need private money to make it happen.

Now about the deal, it is a new construction home where the owners passed away before it could be finished. New everything, kitchen with appliances, ac, bathrooms, hot water etc. The asking price is $400,000, with about $25,000 needed to finish the lower level and some exterior site work. Judging by what comps are going for it the area, the ARV would be around $600,000.

My idea would be to buy and hold for short term. I would at least like to rent for a year or two so I can 1031 exchange it and get out of paying the 30% in taxes on the flip. 

I am a 24 year old civil engineer who works in construction management for a large general contractor, so I have the construction experience and sweat equity to offer, however not a lot of funding or real estate experience. Financially speaking, what would be the best way to acquire funding for this? 

My idea is if I want to buy and hold for a while, I would only need about $100,000 for 20% down and some extra for renovations/contingency so I don't completely run my savings down to zero. Repair it as quickly as possible then refinance to repay my lender. However I don't believe you can "gift" 100k, so would this involve forming a combined LLC that they put the money into then have a written buy out option with interest for me to pay them back once ready to refi? Is this even possible? Any better ideas?

Thank you all in advance!

@Michael M. Thanks Michael, I was hoping I could find a downloadable spreadsheet to help me filter through. I'm going to look into and reach out to the County Assesses office and see what they have available.

@Bob Okenwa Bob, never thought to look on those sites for rentals, only properties for sale. I'll be sure to do so.

@Adam Schneider I have, but as I work in Raleigh and want to house hack for my first property, I would like to stay near Raleigh, though if a good deal came up I would always consider it. From reading many post on here it seems like you're the man to talk to in Raleigh when it comes to investing, I may be reaching out your way very shortly on input for a possible lead I just found.

@Allyssa Compton Maybe you're right, I think my agent is alright as he has brought me a few off market deals that he thinks would make good investment properties but they're not multifamily, however the Raleigh market is 100% a sellers market right now so it's a very hard task finding many deals.

@Bill 

@Bill S. Any tips on how to let an broker let me have access to the MLS? I want to get my license eventually but today is not that day

Looking for my first deal and could use some input. I'm currently in Raleigh, NC looking for a duplex or triplex (along with the 200 other people at every TRIEA meeting) for me to house hack. The issue is Raleigh does not have many duplex's and when they do come available they are either snatched up instantly or numbers don't work out. 

This leads me to wanting to get creative with finding off market deals. I'm a people person, so I don't mind putting in the leg work of cold calling land lords to see if they would be interested in selling, however the issue is how do I find these properties? I'd prefer to not drive around searching neighborhoods as I said they are more rare here then other cities (I'm originally from Pittsburgh and they seem to be a dime a dozen there). Does it say on tax records what a property is zoned for? If so could I retrieve the tax records for the desired county I want to live in and sort through all of them and compile a list of all multifamilies then tract down the landlord? Any other suggested methods?

Thanks in advance!

Derrick