All Forum Posts by: Dave A.

Why does every company in the note servicing space have a website that looks like it was made in 1996?

They all look frighteningly sketchy.

Try Jennifer Fincher:

https://www.jkfincherlaw.com/

That sounds like a lot of money and a lot of work that may be better invested elsewhere. You may want to consider selling your current property and finding a new property that already has a permitted basement apartment. Or instead buy a duplex where you can live in one half.

If you prefer to stay put, I would be looking for other properties in your neighborhood with finished basement apartments that have sold recently to use as comps. Chances are that it will take years, perhaps decades, before your property will appreciate enough to recoup that $120k investment in your basement. 

If you currently have extra bedrooms, you may want to consider listing those bedrooms as short-term rentals on AirBnB or mid-term rentals to travelling nurses on Furnishedfinder.com. You may find that those strategies put more in your pocket every month than the basement apartment would, without the expense of construction and permitting. Good luck!

I have a seller that is looking to unload a bunch of SFRs and small multi properties from his 200+ door portfolio. My understanding is that he's over-levered himself and needs to lighten his load. Not sure what his current financing status is but he's refinancing into a 12-month bridge loan at about 14% which is scheduled to close soon. Anyone have any suggestions as to how I can best structure a creative deal to take 20+ units off of his hands at once with minimal cash down per property?

@Nicholas Mitrano I live on Long Island and invest in Fayetteville. Long story short, it's a great market for cash flow but not so much for appreciation. Property taxes for a SFR in my area range from $12k - $25k per year, making it very difficult to cash flow locally. In Fayetteville, expect to pay around $1k - $1,300 in taxes annually. The multifamily market in Fayetteville is extremely competitive however SFRs are plentiful. If you see something on the market that looks too good to be true, it's probably in a flood zone (common in Fayetteville). As @Jason E. Smith mentioned, it's also much more landlord-friendly than NY or MA.

Cool, I'll be there.

Hi @Brian Corbett & @Michael Rivard

Thank you for the additional info. I will give a call to figure out a good time to get together when I land in NC. If you have any particular properties in mind, please PM me and I'll send my phone & email info so that we can discuss and figure out which ones make most sense to go see when I get there.

Best Regards,

Dave

@Brian Corbett I know very little about Greenville but if it has any compelling growth drivers such as big employers moving in or a burgeoning tourist area, I would definitely be interested in hearing more. Has the market seen any issues with rising insurance costs in recent years, being so close to the coast?

@Tiffany Alexy Thanks for the info. I like to get at least $150-$200 per month in cash flow for single families but I can see where that may be lofty in a hot market like the Triangle. Is the area seeing inordinately high rates of appreciation as compared to some of the other NC markets? 

Happy New Year All,

I will be visiting the Sanford, NC area from January 15th through the 19th and I'd like to see as many properties as possible during my stay. If any realtors or wholesalers anywhere within 45 minutes to an hour of Sanford (Raleigh, Cary, Fayetteville, etc..) happen to read this, or if anyone can recommend any that I should reach out to, please get in touch. Any help is greatly appreciated.

My primary interest is in multifamily however with the competition for multi being high and the pickings slim, I am also very interested in single-family homes in C+ or better neighborhoods that cash flow well.

Dave