All Forum Posts by: David Patchett

Look in College Hill, Brice Street Area, Glenwood and downtown. Most bang for your buck upon exit is downtown. Most value will probably be in Glenwood. College Hill is established and is designated historic. Always demand there due to proximity to UNCG. 

Value add in Greensboro is a good idea since appreciation is historically slow and low.

Good luck!

@Zachary Akey

@Patrick Hogan

Gentlemen, I'm interested in Space Coast investments and would be open to a meet up to brainstorm ideas.

@Andy Brohard

Check out Greensboro Landlord Association for resources. May need to place a call if cannot find exactly what you are looking for on their website. Several commercial bankers have presented at past GLA meetings.

https://greensborolandlord.com/

@Ashton Levarek

In evaluating Greensboro, keep a close eye on city council voting and zoning. Much talk about being pro business, but I found its not the case once you're actually transacting. Margins are typically thin unless creating a screaming deal. Check out the Greensboro Landlord Association. The city itself has a high quality of life factor.

I have a NC LLC that holds title on residential land (in a great location) in NC that will be sold in the near future. I recently relocated to Florida where I plan to conduct RE activities in a LLC. Does anyone have experience domesticating their LLC to another state?

I've been happy with Adrienne Walker. She was assigned to my accounts last year when Sandy Shelton took leave of absence and did a good job. Very responsive in answering questions. If she doesn't have the answer, she finds out and gets back to you.

Adrienne Kralick Walker, CPA

DODSON, SHELTON & NELSON, P.A.

Formerly: Shelton Nelson And Associates P.A.

603 Dolley Madison Road, Suite 104

Greensboro, NC 27410

@Nicholas Arthur Hogan

I was renting the old house. The owners did a great job in maintaining the property for over 30 years before they sold it three years ago. I lived there for 15 years, raised a daughter there who went to great schools and the other tenant (in duplex) lived there for over 25 years. The owners are older, when I moved out 7-8 years ago, they realized they didn't want to run the "business" anymore. So they sold it. It was near Univ. of St. Thomas.

I rented a unit in a 1930's built house turned duplex in Houston for 15 years. It was brick, pier and beam with lots of character in a great location. Overall the house was built well. Room size is usually smaller for older homes, pending location that could impact rental rate. Don't be surprised if HVAC and hot water heater is located in a closet or pantry as these were would have been added decades after the house was built. If its pier and beam, find out when it was last leveled. May need to have that done. Also,check out the windows if they are originals or updated double pane. Windows are expensive, so if the current ones are trashed, then budgeting for that capital expenditure up front will take the sting out a bit.

@Annchen Knodt

Earlier this year, I completed the sale of a rental in Houston using a wrap-mortgage. In Texas, I learned a Title company can handle such a transaction. However, I hired an attorney to ensure my interests were covered (as the Seller). The attorney had me use the Texas 1-4 Family Residential Contract. Here's a link to forms authorized by Texas Real Estate Commission to familiarize yourself. Your attorney will have appropriate forms as well.

https://www.trec.texas.gov/forms-and-contracts

After doing additional research, I identified terms and provisions important to me to further mitigate my risk than whats in usual docs like Deed of Trust, etc. This list went to my attorney to ensure they were either not needed or added into final docs. My attorney dealt with the Title company attorneys in finalizing all appropriate documents. 

For me, a proven and skilled real estate attorney plus a professional and proven Title company for this specific type of transaction was a must. In Texas, these kind of transactions are not as common as NC. So find the right professionals to assist you in Closing the deal out.

Secondly, be wary about when and how much you will be able to receive your investment funds back in a cash-out re-fi. I have an investment in North Carolina that I purchased and rehabbed, all cash. Initial conversations with BP'ers and some lenders shared that, in general, the lending community will only cash-out to finance 70% or so of the original purchase price within first year of ownership. More research is necessary.

And third, Brenham is far from NC. Are there better options available closer that can be managed easier? Just wondering out loud. I have family nearby so I'm in Brenham once or twice a year. A great town that is growing. 

Best of success to you!

Hi David! Please contact Garrett Howell with Empire Industries www.empireindustriesllc.com