All Forum Posts by: Victor Olowu

Thanks a lot @John Newman and @Dawn Brenengen.  I'll look into both companies.

Thanks a lot of the tips @Matt Rothwell.  What kind of cap rates should I be expecting in the Durham and Chapel HIll areas?  And is living in really Durham feasible, or would it be a crazy commute to CH from there?  It doesn't look too far and was an easy drive when I visited, but I came in late at night so there was no traffic then.

I recently got accepted to UNC's grad program in Chapel Hill, so I will be moving out there in the fall. I hate paying rent so I was thinking about having some tenants pay it for me.  I am looking at buying a 2/3/4 multi-family building and living in one of the units.

Does anyone know any good finance companies in the Raleigh, Chapel HIll, Durham area that work with real estate investors?  Maybe some credit unions? Ones that you can actually talk to in-person vs just filling out an online application that gets an automatic yes or no.  

@Chris Martin I saw your list, and that is pretty low inventory of multi-families for a metro-area that big.  I am shocked.  It just means I have to hunt that much harder, which only makes the satisfaction when you get one that much greater! =)

@Doug Sowder Thanks, I'll look into them.  Although, I think @David Dachtera's point about self-managing is concerning the property not the SDIRA account. You have to pay someone else to do any (rehab) work necessary, you couldn't do it yourself and then pay yourself using a self-directed IRA. Any expenses you incur self-managing the property could not be paid out of your self-directed IRA.

@Jay Raught Thanks for the idea, I'll definitely look into that ASAP.  Do you know what the risk factor is on those notes (in general)?

@Levi T. Obviously, I would have preferred Raleigh get ranked #1 after I buy my property, but it's still good news.  I visited there recently and was surprised how low house prices were, but they correspond to the rents down there which were also fairly low compared to the more expensive markets you and I might be used to.  I'll spend the first few months digging into the market to find the best option out there.

Thanks, @Edward B. @Gino Barbaro @Brian Eastman.

I'll look into these.  I've also heard that another big thing that I need to watch are the fees the custodian charges, which can wipe out a lot of your return.  I'll continue researching.

I'm going to stop working in next few months, and spend the next 2 years doing my masters. I have about 60K in my current employers 401K that I will have an option to roll into an IRA once I stop working there. Since I won't be working for the two years, I will not be making any contributions to this money in that time, however, I still want it to grow aggressively, so I am looking for options that will allow me to invest this money in real estate. All I will be doing is school for those two years, so I will have the time to self-manage the property if necessary.

I am all about the multifamily and hoping to be able to buy an apartment building of at least 8-units with the $60K (as downpayment).  I've heard some things about self-directed IRAs, but not sure how to make that happen.  Does anyone know the best way to actively invest this money in real-estate, i.e. not just buying REITs?  Or any other way to invest this money that would have comparable growth.

I will be in the Raleigh, Durham, Chapel HIll area.

@Pam Storm@Mike Makkar

The Chicago market is pretty strong, at least in my neighborhoods.  I just wanted to crystalize my strategy as I acquire more units whether or not to spread the lease end dates out more.  When you only have 7 units like I do, 2 or 3 leases ending at a time is a huge percentage of your income.  I think I should stagger them throughout the warmer months more.

I try to make sure my leases end during peak seasons to guarantee a good pool of candidates in case my current tenant doesn't renew, or I decide not to renew their lease. I now have a good number of leases ending the same month though.  

Do other landlords use this tactic and just spread them out more?