All Forum Posts by: Derek B.

@Samad Rainey welcome to bp. Be sure to also post a new member intro. As Tony mentioned, knowing more about the house and comps is needed. I grew up about 20 mins from there. Without knowing specifics but just knowing that market, if it is a lower priced property then its probably better suited as a rental than for OO. Give as much info as you can and I know the community will chime in.

@Keith Bloemendaal congrats on the new venture, the design and overcoming the funding hurdle.  The rendering looks great. Would love to check it out when i am there this summer.

welcome @Keith Bloemendaal Great to have you here. Best of success in your new venture.

@Dawn Roof the important points of the area, tenant in place and rent sustainability have been covered. Since you did not break out all of your numbers: Maintenance - make sure you are funding for both repairs and capex. With an HOA, you may not have building repair, roof, etc, but you will still have long term items like appliances, hot water heater, etc. On the topic of the HOA, how well is it managed? Is it well funded and do the rates appear sustainable? Have there been any assessments? Is the HOA adequately funded for community capex (building roof, siding, parking lots, etc) so that they don't have to assess the owners? Make sure you are funded for vacancy (estimate 10% of rent). Even with a tenant in place now, you will have a multi-month vacancy in the future. On your property manager estimate, you may incur a charge of 1/2 - 1 months rent when placing a new tenant, in addition to the 8-10% of the monthly collectible.

Welcome to BP.  You are in a great place to learn and connect.  On a side note, your photography is awesome!

@Louise Whidby-Drake specifically for new hanover county, try etax.nhcgov.com and click on property records.  I think you will find that most counties in n. carolina have robust online sites with ownership info.  

@Michael Williamson    i agree with others that the deal is thin. As Brant noted, you could force cash by managing yourself and raising rents (which I think you certainly have room to do on this 3/2 depending on the area).  My big concern on top of an already thin deal is that the hvac is nearing replacement any day.  The roof is a toss up as to how many more years you get, but you will not be able to fund enough capex in the early years for these items and still hit your return objectives, in my opinion.

welcome. You will love the quality of life here.

@Bill Sargeson may be able to offer a suggestion if I remember correctly a post of his sometime back.  Good luck.

Welcome to BP and to GSO.  There is a lot of great content and people here.  Check out the podcasts, beginners guide and post your questions. Any thoughts on areas/strategies of real estate investing that interest you?

 @Joshua Dorkin , awesome concept to bring these 3 together for a round table