All Forum Posts by: Donald Danley Jr

Hi Everyone,

Its been a while sent I last posted anything. I have been focused on educating myself more, making connections, finding others interested in the same goals, etc. My wife and I have been trying for 2 yrs now to get our “foot in the door” in investing. We have recently come into some great opportunities to do so via Sub to and maybe even possibly doing just a wholesale deal. 

The wholesale deal is the area I need some advice as it is Out of State. We have a friend who is looking to get out of owning his hotel in Kansas. I have researched the area where it is located and it has a lot of potential. However, given the current market with rates and commercial financing tightening requirements I don’t quite know what would be my best option. I will give some details as to general location. I already made the mistake once of giving the actual address of a potential property in the past only for it to be swiped from my grasp. Lesson learned. 

Its in Kansas. Great driving distance to the NFL stadium, close to many recreational parks and other attractions. Its off market as my friend hasn’t listed it as of yet. So how can I find a potential buyer or possibly a potential partner being that I am not a known player in this game yet? Would it be a bad deal to seek as a first investment? I don’t have much insight to the local market in Kansas either so any input on this is greatly appreciated? 

Sincerely 

D. Danley

Do you think the ever growing RNC going on in the surrounding areas affect these prices? Also what affect if any does the RNC projects going on have on the market currently?

 I work and live in the Union county area in NC.

I do residential new construction and can tell you this is part of the reason for the drive in prices in our area. My wife and I have also been looking into the area and surrounding areas such as Waxhaw (popular growth spot) and a few others. However we have had several potential properties we have come across. I would suggest finding a realtor friend who may be able to help give you access to the MLS. My wife and I know a few so thats how we are finding places. We have not closed on a deal as of yet though.

As someone whom has no investments yet I can’t offer much advice. However as a NC native who works in Residential New Construction as a licensed hvac/r technician I can tell you there is another option to consider. Surf City may not be a growing population however it is a very popular vacation destination for people looking for the more relaxed vacation spots. Have you thought about looking into taking it from a long term rental to a short term rental? Just something I would consider. Especially with Surf City being only about an hour drive from the growing market of Wilmington NC. My wife and I frequent Wilmington for her photography work she does. I hope this provides some useful info if any. 

Best wishes. 

One thing I haven’t figured out yet is a way to see comps on rents in areas. Is there a way to gain this info other just Googling avg rent price in “area name” to find some idea of how to better analyze areas for potential rentals? 

My wife and I are respectfully grateful for all the input. We are definitely rethinking our plans as well as the suggestion of a high interest account. I recently heard of this on a podcast of Ken McElroy's which lead me to researching it. As for the REIA we are highly interested and just to prove we are serious, because I am the only income, we plan to sign up for pro soon. I know I don't have to do this to find an REIA, however we won't others to see how serious we are in working towards our financial goals.

I can not express the level of gratitude and appreciation for all the enlightening information that all have given. 

Respectfully,

Donald Danley

This particular property is in Anson County in the Wadesboro area. Most of the people in this area work either for Tyson Foods, plastics plants, or somewhere in SC at manufacturing plants. I used to live in the area years ago. Crime rate isn’t very high. My wife and I are looking into other properties as well closer to the Mecklenburg County area & in Union County. I know these areas very well and I have direct experience with all the development going in these areas as a RNC worker. I do see there are many things I need to consider before making a decision on this particular property. 

I appreciate that insight. The area of NC where this property is the average rent is around $715 a month. It is a very low income area where it is at. However the area is starting to grow with the new construction developments starting to move into the area.