All Forum Posts by: Don-Carlos Moniz

@Michael A.,

I won't add to the chorus of voices on locations in the state; there are already a lot of good recommendations.

I would recommend getting on some wholesaler mailing lists.  Don't assume that they are great deals, but you can start researching properties and running numbers.  If you go through a wholesaler, you will need to have the cash to close - some will work with conventional lending, but that is the exception, not the rule.  

You will also need a closing attorney - NC is an attorney state which means you will have to go through an attorney to transfer title.  If you are going to purchase a property through a wholesaler, you need to make sure the attorney will work the closing.  There are plenty of investor-friendly attorneys, but not all of them will work on wholesale deals.

You can find deals on the MLS, but they are not as common now. I am in the Fayetteville market, and our MLS has about 1/3 the number of SFRs it should.

Good luck, and if you have any questions, don't hesitate to ask.  Seriously, asks lots of questions - the forums are full of folks with lots of knowledge they are willing to share.

Don

@Antonio Bafia, what are the intricacies?  Depending on how in-depth they are, you may need to find an attorney.

@Ion M. Cerga, congratulations on another property.  If you keep making base hits, you will be in a position to take advantage of the homerun opportunities when they show up.

Don

@Gillian Scott, Happy Thanksgiving, and welcome to the forums.  There is a wealth of knowledge here - take advantage of that knowledge.  One of the first things I would recommend is to determine what your investing goals look like.  Once you have an idea of where you are going, you will decide on the investing methods that will get you to your goals.  If you have any questions, don't hesitate to ask.

@Ben McPhail, hopefully, you won't be dissuaded from investing in a property - just this one at this price.  A 3/2 in Fayetteville will typically rent around $900 to $1100 a month.  As noted above, once you account for the costs of owning the property and servicing the debt, there is not much (if any) income to be generated. Take the hard-won lessons that are being proffered and reduce the risks associated with an investment.

If you don't already have an agent, reach out to @Dan DiFilippo.  He works with investors in the area and can help you find and evaluate properties.  [Solicitation Removed by Moderators]  There are plenty of deals out there, so don't rush into buying something you will regret later.

Don

David, I would recommend reaching out to the VA - the regional office covering North Carolina is in Atlanta. I doubt there would be an issue with adding an ADU as long as you still occupy the primary residence. One of the reasons for the one-year rule is so that veterans don't use the loan to fund a purely investment property. Adding an ADU would be akin to purchasing a 2-, 3-, or 4-unit property with your VA loan for a house hack which is perfectly ligament.

@Rasean Lowe, I would recommend finding sellers. There are far more buyers right now than there are deals. Once you have a property under contract you can put it on Facebook Market Place (or how ever you plan to market) and have buyers contacting you. I would also recommend going to the local real estate meet ups to start networking.

If you haven’t done so already, I would start looking for an attorney. NC is an “attorney state,” so you will need one to close deals - and not all attorneys will work with wholesalers. I know that Tiago Tittle does, but there are others as well.

If you have any questions, don’t hesitate to ask.

Jawayne,

Try Tiago Title in Fayetteville, NC - they do a decent amount of work with wholesalers.

@Suchi Desai, if the addition is not annotated on the tax record, it is likely the work was not permitted.  I am not sure about Greenville, but most of the permitting offices in my area only keep permits on file for seven years.  

The official answer would be to contact the local permitting office and find out what they will require.  I recently had a client that went through this - the local permitting office required that a GC come out and inspect the property and perform any required work, and then they would inspect the addition.  Easier to do on a vacant property that you plan to put work into than on an occupied property.  Also, in NC, any agent listing the property would have to disclose any unpermitted work.

If you have any other questions, don't hesitate to ask.

@Evan Fraser, welcome to the forum.  I would recommend investing in a local market - somewhere you can drive to in a few hours.  If circumstances dictate that you invest out of your area, the market will depend on your investment methods and goals.  

There are plenty of markets throughout the Sun Belt that are landlord-friendly.  I regularly have out-of-state investors reach out about investing in my local market - it's a good market, but it's not a good market for every investor.  

Before spending too much time looking for your market, take a little time and outline your goals, then work backward and determine an investing strategy to reach those goals.  If you have any questions, don't hesitate to ask.