All Forum Posts by: Eric Weireter

Regional Carpet Care... was originally recommended to me by a janitorial company. Now they are my go to and I utilize them frequently in the commercial buildings I manage. I know they do some residential work as well. Prices were always responsible and the local rep, Rich Regan, is very easy to work with. Let me know if you want direct contact info. 

@Callie Brown - Yes, the HELOC would be better suited if you were using it on an investment property. Though, you would have to verify the numbers all worked because you would have to repay your HELOC in addition to any debt you leverage to purchase the investment property.

The idea that @Curt Riffel tossed out is a good point about the tax-free gains. Though, you only need to live in the property 2 of the last 5 years to receive the capital gains tax-free. So, in your situation - if selling the property was your decision - you would have 3 years to sell the property without having to pay any capital gains tax.  

@Callie Brown - another possibility would be to capitalize on the equity that has been built through appreciation by pulling out a HELOC on your townhouse here in Durham. Then you could utilize the HELOC to help fund the downpayment on your property in TN. Of course there are risks associated with that such as increasing your debt, but most HELOC payments are a minimum of 1% of the outstanding balance. I can recommend a couple credit unions in NC that would be good to use, one of which didn't cost anything.

Definitely, you should calculate the numbers before committing to this option, but it's worth looking into.

Hi @Soup Nikk - as an expert in the Durham market, I would agree with the property manager you have had discussions with. In this market, assessed values are significantly lower than what properties are transacting at.  

@David Kessler - YES. In North Carolina, you will need your broker's license to perform property management services.

Key components of property management (leasing and renting) are considered real estate activities under existing North Carolina real estate licensing laws. As a property manager, if you are going to lease, rent, list, or offer to perform any of those acts, you will need a broker's license.

In North Carolina the only people that can manage real estate are:

1. a licensed realtor; 
2. the property owner; 
3. employees of the property owner; 
   • ...such as a manager in the owner's limited liability company; and clerical, maintenance or janitorial personnel or other people ~ who are not involved in the renting' or leasing of real estate.

Here is the link to the  NCREC - License Law, Rules, and Guidelines.  There is a link there that also talks about the  Vacation Rental Act that would be of interest to your business plan. 

If you want to dig into the weeds and review all the legalese of who is required to have a NC broker's license... read  NC General Statute Chapter 93A Real Estate Law, more specifically section 93A-2 - Definitions and exceptions. Within that section, it states any person who offers to sell leases or offers to rent any real estate for others is required to have a NC real estate license.

Hey @Uriah D., based on @Andrew S. 's comment above I was curious myself. So I did a quick google of "residential occupancy limits Raleigh" and learned about Raleigh's definition of the Rooming Business.

Then I also came across this article from 2014 where  Chapel Hill finds 12 tenants in house, fines landlord $60k. Crazy!

Hi @Tony Roddenberry - The Triangle area in North Carolina could certainly meet most of your needs above... 

• Church - there are plenty of churches in our area. I'm positive you'd be able to find one that fits your needs
• Flipping/Rentals - you'll be hard pressed to find deals to flip, but the rental market is strong.
• Foster resources - I don't have any background/history about fostering, but with Duke University and the UNC medical systems - I'm sure you could find the necessary resources and support groups.

Hey @Mike Castellow - I'm located in the Triangle region of NC. 

Areas of the Triangle would certainly meet most of your criteria. The only questionable criteria would be the weather... while the summers get hot and the winters are mild, we still experience all 4 seasons. Though, towards the mountainous (western) part of the state (Asheville) that you mentioned in your post, it does not get as hot, but the winters have more snow (skiing opportunities). 

If you want to talk about real estate and the investing community in our area - just let me know. 

Hi @Josh R. - I just sent you a PM. I'll be launching PM services in August. I'd enjoy the opportunity to earn your business. 

@Steven Tyrrell - as @Matt Berklacy mentioned you can go the private/hard money route. Or if you want to get rehab loans through a bank, your options would be a 203k loan (if you intend owner occupy the property) or a HomeStyle Rehab loan if you do not plan on it being your primary residence.