All Forum Posts by: Greg Fitch

Phil, the local REIA group, Triangle REIA or TREIA, is excellent and offers lots of opportunities to network locally. For Triangle area flips specifically there's the Deal Makers monthly events -

https://www.meetup.com/Triangle-Real-Estate-Deal-Maker-Sessions/. You'll meet lots of other investors there too.

Hmm I have never heard of him. I would be leery of anyone who offers a free workshop designed to convert attendees to the next level, a fee-based multi-day event. You may then learn that there's a next level after that - one on one mentoring perhaps? - that will cost more. And I'd be dubious of anyone who promotes a proprietary real estate investing "system" since that just perpetuates an expensive guru dependency. So you are right to be skeptical and ask around. 

The BP podcasts are an incredible source of information and confidence for new investors - I listen on my commute, how efficient is that - and you'll get a sense from listening to the interviewees who is reputable and who is not, and the various approaches out there to wealth building.

If you are set on a particular person, you may want to learn as much as you can about his investment record, how long he has been investing, what sort of returns he's created, what folks are saying about him, and has he been sued, etc. The web is a great place to start. It's great you are taking action; best of luck.

Cody, congrats on starting out in real estate investing. Burlington has loads of potential being so close to the Triangle. I'd love to find multifamily there at reasonable cap rates but that has been a challenge.

Hi Casey - I don’t know High Point by zip code but would look at crime maps and where major employers are. City-data and wiki offer a wealth of free info too. And the closer a property is to Greensboro which has a larger employment base and more diversified economy the better in my opinion. Hope something lands for you!

Hi Darius - I'm in the Triangle market which shares a lot of growth characteristics with the Charlotte market so I'll chime in with an opinion, which is to start simple by staying local and focus on workforce housing in your market, in those communities that are within commuting range to Charlotte and to other major employers in your area. Look for stable, safe neighborhoods, ideally single family in character. The barriers to adding workforce housing are enormous because of the soaring cost of labor and materials, and combined with the growth in the local economy, you'll have a lot going for you right off the bat.

PS don't let that web site project be an excuse for not working toward your goals!  Get going! And while you are in the car, use the time to listen to as many real estate podcasts you can as well - that can help boost confidence - best wishes

I looked at Acorn & Oak for some units near High Point recently and really like their service approach but they may insist on an above average fee of 10% of rents, and are new to the Triad so I wondered if their relationships with vendors and contractors were as good as with the established local firms. This is super important when problems surface in units. I ended up going with Fowler & Fowler; if your units are in or near High Point you might look at them. They don't service Greensboro proper and I don't know that market as well.

My sense is labor and material prices around here are about 8-10% higher than a year ago and your cost per square foot might be in the $130-160 range. That does not include a garage or screened porch which are cheaper. And yes add city fees including water and sewer hookup fees. Assuming you already have the land.

Another 'expense' is the time value of money - the possible delay in construction as finding a GC to do the work is hard in this economy and you may wait months to get on someone's building schedule. I looked into multifamily new construction and couldn't figure out how to make it work. WIsh I could be more upbeat.

Another idea is Brandon Hall, the Real Estate CPA (podcast and virtual firm). I believe he is based in Raleigh. I have not used his services but have listened to a few podcasts.

Eric, it doesnt look too bad. I think some of it could be felled with a string trimmer, some of it with loppers. Then you'll need to get rid of the debris, perhaps re-grade the area, then landscape the site, whether its sod or shrubs and mulch. In total it's a lot of work for one person - it might be worthwhile hiring a landscape contractor to do it since they can bang it out quickly and hopefully professionally - time being especially valuable if you are trying to rent the house.

Multi family is such a scarce commodity - what’s behind your thinking? Is the land worth more in a different capacity or are the townhouses in bad shape? Have you considered selling? I know you asked for a demo contractor (no ideas there except if the local Habitat ReStore sells architectural elements they might have a suggestion or two) but this captured my attention.