All Forum Posts by: Greg Pawluk

Just to give you an idea... my investment property total loan purchase value of 221,325 came out to... 4,489 of closing, 2,008 or prepaids, and 1,234 in escrow.

2-3%.

@Ben Magee, Iowa!  Good deer hunting!

I hate to even say it.... rich dad poor dad is what got my mind racing.  I'm now reading Brandon's and David's books.  Lot of youtube and online articles.  

Outstanding. I want to BRRR on my next one or do a multi family, or both. Been researching creating financing options as I can already tell capital is going to be an issue and I don't have the option of house hacking. We're in our forever home.

Nice meeting you.  Stay in touch. 

Anyone out there who’s a realtor and knows the sneads ferry/ surf city/ topsail beach area ?  

Trying to decipher a property and need some local assistance. 

Thanks. 

If it's anywhere near Raleigh, I'll assume your mortgage and we can be partners.  JK.  No, but really.  

I'm no pro... but they say never sell real-estate and if you do, use it to by additional property.  Good thing is you lived there, I'm assuming over a year? so you should be good tax wise.  And you have great equity.  So no matter what, I think you win.

I'd definitely shop around with lenders right now and see what's the best rate they can do on a refinance right now, or if they can at all.  At least you'll know for sure.   

If it were me I'd shop around and either 1. greatly reduce your monthly mortgage, increasing your cash flow (giving you room to dish out a 8-10% gross income management fee), or 2. (optimal choice) doing a cash out refinance and using that money toward another property in TN.  That would be my game plan.  If you cant refinance just yet, I think I'd still rent it out while you build credit back, even if you hire a management company and give up some cash flow.  Then you'll be in a position to have three properties instead of looking for a second again.  

Good luck!  After all, it's a good problem to have whatever you decide.

@dawnbrenengen.  Just seeing this, been busy with work and finals (putting myself back through school).  Would definitely be interested in a meet up in future.  Thanks.  

Nice work...So STR are seemingly increasingly profitable in my market (in RTP area). I don't utilize them myself, so I've always found it hard to believe that, that many are using VRBO/AB&B, etc, all that frequently. Obviously no guarantees, but are there down months to these STR's? My biggest concern is not covering the loan for multiple months. Or is it pretty steady? I am interested in doing a BRRRR, but with STR instead of long term. Just curious. Thanks.

Wow, nice.  So direct mail/ off listing, making it convenient for them..... no bid wars. Nicely done.  Might have to steal a page from this in future.

If you aren't living in the property and it's NOT considered a "second home" (some sort of destination, winter/summer home) then it will be considered an investment. 20-25% down. Right now the better rates are 25%. From what I've read (I'm not a pro), you can still do a BRRRR, but you obviously would need to find a property with a big enough discount...aka a problem to fix as one of the main ideas is to get your down payment back after rehab. You can always take the equity out of of your GA duplex, to fund a new one in Charlotte and live in one side for a year to do a house hack/BRRRR (low money down), while renting out the property you're living in now. You could always move back in after a year. If you don't have kids, might be the way to go?

I can only speak for Raleigh area.... you will be hard pressed to find something in Wake County for less than 200k, without at least some rehab or capital improvements.  Since you're doing remote, it's an investment, and most lenders are requiring 25% down.  So on 200k house that's 50k right there...without any additional rehab/upgrading/closing costs.  Most homes in this market, depending on price point, are selling 15-50k over asking price right now. No to say with some extensive searching you wont find some.... but if you're looking to minimize upfront costs to get in the game, look in areas like Winston Salem, Fayetteville, Smithfield/Selma, where you can still buy a property for $125k.  Just my perspective, but I'm not pro.

Good work on saving!  

@haydenbreckenridge, Congrats. Solid work. I'm new in the game and just bought my first property (buy/hold) in the same area. I hadn't thought about STR's in this area much, but you're now the second person I have seen be successful. I know a guy who's making 5k a month in Apex. I didn't think the demand was there for these. Would love to pick your brain one day. Nice work.