All Forum Posts by: Steven Griffith

@Erik Browning 

Thanks for the response! Your last paragraph is exacting what I am referring to - the origination fee is pretty high regardless of the type of property, and there are some other 'lender fees' that they add as well. I used the word 'closing cost' because on the closing documents it's all lumped in together in the final amount needed to close, but you're right - many of those costs are dictated by taxes and closing date, hoa, etc. I'll send you a DM - I appreciate the response! 

Hello BP,

Does anyone have a recommendation for a favorite mortgage broker for either Second Homes and/or Investment properties?  My wife and I are looking at purchasing a second home for our personal use, and a separate investment property.  I have one broker I've worked with in the past for investment properties, but their closing fees are extremely high.  I'd love to hear of any recommendations for brokers licensed in North Carolina or Georgia that I can reach out to.

Thanks!

Steve

Hello BP!

My wife and I are selling one of our investment properties (been an investment property for 2 years).  We've discussed a lot and are considering purchasing a second home in the mountains for our personal use.  I've done a 1031 in the past for investment home -> investment home(s).  Can I 1031 the investment home proceeds into a Second Home?  Or does that violate the "like-kind" description?

Alternatively, could we 1031 the proceeds from the investment home to a raw land purchase?

Thanks for any insight!

Steve

@Phuong Tran

We're getting ready to sell a 4BR/3.5BA townhouse in Chapel Hill (27516) that's close to the University and on the bus route. It looks like this is an older post, but let me know if you're interested!

It has a full basement apartment. Currently, the upstairs (3BR, 2.5BA) is rented and the downstairs (1BR/1BA) is also rented. Both leases are over in June, although the downstairs tenant wants to stay.

It's been a great rental, and Chapel Hill is a great rental market!

@Alex Forest, I also use Braden property Management (BPM), similar to @Aaron Howell.  

Yes, they take care of everything.  I unfortunately had one tenant (an ER resident at the hospital!) move out and they left a significant amount of damage - more than their security deposit covered.  BPM took care of everything - making the repairs, taking the tenants to court to get the owed money, etc (all during a Pandemic, I might add).  I get paid regularly every month, they provide a monthly report on any maintenance requests from the tenant, they reach out for my approval on any repair that would go over $300, and my unit has been rented continuously since 2016.  The only time it wasn't was the week or so it took them after the above-referenced tenant moved out and they had to make the repairs.  Rent has increased every year as well - they are really, really awesome.  I highly recommend them.  

I've recently decided to sell one of my townhomes there and see about 1031'ing the property into some additional properties.  The appreciation on that house is such that I should be able to buy 2-3 additional properties via a 1031, if I can get an offer accepted!  Otherwise, i may have to look into one of the other markets I invest in.

@Heather Collier

There is some great advice here. The only thing I would add is:

Offer to buy the neighbors house. Explain that you're doing everything you can to be a responsible owner (cite your responsiveness), you're sorry they feel it's inadequate and that they are exasparated but that you are above and beyond complying with all local regulations, and that unfortunately it's not feasible for you to move to AZ nor sell the property. Instead, you'd be willing to consider purchasing their home if they're interested in selling.

You never know - you might be able to get a second STR out of this!

Hey @Dean Carter!

Thanks for the offer! I had a chance to go see the property in person, walk the property, and talk to the agent for some additional details. After getting some new information, I'm passing on the triplex. Too many red flags for me. If you're interested, PM me and I'm happy to send you the address so you can look. It's in Durham near the American Tobacco Trail, so a great location!

I'd definitely be up for partnering in the future, though, for the right deal!

@Katie Balascsak

@Caleb Heimsoth invests in Rocky Mount. Can you chime in?

Has anyone had success in purchasing a 2-4 family investment property, putting only 20% down in North Carolina?  Not house hacking.  

If so, how did you do it?  I'm being told that I'll need to put 25% down. Has anyone found creative ways around this? Portfolio lenders? Commercial?

Thanks for any advice!

@Tod Schmidt

I'm curious about the answer, so I'll definitely be following this! Just curious, but did you confirm this with a few other lenders? They don't need to pull your credit - just explain the situation and ask if they can lend on that. Maybe emphasize that there is no full bathroom. I've had lenders tell me things before and try to convince me that what they're saying is true everywhere. Yet when I talk to a different lender, they tell me something completely different. Just a thought! Good luck