All Forum Posts by: Steven Griffith

Hi @Terrell D.

Welcome to BP! I'm also in Chapel Hill, and it's a great area. In regards to your strategy, you'll likely find more BRRRR opportunities in Durham than you will in Chapel Hill. If you've perused these forums much, then you'll see that the Triangle is probably one of the top 5-10 destinations for Out of State Investors, combined with the local investors, all of which makes the market HOT. But then again, it seems like everyone thinks their market is hot, so maybe it's just the times.

Multi-Family in the whole triangle region is tough - they just don't stay on the market long unless they are way overpriced or there is some significant damage to them and the property owner wants too much for them.  Personally, I've seen more MFH in Durham and North Raleigh than anywhere else, although I have seen a couple in Chapel Hill over the past 2-3 months.

There is a BP meetup that happens once a month and is usually posted on here. Unfortunately it was last week, so you just missed it, but it's a great chance to network if you're comfortable with in person meetings. Another opportunity for you is TREIA (Triangle Real Estate Investors Association). There is a paid membership I think, but I have the free one and it suits my needs perfectly. They send out a nice wholesale list at least once (sometimes more) a day of properties both within the triangle and within ~1 hour drive. Lots of wholesalers appear to contribute to that list, so that may be an opportunity for you! Just do your own due diligence, as some properties are located in towns you've never heard of, or sometimes the reno cost and ARV they list are....questionable. Again, welcome to BP!

@Sean Rhodes Good luck!

I don't have any property there or else I'd make a recommendation. Maybe try posting in the BP subForum specific for either Shreveport (if there is a forum) or LA and ask for recommendations or who to avoid. Just a suggestion! Good luck!

@Sean Rhodes

In addition to @Edward B.'s comments, ask for other BP member recommendations. Where is your property located? I was looking at one PM in Texas, commented on it in a post, and had several members message me and tell me NOT to use them. Reach out to BP abs draw on others' experience! That's my suggestion. And congratulations!!

That's awesome, @Adam Witek!  Can I ask who you used?

That's a great point, @Matt R.. Honestly, I walked away. 800K is too much to spend on a SFH investment property, in my opinion. The guaranteed income is nice, but at 4K*24mo = 96K over 2 years. At today's rates, debt service alone on something like that with 20% down at 3.625% interest for 30 years (what i bought my last investment property for in April) would be around ~3k for P&I alone...so 72,000 over 24 months. Then add on property taxes, insurance, HOA, etc. I don't think it makes sense for me...but if you're interested, send me a message and I'm happy to pass on the developer's name and contact!

@Ellie Ryan

I guess like most of real estate, location matters. I've had a similar thought to you, and am focusing on Western NC or Eastern TN region. The investors I've talked to all said they had a big drop in bookings.....For one month.

Now, they say the are more full than they've ever been, and are on track to meet or beat previous years. They say demand has absolutely been through the roof, and one investor mentioned he picked up an additional property in June and is now looking for another.

I've also looked in the Outer Banks (NC coast) and the 1 investor I've talked to out there said there was an initial drop, but that he's now booked solid, even though this is usually part of his slow season. I'm not sure where you're considering doing a STR, but at least here in NC in the vacation areas that market seems to have bounced back

@Adam Witek

This has already been said, but SHOP! It doesn't cost you anything but time to call a few places and ask for a quote. I know conventional wisdom is to try small credit unions, but personally I've had much more luck with better rates/terms with nationwide companies (like those listed below) than when I call my local CUs, including the one I've been a member of since I was a kid.

I got a quote on a triplex last week (purchase price of 500K, credit in the 760s-780s):

Company 1 (PennyMac Mortgage) 25% down, 2.99% 30yr fixed, 1point.

Company 2 (Cityworth Mortgage): 20% down, 3.625% 30yr fixed, 0.125points

Company 2B (Cityworth again): 20% down, 3.375% 30yr fixed, 0.75points and a 0.375 lender credit

Company 3 (Arvest Mortgage): 25% down, 3.625% 30yr fixed, 1point.

Company 4 (LowRates.com): 25% down, 4.25% 30yr fixed, 1 point.

Thanks @Chris Martin!

Indeed, I finally managed to get the numbers and they and they don't look as great as I had initially hoped.

For anyone who is interested in the numbers of this particular deal:

Purchase price:   $805,000

Leaseback for 18 months, with a possible 6-month extension, for $4,000/month. 

We will credit your monthly utilities and landscaping

House transfers as-is (no conversion of the driveway), with normal wear and tear.

We will repair any damages. 

Thanks @Sean H. and @Greg Dickerson! I I appreciate y'all clarifying. I'll do exactly as you mentioned, Greg. Thanks again!

Hi Y'all,

I've found a house that I plan to flip in Chatham County, NC (Chapel Hill). I've done various repair work in other states/counties, but this is my first in Chatham and my first ever I plan to do the majority of the work. I'm trying to read up on pulling permits and recently came across this line:

"Individuals acting as their own contractor must be the landowner, permit applicant and the person signing the application. The landowner also must complete the work and reside in the home for at least one year upon completion....Building permits shall not be required for non-structural work under $5000..."

When applying for the permit, there's an affidavit you must sign and notarize attesting to the 12mo personal occupancy, or else you received the permit fraudulently.

So if you must reside in the home for one year, how does anyone flip a house or do reno yourself in Chatham County? If you have to pull permits for anything over 5K, and your looking to flip or rent a house post-reno, is there no way to do that legally? It looks like you must hire a GC and can't just sub out the work - am I reading that right? Does anyone have any experience with this or with permitting in Chapel Hill nc or Chatham County, NC? If I have to hire a GC, I will - just trying to figure out how anyone does anything themselves (i.e hanging drywall, tiling, kitchen cabinets, fencing a yard, framing closets, etc) if the cost goes over 5K.