All Forum Posts by: Jason Coleman

I can also vouch for Bonino Construction. He does great work. 

Another GC I would recommend is Triplett Companies 

https://www.triplett-companies.com/

You are probably on the hook for the remaining contract period. If you we're to pull the plug prematurely you would still be responsible for the PM fee most likely. You would have to pay that fee up front for them to release you. At least, that's how my agreement is structured. 

Changing PM's is not exactly easy but it's not difficult. Sign a new agreement, transfer rents, security deposits, etc. Depends on how many units you have I guess. If you only have a handful of units it's fairly easy. If you have 100 units, that's a lot of paperwork. 

Hey Joseph,

Send me a message. I can't send PM info on this thread I guess. I also would like to know who your current PM is and what has happened over time? I am testing out two different PM's. One has a significant amount of experience but has scaled to a point where I am concerned about falling through the cracks. My other PM is a little less experienced but provides a higher level of service for a lower fee. I am using both of them currently but plan to consolidate in order to reduce my overall fees. 

I am trying to figure out where to park my cash. I have a rental portfolio "reserves" account as well as my realtor business "crash" account. There is a substantial amount of cash in each. My plan is to keep these accounts with 6+ months worth of expenses in case the bottom drops out or 5 HVAC systems die at once ; ) Originally, I was considering a REIT for both accounts but I am a little hesitant because many of those REIT are heavily exposed to the commercial office space market. COVID has changed the office space scene and I feel that these REITs have further to drop although I may be wrong. Bonds, index, individual stocks, REITs, etc. Figured I might as well make a little bit of interest while it's sitting there. Just wanted to see what other RE Investors are doing in this crazy market. As always, thank you BP for being an amazing community. I appreciate your responses in advance.

I am 33 years old. I intend to retire by the time I hit 36 years old with 40 doors. However, I love this business and currently see it more as a hobby so I plan to continue even if I don't need to. Getting into real estate was the best professional decision I have ever made. Passive income through real estate changed the game for me and my family. Love meeting other investors and building our portfolios together. What's not to love haha : )

@Adam Barber I live and invest in Greensboro, NC. Very familiar with the Winston Salem market and surrounding areas. Good luck on your search. Let me know if you need reliable contractors down the road. Winston is changing rapidly. Pay attention to the areas surrounding the new Wake Forest Innovation Quarter. Plenty of progress happening all around there. Especially once they build some bike paths and a foot bridge. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $85,000
Cash invested: $3,500

Seller financed deal. Section 8. Bumped up the rent without having to do any rehab. Seller is holding the note for 5% interest.

What made you interested in investing in this type of deal?

Seller financing

How did you find this deal and how did you negotiate it?

Friend of a friend who had multiple rental properties. I sold two off market, two on market, and purchased two for myself.

How did you finance this deal?

Seller financing. 5% interest. 5 Year balloon. Monthly numbers are a little tighter but that's not the reason I purchased. Low money down for this great deal.

How did you add value to the deal?

Bumped the rent up without rehab. Purchased below market value.

What was the outcome?

Buy and hold, hold, hold. BHHH : )

Lessons learned? Challenges?

Seller financing is a win-win for both the buyer and seller if you structure it correctly.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Myself ; ) Not having an official lender on this deal was pretty awesome. Made the whole experience even more fun.

Hey Andy,

 BP won't let me post emails or phone numbers on these threads. I have two lenders you can try out. One who is here locally and deals with large portfolio/commercial loans. Good luck!

Thanks Brian. Hopefully we will get through this mess sooner than later. 

STRentals are fairly stable in Greensboro. I have a client who owns a regular SF home with a one year lease/tenant that gets 1300/month. His house next door is an airbnb. That produces over 3500/month total! The houses are similar. He will be able to pay off his mortgage in less than 5 years. Just dip your toes in. If the Airbnb doesn't work, just make it a rental. Make sure the numbers work both ways regardless.