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All Forum Posts by: Jason Coleman

Jason Coleman has started 69 posts and replied 184 times.

Post: Is North Carolina a good state for rentals

Jason Coleman
Pro Member
Posted
  • Real Estate Agent
  • Greensboro, NC
  • Posts 199
  • Votes 161

@Kim Snyder

I invest in Greensboro as well as Wilmington NC. Both are solid markets with food cashflow. Houses are generally higher priced in Wilmington but the short term rental game is strong. Greensboro provides great cashflow with a better price point. Feel free to connect. Happy hunting!

Post: Flood insurance cutting WAY into our cash flow...

Jason Coleman
Pro Member
Posted
  • Real Estate Agent
  • Greensboro, NC
  • Posts 199
  • Votes 161

@Jennie Monfried

I haven't tried this personally but I just heard Brandon talk about this on the podcast. He mentioned a fellow investor getting the flood insurance initially like normal. Then after closing (and not in a rainy season), cancelling the flood insurance. He said the lender will repeatedly ask/tell you to put flood insurance back into the property. Just repeatedly tell your lender "nope" . The lender will be required to get flood insurance through their insurance contact. This contact will be providing flood insurance at about half the cost. This will be billed to you through escrow. This will cut your flood insurance cost significantly. I wish I tried this on one of our coastal properties. It could have been a good BRRRR but we decided to flip based mainly on the flood insurance. Anyways, good luck to you.

Post: Financing My Basement Flip and Future Deals

Jason Coleman
Pro Member
Posted
  • Real Estate Agent
  • Greensboro, NC
  • Posts 199
  • Votes 161

Hey Nathan,

I figured I'd answer you here instead of a phone call haha. That way if other people are in the same boat they will be able to learn from it. 

Go to your bank or credit union and apply for a personal home improvement line of credit. You can normally get those for around 5-8% which would be a lot cheaper than trying to go through a hard money lender. Hard or private money lenders don't typically care as much or invest in your primary home even if you're making it an airbnb. Being that you only have 3% equity or so in your home a bank won't give you a second mortgage most likely. Unless you are a veteran, which I know you're not ; ) 

Good luck. Let me know if you need any contractor recommendations. Talk to you soon. 

Post: Looking for a Good Property Manager in Greensboro, NC

Jason Coleman
Pro Member
Posted
  • Real Estate Agent
  • Greensboro, NC
  • Posts 199
  • Votes 161

Realty Consultants is a PM that I'd recommend. Good call Dan. 

Post: Anyone located in the Wilmington NC market I can reach out to?

Jason Coleman
Pro Member
Posted
  • Real Estate Agent
  • Greensboro, NC
  • Posts 199
  • Votes 161

Hey Erik,

Welcome to BP! I just moved out of the area but I know there are plenty of investors that hang out at the coastal REIA. It would be a good place to start. Mike Otelsberg and Teddy Smith are two investor/agents that I trust in the area. Would be worth reaching out to them as well. Happy to connect if you have questions. Good luck.

Post: Looking for a Good Property Manager in Greensboro, NC

Jason Coleman
Pro Member
Posted
  • Real Estate Agent
  • Greensboro, NC
  • Posts 199
  • Votes 161

Hey Chinyere,

How many SFH's to be managed? I have a couple depending on the answer. Shoot me a message so we can connect. Good luck.

Jason

Post: Agent/Boots on the ground Greensboro, North Carolina

Jason Coleman
Pro Member
Posted
  • Real Estate Agent
  • Greensboro, NC
  • Posts 199
  • Votes 161

@Mark Harris

Hey Mark,

I'm an investor/agent who primarily works with investors in and out of the area. Send me a message so we can go over this in more detail. Thanks.

Jason Coleman

Post: REI 2.0 (err 3.0?) Greensboro, North Carolina Intro

Jason Coleman
Pro Member
Posted
  • Real Estate Agent
  • Greensboro, NC
  • Posts 199
  • Votes 161

@Rodney Walker

Hey Rodney,

Glad to hear you're sticking with real estate...again ; ) Persistence is key. Let me know if you're around and want to grab a cup of coffee sometime. I'm a Triad investor/agent. Happy to connect. Thanks.

Post: Introduction to Real Estate Investing- Greensboro, NC

Jason Coleman
Pro Member
Posted
  • Real Estate Agent
  • Greensboro, NC
  • Posts 199
  • Votes 161

Welcome to Bigger Pockets. This community is an unbelievable (free) tool for RE investors of all kinds. Don't be shy to post on the forums and ask questions. Most of us are happy to help. I am an investor as well as a licensed agent located here in Greensboro. The value and growth potential in the Triad is excellent. It is possible to find those multifamily properties here but 80-100k duplexes are surely in C-D class neighborhoods. Let me know if you want to sit down for some coffee or lunch sometime. I have met a bunch of clients on BP so I am happy to help if you're serious. The problem newbies always face is analysis paralysis. Just do it. Buy yourself a rental property that fits the 1% rule and learn as you go. You have to dive in at some point to get the momentum going. Good luck with your search. 

Post: What I learned with my first Airbnb

Jason Coleman
Pro Member
Posted
  • Real Estate Agent
  • Greensboro, NC
  • Posts 199
  • Votes 161

It's funny you mentioned this because we are working on turning our long term rental in Wilmington to an Airbnb. I appreciate the post. Systems are important. It's a never ending process of fine tuning and management. But hey, soon I'll have enough rentals to sit back and relax...haha jk. Good luck with the journey. Wilmington and Asheville are both solid cities btw. I'm partial to Greensboro but Asheville and Wilmington are both beautiful.