All Forum Posts by: Jason Coleman

@Jeffrey Stein

Send me a direct message. I am a Greensboro investor and realtor. I own rental property and flip homes in both Greensboro and Wilmington. Like Steve said it is getting more difficult to find deals in Wilmington NC but Greensboro and the surrounding areas have plenty more upside. The 1% rule is still fairly obtainable here in GreensboroI'd be happy to show you around which neighborhoods have strong appreciation potential. Glenwood, Revolution Mills, Northwest Yanceyville all have strong appreciation potential. That is where I currently invest. Always looking to add more and Potentially partner up if the deal is large enough. Working on a 24 unit right now in Greensboro. Good luck.

What is the normal percentage for a managing partner in a Flipping/Rental business? Me and my partner currently flip and invest in rentals but I manage the business 100%. We work together on the rehab portion and split expenses 50/50. We have been splitting the profits 50/50 as well. Here is the problem. I find the deals, find the contractors (when needed), pay the bills, find legal support, organize the business, etc. I'm also a licensed realtor so I have been buying/listing the properties as well without technically getting paid. I am working with our RE attorney and editing the operating agreement. Just wanted to get an idea of how other flippers/buy and hold investors structure their business. Is 10% extra normal for a managing partner? My long term goal is to complete a limited partnership structure while creating multiple LLC's/ partnerships underneath that entity. Any advice is greatly appreciated.

Pops Electric, LLC does a good job. He's not the cheapest but he will tell it to you straight. I'll send you his info.

I have a background in Plumbing so I usually just take care of that myself. Send me some pics of what you're working with. 

Message me for a full market report. I have two pdf's you can take a look at that BP is not letting me upload. 

Hey Jason,

Figured we could make this an all Jason thread. I also live in Greensboro and those neighborhoods are a good place to start. I agree with Jason Smith though. It really all depends on what you're trying to get out of it. The economy here is stable. We have multiple large corporations that employ tens of thousands of people combined. We also have a vibrant local economy that supports local farmers, bakers and every other small business owner you can think of. Not to mention we have multiple colleges and universities within a 7 mile radius that keep the rental game rolling even better. Send me a message if you'd like to connect. I have met plenty of investors and a couple of partners through BP so I am happy to help. And Jason Smith let's connect as well. There are a couple of up and coming neighborhoods I have been scouting that I am about to pull the trigger on. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $158,000
Cash invested: $20,000

Buy and Hold. This was our first investment. Many more to come.

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

Down payment assistance through our county. Good airbnb rental as well as a long term rental.

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

MLS, offered under appraisal value.

How did you finance this deal?

Conventional 30 year. 20% down including down payment assistance.

How did you add value to the deal?

Living in this home gave access to a 4.5% interest rate in 2016. Wasn't planning on turning it into an investment but it turned out.

What was the outcome?

So far so good. Hanging it onto it indefinitely.

Lessons learned? Challenges?

Landscaping and lawn care needs to be included in our lease for this particular property. The tenants do not normally do a good job taking care of the lawn. I recommend putting that in the lease if the lawn would be a problem for the neighbors and tenants. This home is on a slope and has a mature landscaping.

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

I would recommend Jason Coleman as a realtor ; ) I used a community bank that is no longer in business haha. Reach out to me for other local lenders in the area. I have a preferred list of vendors I use.

@Karen Rittenhouse

Interested in attending these meetings. Please send me the info. Thanks.

Jason

Investment Info:

Single-family residence fix & flip investment in Burgaw.

Purchase price: $41,000
Cash invested: $45,000

Home was flooded during Hurricane Florence. Made friends with some of the neighborhood homeowners. One person introduced me to a seller that was looking to offload a house. It was completely gutted from 3 feet inside the home out. ALl of the demo wasd pretty much finished. We just had to put the home back together.

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

First fix and flip opportunity.

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

Networking at it's finest

How did you finance this deal?

Cash Deal. Used a portion of our post tax retirement savings

Lessons learned? Challenges?

Deadlines, deadlines, deadlines. Get your contractors to sign contracts and set deadlines ahead of time.

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

I am a real estate agent with Keller Williams which reduces my cost during the listing process. I would only recommend realtors that invest in real estate themselves.

https://www.triadreia.org

Greensboro and the Triad area is a great place to get started investing in RE. The Triad REIA is also great place to absorb information. Don't hold back your questions. Nothing builds your confidence like a deal or two though. Don't get paralyzed by too much info. I got started 1.5 years ago after listening to BP and it changed my life. Have 3 properties right now and constantly looking for more. I left my "stable" laboratory job to pursue real estate full time. Decided to get my Real Estate license as well so I'd be glad to help out however I can. I've been in the Triad area for over 12 years. Good luck to you. I wish you very best.