All Forum Posts by: Jason Coleman

Hey BP,

I have a situation that I haven't come across before so I figured I'd post it. One of my tenants called me yesterday and explained to me that her and her BF (both on the lease) are splitting up. She was in tears and told me that she felt unsafe because he has turned verbally abusive. She said that he has not been physical so far but she is worried enough that she is staying at her friends house for the next couple of weeks. They just resigned a year lease in January. She asked me what would it take to get out of the lease? I don't have anything in the lease that really covers this situation. Technically, I could make them live out the entire term I guess but I don't want that on my conscience if something were to truly happen. What would be standard practice? Two months rent/60 day notice? This would mean I have to clean the unit, find a tenant, etc. 10 months prematurely. Just wondering if anyone has gone through a similar situation before and what did you do? They both have been good tenants up until this point so it really threw me off. Thanks for the help.

Jason

Hey Phillip,

Sounds like a good deal. Just make sure you have the repair costs and the monthly expenses figured as best you can. It's difficult to estimate repairs especially when you first get started. But overall it seems like a good property to get your feet wet. Good Luck!

Jason

@Loryn Casas Hey Loryn, My wife and I live in Wilmington as well. You can't beat the beach! We have a couple of rental properties in Greensboro and we are currently rehabbing our live in flip/rental here in Wilmington. Depending on the area and the rehab costs I would choose the property that will produce the most cash annually. The difference in down payment is not that much and you will recoup that DP easily within a year. Of course this also depends on the area and the opportunity for appreciation. If you're up for it there are some opportunities to rehab homes damaged by Florence. My recommendation on your first home would be to purchase something that cash flows and only has 5-15k worth of work of repairs. Estimating rehab costs is tricky especially with all the contractors around here being full of work due to the storm. Please send me a message or give me a call if you ever want to talk real estate. We always like to speak with people who have real estate goals. Side note, I've heard a lot about these teaching opportunities in Korea, Chile, etc. It sounds like a pretty good deal if you do it right. I think you're on the right path. Real estate has opened many doors for my family just in the last couple of years. I'm also a licensed realtor so if you don't have a buyer's agent I'd be happy to help you out. Also I would join the Coastal ReIA group here. It has been a huge inspiration and source for knowledge. Good luck with everything! Jason Coleman

Does anybody happen to know of a general contractor in the Wilmington NC area they trust? We're using a renovation loan for our owner occupant home and we need a GC. Thanks for the help. Jason

Should have checked the topic bar for typos too haha

Hey BP, First off I want to thank the BP community. Thanks to the forums we have successfully rented out our first property and are ready to move on to the second. my question is about low down payment mortgages. my wife and I are about to purchase a home here in Wilmington NC. We are going to live in it, rehab it, airbnb it temporarily then move on to our 3rd property roughly 2 years down the road. We will rent it out full time once we move. Although we have the 20% for the down payment I am trying to figure out a way to purchase a home for less money down. Our first property I bought before we got married so technically it is under my name. My question is can my wife apply for a loan as a first time home buyer? I was hoping we could use her income to purchase a home with 3-5%down. I know that increases the payment and adds PMI but I think we could find a program with a reduced or zero PMI option. this would keep more money in our pockets for other investments or rehab work. Please let me know what you think. Thanks again. Jason

I’ve had a good experience with Mark Wilson from Hanover Inspection Service. He owns property in the Wilmington area and will give you some good ideas on remodeling, appreciation, etc.

Yea I signed up already. I'll be there tonight. Thanks Steve. 

Looking for a good flooring company that serves Wilmington, NC. I will be installing LVP flooring in a Buy and Hold rental we're closing on in 30 days. Need it installed soon after. Let me know if you have any recommendations. Thanks.

Also looking for a deck builder. Thanks BP.

Jason

Please send information [email protected]

Thank you. 

Jason