All Forum Posts by: Jason Coleman

We are creating an RE investing group here in Wilmington. I didn't realize these messages were on a different thread. We're supposed to be meeting at the port city Java on Oleander today at 6pm. If you want to join that group look up "Wilmington NC Investing group" in the forums. We're going to exchange info these next couples of weeks and figure out a time that works best for everyone. Or connect with me and I'll send you updates. Thanks. Jason

I recently moved to Wilmington as well (on Sunday). I'm looking to implement a similar strategy. My wife will be getting her real estate license while I focus on the rehab/property management side. I'd like to start a bigger pockets Wilmington group to meet once a month to network and learn more about the process. Would that be something you're interested in? We moved from Greensboro where we will be keeping our primary residence and turn it into a rental. I'm looking for SF, duplex, tri, and quads. Price range depends but would like to stick around 100-150k with at least positive cash flow of 100 per unit. We can meet for coffee or something if you'd like. I'd recommend attending and signing up for the wilmington REIA group as well. It's cheap, easy and a good place to start networking with the right people. Good luck.

Jason

Having a yard sale Saturday since we're moving to Wilmington so I have to miss it. Check out 1007 Kindley Court on auction.com . Auction ends July 31st. Current bid is 17,500. Ran the numbers, thought it was a good deal all the way to 60k but we have a lot on our plate right now so I have to pass. I'll be reaching out from time to time and coming back into Greensboro for deals. Keep me posted.

Jason

I'm interested. I'm about to move to Wilmington but I plan to continue investing in Greensboro. Let me know and I'll join the meet up. Thanks. 

Jason

Hey BP,

Is anybody familiar with the owner occupant loan laws/regulations in NC? Specifically Wilmington, NC. I am O/O financing a property and I want to turn it around and rent it out after we live in it for a year. Is this something I can ask my mortgage officer or is he just going to pull the plug? Should I call multiple officers? Didn't know if this is something I should keep under the radar until it's time to move. I'm not trying to do anything sketchy I just want to save on the 1%+ they will charge me if I finance it as an investment property. My wife and I are married with no children so we want to do this with 2-3 properties in the next 4 years while acquiring additional rental properties. Any tips would be very appreciated. Thanks BP!

Jason

Deal 129k

20% down

30 yr

Looking for a realtor in Wilmington that understands investing in rental property. My wife and I are moving to Wilmington the end of this month and were looking for both a primary and a rental unit. I am from Greensboro so I'm not as familiar with the coastal area yet. Any suggestions would be helpful. Thanks.

Thanks Paul. I appreciate it.

Hey BP, My wife and I are accepting a job in Wilmington, NC. We are going to rent our primary home in Greensboro, NC. Two questions. We are currently mortgaged on our primary using the 15k DPA (down payment assistance) program. This 15k gets prorated for 5 years so for every year we stay here they take 3k off the 15k balance. We moved into the house 1.5 years ago and the 15k was/is for owner occupants only. Since we are moving and renting our house I'm wondering if we have to tell our mortgage broker that we are no longer going to be owner occupants? Would we then have to pay back 12k immediately? Just wondering if anybody has experience with this. I will reach out to my attorney as well but just wondering in the meantime. If you're located in the Wilmington area and want to meetup I'd be happy to. We are hoping to short term lease and then house hack a duplex in Wilmington within 6 months. Supposedly the market is pretty hot there right now. Thanks BP, Jason

Hey Greg, Welcome to BP. I'm a newbie investor in the Greensboro area as well. Just put an offer in on my first deal this afternoon. Greensboro is a great place to start. There are plenty of student rentals as well as good family rentals all over the place. The flip market is pretty hot at the moment. The two friends I know that flip are having a harder and harder time finding deals. Wish you the best. Good luck. Jason Coleman

Hey BP, Looking for a General Contractor in the Triad, NC area. Anybody have references? I have a house I just submitted an offer on that needs at least 30k worth of rehab work. Thanks. Jason Coleman