All Forum Posts by: Jason Velie

@Joe Prillaman

Thank you for 5+ years of hosting these meetups in our community and adding so much value. The knowledge gained and connections made at your meetup by all of us is priceless. You da real MVP!

@Matthew Kidd

Which Wilmington?

@Rachit Puri

Hey, if you look at my profile (on a desktop), you can see most of the deals that I’ve done and the cities that they’re in. Almost everything has been in the Wilmington, NC area.

@Sparkle Carlock

I used Venmo to do a cash advance on a credit card to cover the closing costs on my first flip.

I started real estate investing 3.5 years ago with no money, after listening to Bigger Pockets and learning about Hard Money Lenders, Private Lenders, etc. I had a career in Finance that covered our living expenses, so we didn't have to use any real estate income to live off of. For my first flip, I used a HML that funded 100% of the purchase and rehab, and leveraged a credit card for closing costs, etc.

My model from day 1 has been to flip single-family houses (including a lot of singlewides and doublewides on land) and buy-and-hold multi-family. I use property managers for my apartments, and contractors for my flips. My pure passive cash flow from my apartment rentals has recently surpassed our living expenses, so I quit my 6-figure Finance career to do REI full-time. I am currently flipping 9 houses (no partners or employees), and my rental portfolio is made up of:

8-Unit - 100% Ownership

16-Unit - 50% Ownership

20-Unit - 65% Ownership

15-Unit - 100% Ownership (pending to buy this one next week)

I just want to say thank you to BP for the life-changing content that has changed the trajectory of my family's lives. I wouldn't have known it was possible otherwise. 

If I can do it, you can too!

P.S. If you're attending BPCON in Orlando this year, hit me up!

Wilmington, see you there at 7pm tonight!

@Anne Leanos

Hey Anne, congrats! I’m a local flipper, and I own a couple smaller complexes. I intend on going full time next year as well. Shoot me a message if you want to do breakfast or lunch one day. I always enjoy meeting other local investors.

There are several local meetups, but the only one specific to commercial investing that I’m aware of it the one hosted by the Nomad Capital folks. It’s the first Thursday of every month at 5:30pm at the Flying Machine Brewery.

Also, I'll be speaking at the Costal Carolina REIA meetup November 8th at 6:15pm at 1826 Sir Tyler Drive in Wilmington, but there isn't a focus on commercial. Feel free to come hang out if you'd like!

@Brian O'Neill

Hey Brian, feel free to connect sometime and we can do lunch or something if you want. I’m an experienced investor in Wilmington. I flip houses and own a couple small apartment complexes.

You won’t find anything listed that will make sense as a rental in this market. You have to market for off-market properties. And generally, multifamily is going to provide a better ROE (Return on Equity), which is why I flip single family and hold multifamily. There are also other ways to passively invest in real estate, such as private lending or being an investor (limited partner) in apartment syndications.

I’m going to be speaking at a meetup in Wilmington in a couple weeks that might have some useful you’d find useful. Send me a message if you’re interested in coming, and I can send you the details.

Good question. We have no intention of selling it, but if we did, we would sell it for more than the loan amount. For example, the current loan amount is $875k. If we sold it today for $1.2MM, the buyer could put $325k down (which we would get to keep), and assume the $875k loan with the original seller. Then we no longer own the property, and are no longer responsible for the loan between the previous owner and the new buyer. If we sold it for higher than that and the new buyer didn't have enough to cover the difference between the purchase price and the loan amount, they would have to obtain a second position loan. 

However, when it comes to tapping into the equity via cash-out-refi (while we still own it), that gets tricky. We couldn't refi the original loan without triggering the huge prepayment penalty, so we'd have to try and find a lender willing to provide a 2nd position loan. 

@Brian Rogan

I thought that got nixed?

https://www.wilmingtonbiz.com/amazon-tied_firm_backs_out_of_pender_county_purchase_offer/2022/05/05/amazon-tied_firm_backs_out_of_pender_county_purchase_offer/23191