All Forum Posts by: Jenna Bamlet

Hello fellow real estate lovers. I'm stuck at a cross road in a sense. I have a property in Jacksonville, North Carolina that I've renovated. It's been on the market for sale and had an offer that fell through. Now it's time for the back up plan of making it a rental. My future goal is to have rentals, I just don't think now is the best time. I have a hard money loan and I need to get out of it with either a bridge loan or a 20/30 year fixed loan. I'm open to selling to an investor. I do have a property manager who just signed a lease for this property for two years. ARV is 110k, rent is at $1,000 a month. My property manager is charging 10%. I've done the numbers cashing out with a rental loan, at 75%, that would be $82,500 roughly making a monthly payment around $577. So with all that and setting $50 a side each month for maintenance the monthly cash flow would be around $273. Any guidance is appreciated.

Good day, 

I'm currently getting started with buying and renovating properties out of Jacksonville, NC. I've been in contact with a handful of real estate agents, as I'm sure everyone knows how difficult it can be to find a good one. If anyone has any recommendations on a good reliable real estate agent in Jacksonville, NC I'd appreciate it. One that isn't scare if the listing says mold or soft floor. After all I just need them to unlock the door.  

I'm looking for a property manager in Jacksonville, NC. This will be my first rental property. I would like to get a lease in place to help when refinancing from a hard money loan to a rental loan. Any contacts or helpful advice is appreciate.

@Emily Howlett I'm looking for a PM in Jacksonville NC, would like to connect if you have anyone you'd recommend.

Thank you everyone for your responses. 

@Christian Hansen I'm not sure I qualify for a traditional loan. I've dove into real estate when covid started shutting everything down. With that I have no proof of funds. The LLC I'm apart of is currently using Do Hard Money as our lender. I've been told that a rental loan is the way to go for this property from one of my partners.

@George Despotopoulos the property hasn't been appraised, but the estimated value is $110,000. The hard money loan is roughly 70k give or take. Rent in the area is around $700 maybe $750. 

Hello,

I recently finished my first solo property. It’s been on the market just over a month and I had one potential buyer who terminated the contract. It’s time for me to use my back up plan of making this property into a rental. I’ve called some lenders that I found using the BiggerPockets website, I’m still not entirely sure which one would be the best to finance this property. It’s a small three bedroom one bath in the New River area in Jacksonville. This property has awesome rental potential, I’ve had several people stop and ask while I was still renovating the property when it was going to be available for rent. Since this property is become a rental property I will need to refinance it and use the cash out money towards another property. With all that being said are there any rental lenders for beginners that anyone would recommend for someone who’s credit is fair, has no extra money to bring to the table, and is looking for a higher cash out allowance? 

Thank you in advance,

Jenna Bamlet

Investment Info:

Single-family residence fix & flip investment in Jacksonville.

My company consist of four people. We all pulled together on 101 and we're able to scrape the money together that was needed to use a hard money lender.

How did you finance this deal?

My company used Do Hard Money to finance this flip. I believe we had to bring around 17k to the table for them to fund this property.

What was the outcome?

This house was a successful flip, even with all the issues that arose it sold and there was still a decent profit made.

Lessons learned? Challenges?

Some of the lessons learned, double your timeline. If you think you will have everything done in a week, plan for two. Some challenges we had were first of financing, we had a lot of hoops to jump through. Unreliable contractors, and some that said they knew what they were doing when they clearly didn't.

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

Do hard money was our lender on this property, we have continued to use them. I've heard a lot of negative fed back about these lenders. Now if it wasn't for my business partner, Shane, I don't think we would have continued using them. They require you to pay $3,000 up front to use them and their software. If you are unsuccessful with a flip the keep your money, I believe they rebate it back to you after your first flip, *if you ask about it.

Investment Info:

Single-family residence fix & flip investment in Jacksonville.

Investment Info:

Single-family residence fix & flip investment in Jacksonville.

Beginner just looking for some contacts. Does anyone in the Jacksonville, NC area know any good reliable contractors. I have a small property just needing minor cosmetic jobs completed. Any guidance is appreciated!