All Forum Posts by: Jared Larry

Hi @Account Closed

I looked at the NCCU area before eventually finding my house hack in East Durham. The tenant base in the area is a little less stable, and a lot less familiar with the technology that makes our lives easier. Many of those homes have great bones and there is definitely money to be made there. That said, if the path of progress is your guiding star then I would encourage you to consider other areas of Durham.

There are no amenities to draw higher paying tenants to the area and getting to downtown without a car is an unpleasant experience unless you’re near the American tobacco trail. Compare that to the relative ease of getting downtown from East Durham which also has the Golden Belt and the some new restaurants and redevelopment along Angier/South Driver and it becomes hard to make the case for the NCCU area being better for appreciation over the next 2-10 years.

Redevelopment is (probably) coming to NCCU neighborhoods. But after watching developers in Nashville attempt to develop every other lot in the city before penetrating TSU’s neighborhoods (another HBCU), I would caution that it could take longer than you think. If I had to buy & hold in South Durham I would checkout Hillside Park near established areas and stay west of Alston and as close to downtown as possible.

I am scheduled to close on my second fha financed multi family property in 2 weeks while still having my first fha loan (in another state) and it hasn't been an issue.  I've had to educate my lender on some things as they aren't as familiar with the program, but as long as you know the rules and are clear with your intentions then it shouldn't be a problem. 

Little Rock is very economically segregated city between well off and poor with not much between (few non-government, corporate employers and about 20% below poverty line). A lot of those 40k houses south of I-630 and in the south-west part of town are in depressed areas, and I'd be very wary of purchasing sight unseen unless you are VERY close to the university or have trusted boots on the ground.  As @William Porterfieldsaid, local investors passed on those properties for a reason.

Welcome, Murad.  I am originally from Little Rock myself.

@Yoochul C., That address is much closer to Memphis than Little Rock.  Helena is a very small town on the Arkansas border across the river from casinos in Mississippi.  I've only passed through the area, but this link shows very high poverty rates in the area.  I'd take the hassle of dealing with that tenant pool into consideration before investing.

Although I do not have experience with auctions, I think they may be worth looking into in some parts of Nashville.  The property next to mine was auctioned on the courthouse steps and went without a bid back to Fannie Mae for $60k.  It sold as-is through homepath a few months later for almost $36k more.

I don't think there is a such thing as too old, but you need to know what sort of issues to expect with an older home.  If you don't have extra money spend on repairs then I would stick with newer 80s+ builds.  My property was built in the 50s and had issues with a settling foundation, old wiring, and galvanized pipes.  Luckily I was able to roll most of those costs into my loan (203k) and still paid very little out of pocket.

@Mark Douglas

The FHA absolutely makes loans for duplexes. I recently closed on a triplex in Nashville using a FHA loan. It may be that the particular lender you're talking to doesn't do FHA loans. If that is a route you'd like to take, I'd suggest finding another lender.

I was able to get the front and back of the check.  The back has an account number from the bank at which it was cashed printed on the back, so apparently whoever cashed it had to enter their account information.  I took this information to the bank in question, but they refused to help saying that since I was not a member they were not responsible for starting the claims process.

Do I have any recourse with the bank here?

Is there another way to find out who the account on the check belongs to?

The check was cashed.  They absolutely should have had an ID.  The non-profit told me the name of the bank at which it was cashed, but I do not know at which branch.  Shouldn't the deposited check have a time stamp?

I purchased an owner-occupied triplex in December that I will not be able to occupy until February (203k). One of my inherited tenants currently cannot work and is having his rent paid by a non-profit.  Yesterday I called the non-profit to let them know I would be posting a pay or quit notice on the tenant's door for non payment of rent (the paperwork was filled out 12/30) if they could not tell me the status of the check.  The tenant's case worker informed me that the check had been mailed to the correct address and had been cashed 1/8.  The signature on the check was my name, but obviously did not match my signature.

The case worker said she will look into what can be done on her end, but I am not sure what my course of action should be.

Should I call the police?

Is the bank that cashed the check liable in this situation?

Any input would be greatly appreciated.