All Forum Posts by: Jared Rogers

@La T. You need an attorney and an insurance broker.  Both need to be experienced with investors and rental property. So attorneys only work retail sales. Calling insurance companies is a waste of time since the people you would be calling do not understand investment property. The insurance is different and more expensive especially if it is vacant. I usaul put my empty rentals into a builders risk policy since they are usually only empty when I need to do work. Insurance as a vacant house is fairly expensive and not the most comprehensive as well.

@Colin G Murphy gave you two local resources I would start there.

@Dustin Isaac I buy in Winston Salem and surrounding areas as well and would be interested in seeing what you have.

@Josh Kellum

 Welcome to BP.  Nice to see another person from Camel City joining the community!  Keep me in mind if you find some properties.  I am always looking for rentals or flips in Forsyth County.

@Gisela Pallares two other key components too research are the utility bills and the zoning. Get actual copies of the utilities (water and sewer).  Electric should be limited to community lights etc. On zoning you need to know that the park is zoned correctly and what are the local ordinances you have to adhere to for adding homes to your park. These can be very cumbersome. Also make sure to inspect thoroughly any park owned homes as the repairs add up fast.  

Commercial loans should allow for renovations if it adds value (like adding more homes to the property or facilitating the ability to increase rents). However given the price and depending on the rents you may have a tough time since it would appear that the property does not cash flow very well going in.

@Anna Jordan I have lived in both and the cost of living is similar. Both are vibrant. Raleigh has more of a college atmosphere but both have lots of well educated young people. 

@Tevell Williams I think you have had and probably will have harder tests at college and in your final semester.  If you pay attention and attend every class you should be fine.  Some people struggle with the terminology used in real estate but not something that can't be overcome.  Good luck!

@Canesha Edwards Welcome! I would say that you should go to the Triad REIA meetings as a good starting point. There are 2 lunches a week which are free to attend and then one monthly meeting (3rd Thursday evening of every month) that has a small charge to attend or is free to members. You can learn a lot there and you can meet some really good wholesalers that always seem to have the small fixer upper rental for-sale. Good luck on your real estate adventure.

@Allison Mayfield Every NC licensed Realtor has access to the standard NC Association of Realtors, Inc. forms.  The form you are looking for is Standard Form 410-T.  Make sure to get the current version which was most recently revised in 7/2014.  This form is rather pro landlord but if you feel like you need more just add it to Section 28(c) or reference an addendum in this Section 28(c) and attached it.

@Frank Garcia You are partially correct. It is not illegal, you just need to qualify them. That can be with a LMO or you could do a lease option where the rental payment history for a year would go a long way to having a qualified person.

@Frank Garcia I have friends that have used a local group, QM Solutions, not sure they go to Seattle but I would be shocked if there is not some group like them in that area.

On the Lonnie Deals question I am a little confused.  If you are speaking of buying with seller financing I am fairly certain Dodd Frank does not apply.  Investor (seller of the home) to Investor (since you are not planning to occupy) financing is exempt.  If you are speaking of selling to an owner occupant than DF would apply.

On buy and hold in parks, you need to approach the parks that you are targeting.  Some work with investors and some do not.  Others will work with investors but do not allow rentals so you have to sell but can sell with owner financing.

Your primary exit strategies are buy and rent (if the park allows) or buy and sell with or without seller financing.