All Forum Posts by: James P. Hill

The market hasn't changed its trajectory in Coastal North Carolina from Jacksonville, NC to Wilmington, NC areas including the Camp Lejeune USMC military members. Some buyers and sellers are deciding to delay their real estate transaction that are not already under contract. From my research, transactions under contract are continuing to close. The buyers and sellers who really can't wait for months till the COVID-19 travel and work restrictions are listed are still going under contract while practicing deliberate social distancing. The spring market is still happening but it feels a little delayed. I talked with a number of real estate agents and a lender on a zoom meeting recently who believe we will likely see a flurry of action from pent up buyers and sellers, but not significant price shifts when the travel and work restrictions are lifted in the future. 

I have used my VA loan multiple times and have owned multiple properties on VA loans at the same time. The VA requires that you intend to make the property your primary residence for the 1st year. There are restrictions about repeatedly using the VA loan to purchase houses in the same area and buying the same type of house. Your lender can provide a lot greater detail about the VA Loans.

I work the Camp Lejeune, Jacksonville, and Wilmington housing markets as a Realtor. I have been assisting investors accomplish their real estate goals. 

@Tyler Segebarth In our local Jacksonville, NC market is very common to have it in the lease agreement that the property can be shown 30-60 days prior to the end of the lease. Depending on the price, pics, and area, some rentals are leased before a walk through due to the very low inventory of rentals and houses for sale. If you have good pics and the condition of the property is very similar, it is common to reuse the old pics. If you have updated a rooms flooring, cabinets, paint color, appliances, you might want to get updated pics of that room. 

Property managers and real estate agents are providing virtual tours and virtual open houses to comply with social distancing right now. This also will help your current tenant feel safer since it will significantly reduce the number of tire kickers. Do as much online and up front as possible to eliminate potential tenants within the guidelines of the fair housing act. It is okay to prequalify people. Ask people before they physically walk through if they are willing to sign a lease, write the check, complete the background investigation prior to seeing the house. You can facetime and email with potential tenants to get most the info you need. 

You can also advertise that it is coming soon and not available for showings until xx date to build up some demand. You can screen potential tenants during this time. 

@Jonathan Williams Sounds like you are off to a great start by reading some great material and following BP! Wilmington is a great place to live and work. 

@Justin Hunter Welcome to BP! It is one of the best places to learn about Real Estate. I am a local Realtor who understands investors. Feel free to reach out to me. I would love to send a few great opportunities your way.  

Some loans (VA, USDA, and FHA) require that the buyer occupy the house as their primary residence within a certain number of days following closing. Having a tenant actually removes these buyers from your pool of potential buyers. Rent to own can be risky for both the buyer and seller. I recommend making a clean transaction by either renting it or selling it. In order to use owner financing or rent to own, the current owner must own the property out right (no mortgage).

I am a local Realtor and happy to answer your questions. Please contact me if you would like to know more. My contact infor is in my profile.  This is not intended to solicit another real estate agents client.  

There are different kinds of offers and all offers are not equal.   A written offer in North Carolina takes a minimum of 14 pages of paperwork. Sometimes a verbal offer, text, or email are sent ahead of completing the paperwork with the most frequently negotiated amounts and dates. These verbal offers need to be put into a legal document in order to have an enforceable and binding contract. 

I am full time Realtor. It takes some time and research to prepare the paperwork for a written offer. I won't work with a buyer / investor that only make lowball offers that are not likely to become a transaction unless the buyer agrees to compensate me for that time. Real Estate Agents typically get paid at closing / recording of the deed. Consider making it worth your Real Estate Agents time and effort before asking them to write offers.  

Another consideration is that if you can only buy one property, don't make another offer until that offer has been rejected. What would happen if both sellers accepted the offer without a counter offer?  You would be under contract to buy them.  Using the due diligence period can still cost a buyer money when there is a due diligence fee that is nonrefundable. 

Best Wishes for Fantastic Deal Finding Day! 

James Hill

https://jphillrealtor.com/

Newfoundland is a beautiful place to travel and explore.  I looked at some properties in Gambo and Gander. I decided not to invest. Seems like the income stream and taxes for two countries complicates the situation too much to make it worth the time and effort. 

@Tiffany Alexy Thanks for sharing with Michael Gustavo. Are you all interested in investing the Jacksonville, Sneads Ferry, Holly Ridge, Surf City, Hampstead, or Wilmington areas? 

I am currently working on a deal with a developer to build some multifamily townhouses that will be near Camp Lejeune, NC. I am looking for investors that are interested in purchasing new construction townhomes potentially including duplex, triplex, and/or quadplex.

There are challenges to finding multifamily deals in the Jacksonville, NC and Wilmington, NC areas near Camp Lejeune, NC. There aren't many to find on the MLS and investors I regularly meet with have been saying the market just doesn't support buying right now. Some investors believe it is a seller's market due to the multiple offers coming in on listings. The truth is it depends on the location, subdivision, school districts, listing price, and HOA. Investors who follow the dollar cost averaging mindset buy in all markets because the market highs and lows are unpredictable. What is considered market price today could be considered a fantastic deal and genius business decision in the years to come if the housing market continues this steady climb and the coastal North Carolina population continues to grow. It could also be considered a poor decision if the market is close to peaking already. Current trends and new infrastructure projects (Topsail Bridge, Surf City Elementary, Dixon Middle School, Hampstead Bypass and lots of new housing community developments) lean towards growth. Only time will tell where the market will be in the future.

I have discussed the multifamily deal with a local lender and a couple investors that like the way the deal is coming together. I am working to structure the deals so the they will qualify for VA Loans (1-4 units) and offer local military members the opportunity to house hack in one unit while renting out the other units to Marines, Navy, and Coast Guard members stationed nearby, as well as, civilian community members. I intend to purchase one of the townhouses and rent (house hack) the other unit(s) using my own VA Loan. Please reach out to me if you are interested in learning more about this opportunity.

I would love to talk with BP investors that have put similar deals together.

Thanks,

James Hill

Real Estate Agent / REALTOR