All Forum Posts by: James P. Hill

Does anyone of a contact for hunting leases in Onslow or Pender counties or the surrounding areas? Thanks. James

I am interested in attending the next meet up. Is there one scheduled? Thanks. James

@Brandon Hall @Rich McCormack and other BP members.

I am in a very similar situation with my condo I purchased which was brand new construction in 2006 for $120k as a personal residence. We moved out and converted it to a rental in 2008 when the other units in the complex were still selling for around $110k used and $128k new. We refinanced it in 2011 to help it cash flow. It has never provided yearly cash flow and still doesn't with dropping rental prices in the complex, repairs, vacancy, HOA and PM fees. There is high turn over (average tenant stays less than 12 months) due to military members moving or deploying. I live too far away to self manage or do the repairs myself. The only units that have sold since 2010 were foreclosures or similar foreclosure prices. Currently the foreclosures are listed for about $80k, with some sold at auction for about $55-60k and we still owe about $95k. The foreclosure sale prices have always been about $15-25k less than our loan amount. Other owners we know are in same situation and either foreclose or rent at a loss every year. I used to think this property would eventually be able to be sold for what we owed, now I think that may not occur till the value drops significantly and the rent drops with it making it a cash flow and appreciation loser for years to come. Houses in the area have maintained or increased in price. The area has built condos every year so people are buying new condos all the time, but not used ones. I am looking to buy BRRRR properties in the near future.

It is currently rented. I don't want to foreclose. At 10 years old, I am sure there are more necessary repairs coming soon. When and how do you sell with the least amount of loss? How did the taxes work out Rich or anyone else with a similar experience?

I really wish I had BP (or a crystal ball) prior to 2006.  Thanks for your advice BP members.

JP

I'm still interested, just checking back. 

What effects are most likely on the USA real estate market from the British exit from the European Union? I'm wondering how interest, inflation, preciuos metals, and stock market decision/trends will create opportunities in real estate. How will those same things create barrier/obstacles for real estate investors? How are lenders likely to react? 

Is it time to develop cash reserves to buy and hold, time the bottom of the market, or BRRRR?

I'm really looking for the seasoned real estate investor's opionions that have survived a few market scares.

Thanks, 

JP 

There is a lot of wisdom in the posts above. Here is another perspective. 

If I could go back in time and give myself advice, I would most likely have become an electrician and studied general contracting as well. A bachelor degree isn't the guarantee to a  successful career it used to be. I am a fan Mike Rowe's Works Foundation. Skilled workers typically get paid as well as or better than those with a bachelor's degree. Skilled workers can see their accomplishments every day. Office workers can see their achievements too, but sending emails, creating power point slides, and drafting document isn't the same as creating physical changes at a job site. Trade schools offer business courses that can be taken at the same time. 

Entry level positions are available to highschool students during weekends and summer. 

Written from my phone, sorry for the grammar. 

JP

My wife if from the Gambo Newfoundland area and we are considering REI in NFLD. I am from the states, so I don't know much about the NFLD Market, laws, or REI systems. We travel to NFLD A few times a year and have plenty of family in the area. Has BP helped you in your NFLD Market? I like the BRRR method and am considering flipping. Private message me if you are interested in more detailed conversations. Thanks.

JP

I am considering real estate investing in Newfoundland Canada. I will soon retire from the US military with a pension and we are looking for investment opportunities. Let me explain... My wife is from Newfoundland Canada and we visit 2-8 weeks (spread over a few visits) per year depending on where we are living at the time, when I retire from the military, our visits will be more frequent and likely longer. It seems like it would be nice to have some legal work/remodeling on personally owned investment properties. That would allow more frequent and longer visits. I like the BRRRR method and have considered flipping.

Are there any Americans out there that are investing in Canada and/or more specifically Newfoundland? Is your spouse or a business partner Canadian? What BP groups discuss this type of situation? What are the right questions to ask about this idea for taxes, banking, legal working/investing laws, etc.? We have lots of family in NFLD that have tools and extensive remodeling experience. Thanks for your advice! 

JP

@Matthew Balyk How is REI going for you Matthew? My wife if from the Gambo area and we are considering REI in NFLD. I am from the states, so I don't know much about the NFLD Market, laws, or REI systems. We travel to NFLD A few times a year and have plenty of family in the area. Has BP helped you in your NFLD Market? Private message me if you are interested in more detailed conversations. Thanks.

JP

@kerry Thanks again for sharing your experience and knowledge with us! Sorry to hear about your family health issues, but glad that the military helped the family with the PCS .