All Forum Posts by: Julian Drew

Thank you all so much this information is incredibly helpful! There are so many nuances in structuring the business which seems to be largely based on the type of investment we are going for and what we are wanting to achieve from the business and I have a great idea of how to move forward now. I am very very thankful.

1 Vote

Raleigh, North Carolina

Hi all,

My business partner and I are looking to purchase our first property but just have a few questions concerns about how to structure the purchase within the partnership. I have heard that it is difficult to get a loan under a LLC and just wanted to get some advice on how others have structured their partnerships in order to purchase properties. Should we try to find a lender that will loan to the partnership or should one person hold it on their person books, or is there another method that I am overlooking? If you have any other general advice for structuring the partnership that would be greatly appreciated as well.

Thank you very much!

0 Votes

Raleigh, North Carolina

Quote from @Cory J Thornton:

Quote from @Julian Drew:

Hello,

I am a new real estate investor and currently own a townhouse here in the Raleigh - Wakefield area. For my first deal I am looking at converting my basement into a full studio apartment and renting out both the top and bottom part of the townhouse, like a pad split. The property would cash flow very nicely upon doing so however I am unable to find out if I can legally rent out separate spaces of the same house in Raleigh if I don't live there. Has anyone looked into doing this in Raleigh and if so, is it possible to do this? I don't have any restrictions in doing this from the HOA so this would be the only other hurdle I need to cross.

Hey Julian - I think the pad split\rent by the room strategy will become increasingly popular, along with a continued shift to multi generational living, as housing becomes even less affordable. I have an agent on my team that is currently exploring shifting some of their STRs to rent by the room.

I would carefully review your HOA agreement. If you knowingly or accidently cross a line, it is much more likely to hit the radar of your HOA before anyone is Raleigh notices. Make sure you HOA allows rentals and make sure you map your room rental leases to comply with their rental policy. One key area to pay attention to is parking. Many HOAs will regulate the number of cars per dwelling. If you decide you are able to move forward with your strategy, then that is another thing to consider when placing multiple tenants.

Last thought ... every investment has a trade off or risk to be considered. Remember that HOAs can vote to change their rules. What is permissible today may not be permissible a year from now. I would want to know the overall sentiment of my HOA (informally), before I invested to do a full conversation and make an additional living space.

I love creative real estate and wish you the best of luck in your investing journey!

Hi Corey,

Thank you for writing this, these are definitely some great considerations. Thankfully my HOA is very investor/rental friendly (which I was considering when buying) but that is a really good thought I need to comb through those details as I hadn't thought about how much parking is allowed and I'm sure there are some other considerations I am missing. Thank you very much!

0 Votes

Raleigh, North Carolina

Quote from @Sophia Griffies:

Hey Julian, I recommend Jackson Law. I use them for advice on my rentals and for closings. There are plenty of opportunities in Raleigh to meet up with other investors. You should definitely join TREIA (Triangle Real Estate Investors Association), and there’s a Bigger Pockets meetup in Raleigh one Wednesday evening each month.

Sophia

Hey Sophia, Thank you for all of the help I will certainly be reaching out to them and will also be getting involved and coming to those meetings. Thank you so much again!

0 Votes

Raleigh, North Carolina

Quote from @Sophia Griffies:

Hey Julian, Plenty of investors are using that strategy in Raleigh, and it sounds like you have a great investment property. The safest bet is to consult with a real estate attorney. Please let me know if you’d like a recommendation. Good luck!

Hi Sophia, Thank you so much for the reply and that is great to hear! Seems like one of the few strategies that will work in this very expensive market. I would love a recommendation if you have someone in mind. Also, do you know of any real estate groups that meet up in raleigh?

Thank you very much!

0 Votes

Raleigh, North Carolina

Hello,

1 Vote

Raleigh, North Carolina

All Forum Posts by: Julian Drew

Julian Drew has started 2 posts and replied 6 times.

Post: Asset Ownership within a LLC

Post: Asset Ownership within a LLC

Post: Rent by Room in Raleigh NC

Post: Rent by Room in Raleigh NC

Post: Rent by Room in Raleigh NC

Post: Rent by Room in Raleigh NC