All Forum Posts by: Kelly McIntyre

Hi all, I’m looking for some advice on how to replace a wall ac unit in my rental. Specifically in Raleigh NC. 

The condo is on the second floor of a building and has an extremely old wall unit. So old in fact they no longer make the unit. A few years ago I had a repair man come out when it was making horrible noises. The motor was off balance and the fan blade inside it was cracked. I replaced the blade and haven’t thought much of it since but the problem has snuck up again so it’s time to replace it. 

The problem is the width of the unit is ~42 inches wide. They just don’t make units that long anymore. So I’m having a hard time finding a replacement to just slide into the existing hole. 

What would you do? Hire a contractor to make the hole smaller? Are they able to if the exterior of the condo complex is brick? Then do I need a different person to help me install the new unit? 

Any information you can help me with would be so appreciated. I’ve called multiple HVAC places and keep getting the response “we don’t work with wall units.” I’m not sure where to go next. 

Hi All, 

I'm experiencing rushed analysis paralysis. Can someone help me understand if this is a good investment? 

I'm looking to buy a condo in a nice neighborhood the median zestimate is $510K. This would be my first investment property ever but also my primary residence for the first couple years. The property was listed yesterday for $150k and went under contract today. The contract fell through because the HOA had lower reserves than the amount required by Fannie Mae.

It's a two bed, one bath with HOA fees of $195/month. The avg. rental rate for this area is $1,000 - 1,100. I can do 20% down to avoid the issues with the reserves. From what I understand my monthly payments would be ~$970/month.

Does this sound reasonable? Or should I run? 

Thank you so much for the good information @Matt King ! I'm getting some analysis paralysis on the loans I can afford the 20% down but I don't know if I should.

@Matt King , good call out. I'm still exploring all the options available but I'll most likely go for a buy and hold strategy with a conventional loan. Since I'm so new to the game it's also likely I'll be house hacking. My dream is to get a multifamily unit right off the bat but I'm not sure my finances will allow for that right now. 

Thanks, @Matt King I'll have to look into Coastal Federal, I've never heard of them. When you shopped around for your loan, what types of lenders did you check out? I'd like to cover all my basis but I want to ensure I get a wide variety checked out.

Thanks @Andrew Kerr ! I'll reach out to @Tiffany Alexy directly. Are either of you involved in any investment groups in the area?

Hi All, 

I'm just getting started with real estate investing and I'd like to find a realtor that works with investors and a good lender in the area. Does anyone have any recommendations? 

Thanks!

Kelly

Hi I'm looking to invest in my first real estate property EVER in Wilmington, NC. I'm 25 years old and looking for some help/advice on a potential investment. 

The property I am looking to purchase:

Asking price $275,000

4 BR 2 Bath & detached efficiency unit attached to the garage 1 BR 1 Bath

1,950 sq ft

Built in 1947

The whole property currently rents for $2,475 ($950/$900/$625) and the current vacancy rate is 7.71% in Wilmington. The property is in decent condition - not great but no immediate updates needed. All units are currently rented. My dad will be helping me with this investment and paying for the property in full in cash. He will own the property but I will be paying him the mortgage (3.5% rate, $20,000 down). Does that make sense? 

ANY help would be awesome, what am I missing? What should I offer? Is this a good deal?

Also if anyone knows of any real estate agents that works regularly with investors in the Wilmington, I'd love to get their contact information. 

Thanks in advance!

I'm sorry, Charles said he took the CFCC course which is the Cape Fear Community College course.

Hi Colleen! ILM Is Wilmingtons airport code. I think Charles was saying he took that course and it cost him under $1,000. I have not taken the course but I am very interested in learning about available courses in the area as well. I'll keep you posted if I find any other courses!