All Forum Posts by: Kerrel Gomes

Curious if investors are seeing an increase in demand in the Hampton Roads area. Seems like days on market is going down but inventory is trending slightly upward. What are you all seeing?

Does anyone know affordable flood insurance providers in the Raleigh-Durham area? I've spoken to a couple and seeing some large differences in quotes 

How has the current situation and lockdown changed your investment strategies? With the market temporarily down due to COVID-19 lockdown, what cap rate are you searching for? Level of rehab? Areas? It seems like a lot of buyers are switching from fix and flip to rentals from the conversations that I have had in the past two weeks. 

1000% educating yourself on what to do with it. Attend TREIA meetings, networking events, meet local rehabbers and investors. Understanding how you want to invest and where to invest will maximize you learning and profit when it comes to real estate investing

Great that you are starting the real estate investing process and reaching out to learn more! There are a ton of avenues to learn in the business in addition to mentorship like networking events such as TREIA and Meetups. When it comes to mentorship try to find a way to add value. A lot of the time someone successful in the real estate business does not have a TON of spare time to spend educating someone newer so you need to find ways to create value for them in order to build a fruitful relationship 

@Samuel Albert I would recommend attending some TREIA events in the triangle area. There is a wealth of knowledge and networking opportunities available. If you are thinking of creating a meetup event check out the Meetup App in your area to see what is going on currently, what value your event would provide and how can you create value for experienced and newer investors

What to look for when buying in Raleigh-Durham area or triangle area as a whole? What are some minimum criteria and also red flags?

Talking specifically for the Raleigh-Durham area it is definitely high growth. Some factors are the tech, education and healthcare industry. There's an article I posted below on the move-in rate and this has helped the area and home prices have appreciated at a rapid rate. We are getting a good amount of off-market deals but marketing costs have gone up with so much competition. 

https://www.wbtv.com/2020/01/10/more-people-moving-nc-than-ever-before-report-says/?fbclid=IwAR1olT--W_QDJuS5LEM70yJqTJlj41YeEB7mj_xVhD8a6BNb3dhYYqOMais

 You absolutely can. The property is free and clear that does not stop you from a cash out refi . When you do it you will get a mortgage but the tenant is paying it that’s the beauty of it 

 Selling the property is not your only option. I agree cash-out refi is a great option in this case, it's all about contacting more lenders. There are many private lenders out there not "BIG BANKS" that will be able to assist you.