All Forum Posts by: Kama Ward

I'm somewhat familiar with Delray. My Grandmother lived there for 27 yrs, on Bronson ave. You have an excellent location- one that many people work up to-- I don't see much rent deflation in excellent areas- even with many more apartments. Sometimes it even makes the rent higher!- unless it's a bunch of gov't subsidized housing being added.

I'd keep it unless:
a. it's something weird like the illegal addition/crazy woman next door thing
b. you really want to go in a different direction as Joel suggested

Don't just move money around to move it. If you have 300K equity, get it out with a refi and buy something else, then you have both old and new properties!

ps. If we ever decide to buy something in Delray (we go back and forth about it), I'll look you up!

Seems to me a large part of California's problems are constitutional. Direct democracy does not lend itself to a comprehensive/coherent plan to run a state. "Do you want X?" Yes! The crowd cheers. "Do you want to pay for it?" No! The crowd roars. Direct democracy sounds good- but it doesn't require people to see all the moving parts so they can make the tough and/or smart choices. This is a problem for any party or ideology.

Do you know your long term goals yet? Do you have the ability desire to move? Are you just looking to get your feet wet?

Nothing wrong with N. Wilkesboro. Try one close to home first.
You really need to be there almost all the time during your first rehab. Even if you get lucky and get a good contractor- you need to learn. Then if you rent- lots of surprises and urgent needs crop up while you are getting your system down.

If I was looking over NC, I'd choose based on long term health of economy:
1. Triangle (raleigh, durham, chapel hill etc. )
2. Charlotte
3. Triad (gboro, winston, highpoint etc.)
4. Mid-sized towns Hickory, Boone (college kids), Statesville, Fayetteville (military) Salisbury yes Concord too. etc.
5. Toursity regional centers: Wilmington, Asheville
6. Rural
7. Rural touristy

Even though Asheville is just about the lowest on my list, I still invest here-- and make money-- as are plenty of other people. It more than meets my needs (for now and likely forever).

ps. Every city has places that look like detroit (some bad areas are bigger than others). Local knowledge keeps the fear down and confidence up. I would invest in Concord- but then again I know Concord. You should see parts of Durham if you think Concord is bad-- yet it's high on my list. Investing is not just local- it's hyper-local.

My financial adviser said that it's very easy to pierce the corporate veil in a single member LLC, and that it's much harder with an S corp. What's your take on that assertion?

This just happened to me with a HUD home (potential $25 dollars a day). We closed about two weeks late, their fault. I was not charged- the wording stated that I could be. Good luck.

I've learned that good buys will always be there. How often they will be there depends on my investing criteria. What's most important is that I am ready for them.

This means being able to find the deal and make an offer/close quickly. It also means having the appropriate cash in reserve and multiple exit strategies. Most importantly, it means being able to recognize a good deal quickly and confidently!

Go slow at first... Don't tie yourself up with a bunch of potentially mediocre deals. Once you get the formula down, you can speed up your pace.

Sounds like you're doing well Christina. Keep it up. Welcome to BP!

Don't know about winston/clt but there's one in Asheville that seems reasonably active.
http://www.creianc.org

What are the lot values in the area? Maybe demo would be best.
I know it's not the answer to your question--- but it's smart to look at all the angles to figure out highest and best use.

If a house was for sale in my market (in town walk-able neighborhood) and the price was 30-35k and was in really bad shape-- it would be more profitable to demo and resell the lot. And more profitable still to build a spec home.

I enjoy big rehabs, but I always try to see multiple strategies.

We finally closed on Tuesday. No extra charges. Yay! Locks are changed and all plumbing works, even though the HUD inspector said it didn't. Feeling lucky so far. As renovation progresses, I'm sure that will change...

I'd like to say thanks to Bryan A. for stopping by the office in Charlotte for me! Hope to return the favor one day.