All Forum Posts by: Maribel Manibo

Active wholesalers covering Durham, Orange, Chatham, Alamance, and Wake Counties - are you working on deals where they have a mortgage, pre-foreclosure or short sale need, or the property is not distressed enough to ask for your preferred price? Message me about offering alternate solutions such as subject-to, blended financing, owner financing, and lease options! 

I have spent some time learning this strategy and concur that you just don't jump into one of these. You need good paperwork and be methodical about getting info from lender since you will be taking over payments and don't want to trigger due on sale clause. Happy to connect to chat about this. Where is your deal located? If it's near me I might be able to connect to sub-to friendly lawyers... (some lawyers hesitate on these as well. Feel free to connect with me. 

Btw, an alternate option would be for your to lease option the place. Since their rate is low. You won't have the equity access right away but "when" rates go down, you could exercise your option to purchase it but in the meantime you can cashflow and have control of the property. 

Hi @Jesus Diaz! Quality work goes without saying but being professional and organized will make you stand out. Everyone says they do quality work. If a investor wants an estimate, don't simply text a ball park number via text or just by phone. Send an email (perhaps with attachment) with details and timelines, if it's updated based on new information/requirements, have it in writing. This also protects you! Clarify labor versus materials. A large amount of investors are getting private (non-bank funding) where they need to provide these estimates and once they are working the property, may need breakdowns periodically of work done, materials, and labor to submit to their lender(s). Have receipts. Make sure you are currently insured and able to prove it. As far as marketing yourself, I agree with the suggestions in other replies; have testimonials or references from other investors. If you are just starting out, even testimonials from non-investors.  I'm happy to connect as well, I've invested in Raleigh/Durham area and just moved to Alamance County so I'm looking for contacts like you too if you go that far east. I used to be a business management consultant / business coach. 

@Jennifer Cramer welcome to the REI community and Bigger Pockets. I've lived in NC since 2001 and happy to chat with you about this state. I've primarily lived in the Triangle area (Raleigh, Durham, Chapel Hill) and recently moved a little westward as the REI growth is spreading to bedroom communities. My sister had a beach rental in Carolina Beach (next to Wilmington). Charlotte is the biggest city and a very strong REI area but also a magnet for investors.

There's a ton of FB groups where people claim to be a lender but turns out they are not individual private lenders or are part of a "network", which is fine. Would like to know how you tell if they are legit, especially the brokers. What steps do you take to check them out? What are red flags? Are there ones to stay away from... etc? Has anyone had any bad/non ideal experiences and what lessons did you learn and what would you have done differently?

@Adam Schneider HI nice to see you on here! She is in Alamance. All her properties are too I believe.

I have done some deals but they were more than 3 years ago (so I still count as a first timer), primarily as partnerships. Had to take a break from REI. None of which were small multi-family which is one of my key strategies of interest, esp. for seeking funding sources.

Thank you Pavan and Cory for your interest and responses. Cory, I think I saw a tiny home community also in Nash County... which sparked my latent interest. Thinking there are possibilities in Alamance westward, Chatham southward, Raleigh eastward. I'm based in Durham. Would love to stay connected. I'm also interested in LTRs and small MF in Franklin, Nash, Edgecombe... will send you a connection request.

I'm looking to container housing / log cabin housing (kit) as STR/MTR/LTR and am curious how the process, permitting, zoning and financing differs from "normal" stickbuilt construction. What department(s) do I contact in the city/county? Is the land financing separate or can they be including with the house purchase & delivery. Is this a construction loan? Can I use conventional? Could I buy a property that has a lot of acreage and build / add a few of these or would I have to parcel? If it is rural land, can USDA be used?

Would love to hear about experiences or learn any resources, considerations etc. re: getting and building business lines of credit or getting funds via secured funding as an REI Startup. I've heard (but don't believe) it's possible to get some credit or secured funding before having done a deal.