All Forum Posts by: Matthew Jackson

Big cities in North Carolina are very expensive (Asheville, Charlotte, Raleigh). What other smaller cities/towns do people invest in/ looking to invest in? I see Greensboro and Winston Salem are more affordable, any other suggestions?

Hey,

I'm just wondering if there are any REI meetups in the Charlotte,NC area? Either in person or virtual? Read a lot of the BP books and they all keep encouraging meetings so wanting to give it a try. I am just a beginner trying to connect and learn!

Thank you!

I would like to know peoples experiences with student rentals? 

Being a student myself a couple of years ago I am very aware of the damages and issues that can come with renting to students. What are the positives of renting to students or investing in properties near smaller universities?

I have been looking at housing near smaller schools in NC, and SC and curious to hear some stories (positive and negative).

appreciate all replies!

@Alexis Cooper

Thank you so much! Yes I am just on the title and not the loan. 

Hello,

Currently my wife and I own a house, we bought it with an FHA loan back in October 2020. I am from England and was undergoing an adjustment in my Visa status whilst we were buying a home so the entire loan is in my wife's name. Does this mean that I am still eligible for an FHA loan when we decide to buy another home? Also will I still be eligible as a green card holder.

Thank you!

@Lee Berkwits

Thank you so much, would definitely like to attend one of these meetings!

@Adam Schneider

Our goal is to try and house hack in a location where we can rent part of the house/unit on Airbnb. We plan to house hack because we can pay with a smaller down payment, it is less risky, and cash flows well. After the first year we hope to then possibly repeat the process. We want to go the STR route to start as it will give us a nicer cash flow to start building our portfolio quicker.

My wife and I do wish to invest in long term rentals eventually as they are a safer investment and it helps diversify our portfolio, but only once we get a few STR's that cash flow nicely.

Cash flow is our first priority when starting and then buying and holding is more of our long term goal as the appreciation will be highly beneficial in later life. 

This is why we have been planning on moving to western NC in the mountains as short term rentals have been successful there for a long time now and with so many outdoor activities, blue ridge parkway, ski resorts, and nice towns and cities etc. we feel this would be the best place to start. 

We have to stay put in our home right now and keep saving to start investing, but hopefully by the end of 2021 going into 2022, we can start looking to purchase a property to get started. We purchased our current home with a FHA loan for $148k back in October 2020. We got this under value as the home needed some work but after putting in around $10k it is now worth roughly $170-175k (based on comps selling in our area).

I appreciate your time looking at my post and hope this answered some of the things you were looking for. 

@Lee Berkwits @Account Closed

I appreciate your comments! I say Asheville in a broad sense, I went to college in Mars Hill so am very familiar with the surrounding areas. Your suggestions are also places I have been thinking of and looking into like Maggie valley and Mars Hill as it helps that there are ski resorts there. Also a big fan of lake lure/chimney rock and Brevard. 

Where are some of the best places in North Carolina for short term rentals? 
I have been looking into Asheville and Boone a lot but if anybody else has suggestions on different locations I’d like to take a look. 

Thank you! 

@Colleen Goldstein I appreciate your time to look into my situation. This is my first posting on these forums and I'm sorry I left out a lot of important details. 

So we bought the house with a FHA loan (3.5%) back in late September 2020. I am aware that our current property needs to remain our primary property for 12 months before we can move. Since we cant move out until then I have been making it a goal to read as much as I can and listen to as much content as I can until we have the chance to invest elsewhere. I have also been learning how to analyse deals and numbers etc. but still just a complete beginner obviously.

Again since we are tied in living in our current home till late September we have not spoken to any lenders about getting approved for a loan on a multifamily home. Still just in the early stages of planning our course of action and why I am looking for some advice on BP first. We both have good jobs, good credit, and slight student debt on my wife's side but just working on being in a decent financial situation that lenders may like. 

I have been looking at multi family homes in Charlotte and like you said, not a lot of great deals out there in our price range. Asheville has some better ones but is an expensive area. We have also been looking at single family homes with finished basements or in law suites/guest suites. Although a Multi-family home would be more convenient for living, we are committed to a less desirable living situation for a year if it means we can house hack and live for free or turn a profit. If we moved closer to Asheville as well there is a good chance of us trying to do a short term rental and Airbnb out our other unit/home to improve cashflow (we could easily self manage as well).

I think we would more likely buy a duplex or a single family with basement or guest suite as opposed to buying a fourplex.

The interest rates are pretty similar however and our monthly payments would go up. did the analysis with new monthly payments and would still cash flow just over $150 a month. 

Our other option of course would be to just sell the home we are in and invest in a house hack. I have also done a bit of research into 1031 exchanges but am I right in thinking they are for investment properties only? 

Final question, Because I am English and was in a visa adjustment period whilst buying our first home, the home loan is all in my wife's name. Does this mean I am still eligible for a FHA loan as a green card holder?

I truly appreciate your time and knowledge!