All Forum Posts by: Matt W.

I'm not familiar with a deed in lieu of foreclosure.  I'm assuming the bank takes less than what is owed on the house, similar to a short sale? Please elaborate. 

I just bought a house with 2 bathrooms that I think are good candidates for refinishing. Most people say they have had it done for $3-500, but all three estimates I’ve had are more than $1000 per bathroom!

At that price I think I might just rip them out and put in fiberglass inserts.

@Jason Coleman

Whoops sorry disregard my last response, I didn’t realize I was replying to a 3 year old comment!

@Jason Coleman

I believe there is already a “BP Meetup” in Wilmington once a month, I get it confused with the NCREIA meet up. Of course you could always start another, but maybe see how the existing one is for you. There are a couple Facebook groups too that have meetups.

Competition is steep here for any fixer uppers, but they are out there!

I used to work for a property management company in Wrightsville beach, and the UNCW students renting fall into 2 categories:

1. Surf bros willing to live 6 deep in a flop house so they can surf every morning.

2. Pretty rich girls whose parents pay $3500/mo for their beachfront apartment.

Wrightsville is a short drive to UNCW, Carolina Beach is way too far, so I think WB is the best bet for combining students and STR. But Carolina Beach is much cheaper apple to apples (used to be the redneck/biker beach, still kinda is. WB is much more boojie), and I know guys killing it with STR in Carolina beach.

I know lots of investors in Wilmington who rent beach houses to UNCW kids during the year and AirBnb during the summer, but prices are outrageous (just like everywhere warm!) 

@Ben Kirchner

I’ve been trying to close a foreclosure property for the past year without success, both by contacting the owner before the sale happens and by bidding at the courthouse steps. The 10 day upset bid period draws it out for a long time, and bidders are paying way too much/retail for a house of unknown condition, IMO.

Most frustrating is when you have the high bid and are getting close to closing, but then the owner files bankruptcy yet again and the auction is canceled! This happened to me last month.

Hi Reggie, 

I'm looking at a similar situation here in NC. What was the end result of this case?

The "tool" in this case is my new understanding that bankruptcy can delay the foreclosure proceeding and buy some time to negotiate a short sale.  I used to mistakenly believe that once a foreclosure sale is scheduled, the only way to stop it and save their equity was a cash sale, but lately I have seen several in my county be solved more "creatively."

In this case, based on the owner saying he didn't care about the house and just wanted to walk away and lose it, my theory is that the couple who owned the LLC that ended up buying it explained the procedure to him and they worked together to negotiate the short sale. But maybe I have the order wrong and the owner had already declared bankruptcy and then they approached him with the idea to do a short sale. No one is spilling the beans but speaking to several attorneys is giving me a very basic understanding.

@Minna Reid

Oddly enough it’s listed right now for $290k. Looks like they painted and replaced some floors. I honestly didn’t know it was listed, it just popped in my head to check on what happened to it.

Live and learn, I’ve spoke to a few attorneys and now have another tool to use in the right situation.