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All Forum Posts by: Michael A Pierson

Michael A Pierson has started 5 posts and replied 8 times.

Post: Looking to Refi my rental

Michael A PiersonPosted
  • Sneads Ferry, NC
  • Posts 9
  • Votes 3

Thank you.

Post: Looking to Refi my rental

Michael A PiersonPosted
  • Sneads Ferry, NC
  • Posts 9
  • Votes 3

Hello!

I am looking to refinance one of my rental properties. Last time I was hit with a bunch of fees. Can anyone recommend lenders with reasonable fees? 

Thank you

Post: Using investor Self Directed IRA

Michael A PiersonPosted
  • Sneads Ferry, NC
  • Posts 9
  • Votes 3

Carl, thank you for the reply. I am a member of a 3 person LLC. I would like to use the SDIRA of outside investors to fund our purchase and rehab of future flip/rental properties as well as possibly take loans from a SDIRA in order to eliminate some credit card debt we foolishly took on using SEAD Capital early last year. My team and our individual IRAs would not be employed for the business.

Alan, I'm not active on the forum enough to know where to begin looking for the SDIRA providers here. I understand the general idea of the SDIRA and even the basic regulations Carl has discussed above. I don't understand enough of the process. Is an SDIRA provider the same as a custodian? When I find a provider, what do I owe that company? What do I owe the investor? What steps must an investor take to have a SDIRA, and what steps must be completed on his end and my end to utilize his SDIRA in one of our deals?

Post: Using investor Self Directed IRA

Michael A PiersonPosted
  • Sneads Ferry, NC
  • Posts 9
  • Votes 3

I have been interested in utilizing investor Self Directed IRAs for some time for my Real Estate projects. Reading Raising Private Capital by Matt Faircloth has convinced me it's time to start looking into this, but I have no idea how to logistically begin this process. Can anyone with experience please share the steps necessary to begin this process or can anyone share some resources to educate myself and my investors?

@Adam Schneider Thank you very much for clearing that up. Greatly appreciated.

Hello, BP! 

Does anyone know about North Carolina property management laws? I currently have two rental properties that are seller financed and two rental properties that are lease to own. Am I able to manage these properties myself or do I need to hire a property management company? 

I heard you can manage up to three properties that are not yours without a license or permit. Is this true? 

Any and all information would be greatly appreciated. 

Thank you! 

Post: TWO LOTS FOR THE PRICE OF ONE IN WILMINGTON, NC

Michael A PiersonPosted
  • Sneads Ferry, NC
  • Posts 9
  • Votes 3

3 bedroom 1 bath single family residence located in an up and coming neighborhood in Wilmington, NC. A five minute drive from downtown! The property comes with TWO lots totaling to 5,214 sq ft of land and the home is 1,080 sq ft built in 1920. There are homes 1/4 mile up the road that have been recently renovated that sold for $150-$200K. The property has been inspected, and three GC have seen the property. 

Bed: 3

Bath: 1

SqFt: 1,080

Yr Built: 1920

ARV: $88-$120K

Market Rent: $950

Condition: Extensive rehab needed

Estimated Repairs: $80,000

Asking: $30,000 

Our hope had been to buy and hold this property. After having the home inspected and meeting with GC's, we had planned to knock down the property and build a multi-family home on the lots. As new investors we feel we lack the experience and capital to complete a project of this magnitude. Please do not hesitate to contact us with any questions! 

Post: New Member- Eastern North Carolina

Michael A PiersonPosted
  • Sneads Ferry, NC
  • Posts 9
  • Votes 3

Hello! My name is Michael Pierson. My business partner and I are new to the real estate industry. We are starting out in eastern North Carolina. We are big fans of the podcast and site; we look forward to establishing a network within the BiggerPockets community.