All Forum Posts by: Michael Spine

Congratulations and thank you for giving us an update. Wishing you continued success. 

Congratulations on such a quick scale. If you get some time, tell us about some of your issues and how they were solved. Wishing you continued success.

@Clifford Datan

I have invested in South Florida, new construction townhomes, 20% down that have positive cashflow and currently over 20% appreciation. I usually run my #'s with 3% appreciation and it still made sense for these investments. Be careful with HOA fees ($195/month is cheap in my opinion), taxes-non-homestead exemptions in Florida and some HOA do not allow STR and/or LTR rentals , and some may limit the number of rentals allowed in the community. The above opinions are valuable too, just letting you know my circumstances. Best of luck investing.

@Clint Harris

Thanks for sharing your experience. Thanks for bringing to light the importance of diversifying a portfolio. I live 2 hours outside of Wilmington. Hope to make a networking event in Wilmington soon. 

As of April 30, 2022: I'm getting investor/2nd home rate of 6.125% and being quoted of forced points from 1 to 4. New build tentative closing in August/September mortgage $342k. Would you lock in at a rate of 6.125% now: 1 pt to lock + 1 forced point (2 total points) or wait to see what the interest rate will be and only pay 1 forced point?

I tend to believe that investing is always a good time. This market is much different than the bubble of 2008: large supply, high demand, speculators buying anything and making big profits in months. I hear many waiting until prices are lower and the market corrects. I'm not so sure prices will correct but anticipate they will flatten as the supply and demand normalize which may take years. With interest rates so low, waiting will most likely decrease your purchasing power and remorse of opportunities lost because you didn't purchase now. I have adjusted my criteria and feel comfortable because the numbers work today and hope that my projections work in the future. Best of luck to all. 

@Wes M. great job buddy...you killed it. Wishing you continued success and hoping to connect in the near future to talk about our real estate adventures, successes (maybe some not so successful stories) and future plans.! Best wishes for 2022 

@Wes M.: congratulations on your purchase. Please continue to share your experience. 

I'm currently looking in Wilmington, NC. Price point $180-$230k for SFH, Townhome, or Condo (Top Floor) with low HOA fees ($0-$250/month), 3BR/2BA. Inventory is low and it's a challenge to get a showing with Realtors being so busy. Rents need to generate positive cash flow with a 20%-25% down payment. Any recommendations for a wholesaler, input from current investors and a Realtor who works well with investors is appreciated. (pocket listing, soon to hit the market for whatever reason). Thank you for any input.

@Shannon Kiefhaber: I also have a rental in Stuart. New construction townhouse in "Seaside", closed on in November. Looking for another rental in Stuart, Wilmington and Surf City. Maybe we can touch base and discuss strategies. Best wishes.