All Forum Posts by: Owen Mitchell
Owen Mitchell has started 26 posts and replied 87 times.
Post: Novations in Colorado Springs and surrounding areas using private money
- New to Real Estate
- Jacksonville, NC
- Posts 88
- Votes 21
What does doing an ovation mean? W/ keeping the mortgage in place with the seller? Is it seller financing?
Post: New REI - Charleston SC
- New to Real Estate
- Jacksonville, NC
- Posts 88
- Votes 21
Congrats on joining BP and making the decision to delve into real estate investing. I'm looking at doing a STR in SC as well. I Hope everything goes well w/ you.
Post: Canadian Looking at South Carolina Multifamily
- New to Real Estate
- Jacksonville, NC
- Posts 88
- Votes 21
Quote from @Will Gaston:
@Andrew McArthur I've been investing in Columbia, South Carolina since 2005. I'd say the biggest landmine to watch out for is our property taxes. They are brutal in all of South Carolina, but specifically in Columbia.
A $1,000,000 investment property would be paying over $28,000 year just in property taxes.
#1 tip I'd give if you're buying existing (or building) is to call the assessor and ask specifically what the new assessment will be after improvements.
That's a good nugget of advice I didn't realize tax would be so much. I think of doing a new build in James Island and STR it
Post: Barcelona is Banning all Airbnbs/STR in 2028!
- New to Real Estate
- Jacksonville, NC
- Posts 88
- Votes 21
Well that's disappointing owning a STR on an island is one of my LTR Goals and Barcelona was on my short list.
Post: STR to Custom Home Builds
- New to Real Estate
- Jacksonville, NC
- Posts 88
- Votes 21
Quote from @Jacob Sherman:
you can utilize no income no doc construction loans . fund 50% of the land 100% of construction upto 65% ARV . What is the scenario looking like ?
Are small local banks a good option for that loan? What’s the required min credit score you need?
Post: STR to Custom Home Builds
- New to Real Estate
- Jacksonville, NC
- Posts 88
- Votes 21
Quote from @Peter Mckernan:
Quote from @Andrew Lawlor:
I've been actively investing in short-term rental properties for the past three years, managing one live property and another that will go live in two months. I'm now considering expanding my real estate ventures into building custom homes, but I know this is an entirely different beast between the required capital, learning curve, time committment, etc. I'm not completely foreign to the construction process as I grew up around a family that was involved in home building, but due to living in another state I can't really lean on them for the direct, hands-on guidance.
For background, I'm partnered with an architect and interior designer, but I'd have to find most of the subs as I don't have any formal connections (at least in the area I'd like to build). I have about $100k in capital reserves and can leverage the 2 properties for additional capital, as needed. My goal would be to start within 1-2 years and get some more experience with the construction process, project management, financing/budgeting, etc. What would be the best ways to familiarize myself with construction process, while still maintaining my W-2 job?
I know this is a big leap, but any advice, criticism, or resources are greatly appreciated. Thank you!
I would get in touch with a local builder, and see about getting a mentorship on down days and days you have off.. PTO days you can tackle this stuff with the contractor as the mentor and do.. Or even a contractor that does large additions and then move towards ground-up stuff. There is a lot of stuff to cover, so try to make as much time for it as you can while working your W2.
Is Angi a good place to start to look for local builders?
Post: Bacon St, Durham is Sold! 3DOM!
- New to Real Estate
- Jacksonville, NC
- Posts 88
- Votes 21
Quote from @Brandon Spaulding:
Quote from @Owen Mitchell:
Congrats on the Deal!
Rent Estimator has rent at $1800/mo is that correct?
I'd say $1400 ish
Post: Bacon St, Durham is Sold! 3DOM!
- New to Real Estate
- Jacksonville, NC
- Posts 88
- Votes 21
Quote from @V.G Jason:
Quote from @Owen Mitchell:
Congrats on the Deal!
Rent Estimator has rent at $1800/mo is that correct?
Heck no. This is near the hood in Durham, and the general area's RTP(rent to price not research triangle park) is horrible. $1700 ish gets you a 2/2 rented closer to Duke, a 2/1 will be closer to $1400 if not less in this area.
$240k is priced to trigger a bidding war, I just am not a fan of the neighborhood. Lots of investors jump when they see these entry level prices in this general area. Most don't have on the ground intel to understand what they're getting into. ****, even some of the localized experts like Mark Spain/Opendoor get caught in the trap of it too.
Thx for the info. What neighborhoods are better hitting numbers around 1700
Post: Bacon St, Durham is Sold! 3DOM!
- New to Real Estate
- Jacksonville, NC
- Posts 88
- Votes 21
Congrats on the Deal!
Rent Estimator has rent at $1800/mo is that correct?
Post: Pull Military List
- New to Real Estate
- Jacksonville, NC
- Posts 88
- Votes 21
I live close to a HUGE Marine Base. I was wondering if there a way to market to marines that have to move and don’t want to manage their house long distance. Maybe I can do some kind of deal where I take over their mortgage so I can keep it as a rental. I’m currently using Invelo to make my lists and market to. Any suggestions on which filters I should be using to target such individuals? Or do you have any different ideas on how to proceed? Thx for any feedback 😉