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All Forum Posts by: William Murrell

William Murrell has started 6 posts and replied 262 times.

Post: No Cash

William Murrell
Pro Member
Posted
  • Investor
  • Wilmington, NC
  • Posts 276
  • Votes 169

A lot of the people that say "we pay cash" don't actually have the cash laying around or they do and don't use it.  Let's say you find a property and get it under contract.  You get a hard money or private money lender to front that money and then you either wholesale it, flip it, or refi them out and pay them back.   Be prepared to pay a lot higher interest and probably points as well.  Regardless of which strategy you intend to use, you better get their terms lined up before you get the deal.  

Post: Insurance in Wilmington nc

William Murrell
Pro Member
Posted
  • Investor
  • Wilmington, NC
  • Posts 276
  • Votes 169

+1 to Farm Bureau, but I use Kathryn Norman.  She's amazing.  Either way, stick with Farm Bureau and you'll be quite happy!

Post: Hurricane Storm Damage legal question...looking for advice!

William Murrell
Pro Member
Posted
  • Investor
  • Wilmington, NC
  • Posts 276
  • Votes 169

Yep. The part in your yard is your problem. The part in theirs is their problem. I just went through the same thing. 

Post: Any Property Management Recommendations for Wilmington/ Leland?

William Murrell
Pro Member
Posted
  • Investor
  • Wilmington, NC
  • Posts 276
  • Votes 169

Thanks, Rachel!  I appreciate your follow up.  I think I was just frustrated with the vacancies; overall they've been pretty good to me.  But I'm definitely going to keep you in mind if we can't get back up to normal vacancy.

Post: Any Property Management Recommendations for Wilmington/ Leland?

William Murrell
Pro Member
Posted
  • Investor
  • Wilmington, NC
  • Posts 276
  • Votes 169

Good afternoon!  I wanted to reach out and see if anyone has a good recommendation for a property management company that services Wilmington, NC and the surrounding area.  I was with Intracoastal for years until one of their contractors destroyed a rental of mine,  and then I switched to Network hoping for better service.  However, they are not doing a good job marketing the properties and finding tenants.  I've had two houses in good areas sit vacant for coming up on three months (that previously rented without fail) and the only real prospects they've presented was 1) someone actively going bankrupt for the third time and 2) someone who had terrible credit, no social security number, and didn't meet the income requirements.  I also was not terribly thrilled to find that they had spent about a month trying to list the houses for rent without pictures in the listing.  I've been renting these properties for years, and I've never seen this large of a vacancy and this little interest.

Post: Education

William Murrell
Pro Member
Posted
  • Investor
  • Wilmington, NC
  • Posts 276
  • Votes 169

Listen to all of the podcasts.  They're invaluable.  Then see if you can help out a seasoned investor with some of the grunt work that they don't want to do in exchange for some instruction.  Just my  $0.02.  The podcasts are like interviewing 200 or so experts in the field and learning from their successes and failures.

Post: New Member from Wilmington, NC

William Murrell
Pro Member
Posted
  • Investor
  • Wilmington, NC
  • Posts 276
  • Votes 169

Welcome to the site.  Perhaps we'll get a chance to work together on a deal soon!

Post: Down Trees from Hurricane Wilmington, NC

William Murrell
Pro Member
Posted
  • Investor
  • Wilmington, NC
  • Posts 276
  • Votes 169

Call patriot tree. He's great and he's fair.

Post: One man's trash is my treasure!

William Murrell
Pro Member
Posted
  • Investor
  • Wilmington, NC
  • Posts 276
  • Votes 169

Wow. Solid work!  Good job seeing value where others had missed it!  Keep us updated.

Post: How To Know When You're Forcing A Deal

William Murrell
Pro Member
Posted
  • Investor
  • Wilmington, NC
  • Posts 276
  • Votes 169

My best recommendation is to go ahead and get some informed second opinions on your estimated rehab costs and ARV. If you "fall in love with the deal" you're very likely to understate the actual cost of the work or overstate the ARV. Asking a few contractors how much something costs will help mitigate against that. If you get three bids for that foundation repair and they're all 20+% higher than your figure, then maybe you have allowed emotion in. And a broker can help you make sure you didn't go way off-base with your ARV.