All Forum Posts by: William Murrell

+1 to Morse.  Arch is a great guy, and very thorough.  I've also used Eye Spy and IHSAC and liked them as well.  Good luck.

Welcome to the area, Gabriel! There are plenty of us in the area who are actively investing and who would be willing to help out however we can. Wilmington's investment scene is a bit frothy, but there are still deals if you're diligent in your search. Or if you're willing to put in the effort for off market deals. Finding a deal on the MLS is particularly tricky right now. However, it can be done. Stick to your numbers and be patient and you'll find something.

Do it! Education is the strongest investment you could ever make, hands down. And a business degree applies to so many areas of your life! Financial literacy gained through your course work will translate to better management of your finances and investments. Operational training will help you manage any organization whether it's a team at a w2 job, or your own company. And marketing applies to everything.

Lots of red flags here. "You're too old" which makes no sense. Age only really prevents you from taking advantage of very long term appreciation which is basically a speculative approach. You could still find other worthwhile ways to invest. Real Estate provides all kinds of different avenues for creating income, regardless of age. Second, "your best bet and only bet is to divest everything and invest in my company." This is classic hard sell nonsense. Find another friend to listen to, because this one is trying to scare you into thinking that your only option is to put all your eggs into HIS basket. Go and listen to all of the podcasts (which are free and informative) and you'll get a good, high level summary of almost every single approach to Real Estate investing. Read the books that are recommended there and on the site. Then decide which approach feels best for what you're trying to achieve and pursue it. You aren't that old, and he isn't your only option!

No problem.   Happy to help.

I did it in my my most recent rental house and loved it.  However, there's an important caveat and that is "what is the quality of the cabinet material itself?"  In this case, they were disgusting but they were solid wood.  So we swept them out, vacuumed them out, scrubbed them out and disinfected them, and then we painted inside and out with primer coat and a couple coats of paint designed for cabinets.  The end result was flawless.  Looked brand new!  I'd recommend you spray (instead of brush or roller) for a perfect finish.  

However, if there's significant water damage like in a sink base or they're made of particle board then you might have to go a different route.  I hope this helps!

I'm assuming that by "don't actually own the house" you mean they still have legal claim for the house, but just don't own it outright.  So like in NC, they are the one on the deed but they still have a mortgage and don't own it outright.  

Either way, you figure out your numbers and make an offer to the person based on where you need it to be, not based on what they owe.  How much they owe is not really your problem.  For example, if they owe 125k on the house and I am comfortable offering 135k, then there's no issue.  They'll walk away with a little bit of money after closing.  However, if they owe 150k, then they'll need to bring money to the table to close out the deal.  And if they can't come up with that money, then you'll need to work on a short sale wherein they convince the lender to accept a sale price of less than what is owed.  I hope this helps.  

Stick to your numbers though!  I recently looked at a house that I needed to get at ~120k to hit my numbers, but the guy owed 180k.  We were way too far off to come to a deal and he didn't feel like coming up with sixty grand just to get out from under the house.  In a case like that, you just refer them to someone else and keep looking.

Person B will either have to transfer their interest to person A (perhaps through Quitclaim) so you can deal exclusively with person A, or you'll have to make the deal with both B and A.  I'm not an attorney, but that's how it was explained to me.

Welcome to the forum and to the area!  Please feel free to reach out to any of us if you need any guidance, advice, or assistance.   We are happy to help. Good luck out there!

It does not usually take that long, at least not in my experience.  My guess is something is up.