All Forum Posts by: Ryan Groff

I just recently put my first proeprty under contract in WIlmington, NC. I invest heavily in the Raleigh, Durham and Fayettville markets, however this is my first property in WIlmington. 

I plan on using this property as an airbnb, and all the numbers seem to be lining up, however I do not have any contractors that far East. I was seeing if anyone had any good referrals for contractors in the WIlmington market.

Thanks in advance!

Does anyone know or have an appraiser that can get an appraisal back by the 24th in Raleigh?

@S Shah The wire was initiated yesterday. I have been in consistent communication with your husband, and if it does not arrive today please let me know. Thanks.

@Steve Morris Yes sir I am licensed in Texas, Florida, and North Carolina, although my Texas, and Florida are currently inactive as I am not practicing there currently. Everyone in my office is licensed as well. We also only market properties that we have under contract, and in addition close on every property with our own money as opposed to assigning. 

We are very upfront with our process, and in fact require anyone that wants to receive our inventory to sign a non disclosure acknowledging the details of how we work, that we are licensed but do not represent them in an agency capacity, that they are encouraged to do their own due diligence, etc. In this case our meeting was not with Mr. Sha, but his partner, so there were some terms and processes lost in translation as they were past along.

Hi Mr. Shah, it was great speaking with you on the phone and I am glad it was just a miscommunication. What happened was the property was offered on a highest and best basis. Mr. Shah was the top offer and because of that was asked to wire his down payment and sign the contract. We learned after the fact that there were issues Mr. Shah had with some small terms within our contract. Since we could not come to terms the contract was not signed and the down payment is being wired back as we speak. 

It was never anyone's intention to keep the down payment without an executed contract ever being signed. This is not how we operate and after speaking with Mr. Shah it looks like we will be able to do a deal in the near future.

Raleigh is tough to find cash flowing multifamily. The only place I have been able to find and purchase any multi in Raleigh that meets the 1% rule is in South Raleigh. That being said it is doable, but Durham and Fayetville are nearby markets that are easier to find cheaper multis with great cash flow, and still a solid economy. If you want to go East of Raleigh to areas such as Goldsboro, Rocky Mount, Wilson etc. They arw a dine a dozen with great returns, but appreciation will likely not be like Raleigh.

I am trying to evaluate whether a rooming house in Durham is a good investment and having some trouble. I have not dealt with a rooming house before, but I know they are popular and legal in Durham, and this one seems like a good deal, but I would like to see others thoughts.

It is in a great location of Durham and my original plan was to convert it back to single family due to the fact that it is a 3,000+ sq ft 1920's build with a ton of potential. The ARV for this property as a single family is $450,000 clear as day. However after walking it the rehab would be to substantial to turn it back.

As a rooming house in it's current state each of the 8, separate padlocked rooms, is bringing in $125 per week for a total of $4,000 per month at full occupancy. I think with about $50,000 in repairs you could get $150 per door per week. Alot of these repairs are necessary deferred maintenance repairs anyway. This would total $4,800 per month at full occupancy.

I can purchase this investment for $240,000. For any investors with experience on rooming houses, would this be a deal you would do? And if not what price would make sense?

Thanks @Timothy McKinney that's the exact info I was looking for on the addition and timeline. Yes, a mess it an understatement. I had to go file a deed in person last week in Durham county and now on another transaction the seller I'm buying from is having to go to the courthouse to collect the data the attorney needs to close our transaction. All online systems are down to provide the info for a title commitment. Hopefully it's better soon, but if it is truly lost that's a nightmare.

@Nick Schultz Yes when I was doing this in Texas it was typically just a master suite on the back of the house. I see that you are a contractor, what do you estimate it would cost you to throw a 700 sq ft addition with a master bedroom and master bathroom onto the back of the house. I realize there are many factors, but if you could give a range that would be helpful.

@Robert Russotti that is correct for some of the areas, which I am sure means a lengthier approval and permitting process. Have you done one before?