All Forum Posts by: Ryan Overcash

I prefer Greenville, NC over Rocky Mount or Wilson. Greenville has a little better population growth and is about 90K people, roughly the size of Rocky Mount and Wilson combined. All these cities, though, are in Tier 1 counties (per NC DOC Tier Ranking). When I bought an apartment in Greenville NC in 2017, Pitt County had been a Tier 2 county for decades. Three of the last 5 years, though, they slipped to a Tier 1 designation. Of note, Edgecombe County (Rocky Mount) is the most distressed county in NC. 

I've been using it for the past 2 or 3 years and I really enjoy it. Definitely one of the only paid subscriptions that I actually use regularly and am not upset about whenever the yearly charge goes through. I only use it for my personal stuff, and exclude anything that has to do with my rentals, which I'm assuming would be the plan for yourself.

Sellers won't want to give much information over the phone, so don't ask for much. Hopefully they have an idea of what they want for it, but since you are cold calling they might not.

You are going to need # units and the rent amount for each. Sellers usually don't mind giving that up. Use the 50% rule to estimate expenses (50% of the income for expenses is a conservative estimate). That will give you a rough NOI and you can use that to arrive at a value. You'll have to calculate that based on the local cap rate and be able to give them a range of numbers and make it clear it's not an offer, but a ballpark estimate based on the place being in pristine condition and needing no repairs. That will get a lot of 'no' answers, but the 'yes' ones you'll be able to move forward.

I got opportunity to get a house from someone at work. But there is a lot of work involved, the floors are uneven, the siding needs to be repaired, gutters to be installed, kitchen and bathroom remodeling. In one part feels like it can be a good opportunity on the other side feels like it can be a can of worms. 

This is my flip so i do not have a ton of experience here. I am hoping to connect with a local GC or professional flipper to give me a quote or advice on how to assess the deal. 

Willing pay for the service also. 

My main interest in joining this group is to safely and efficiently sell my raw land in Yadkin county. I know absolutely nothing about seller financing but have had no luck with any listings. I have a potential buyer but I have never done a purchase agreement and to be honest, I am nervous..... I have read many of your posts on the matter, the thing that interested me is that a lot of the information is designed more toward the buyer and not the seller?  As a seller of land what provisions would you recommend to the Purchase Agreement,Promisorry Note,Deed of Trust, to keep my property should it go into default??   I know this shouln't scare me? But it does

Thanks for your help!

Carlton

Hey Ryan,

Your post caught my eye because I feel like I've been in this situation numerous times, lol.  I wouldn't sell.  As others have said, your 3% interest rate is an asset making you money.  Can you rent out your office space? Just go bare bones for a year? 

What's your car loan rate at? Just curious if you should be aggressively paying that down or just paying the minimums and using the delta toward living expenses/your business.

I would do a HELOC as well. If you have an investment portfolio (stocks, bonds, mutual funds etc), depending on the amount you could also look into a securities based loan. I have used both to fund cash flow needs, invest in more real estate etc. It acts similar to margin but it's not margin, so you can't buy more stocks with it (that's super risky anyway).

You are welcome to PM me! I'm an agent as well, and happy to brainstorm more ways to make it work.