All Forum Posts by: Stephen R.

@Jared Carpenter

PM me. I'd love to talk more about how that works

@Jared Carpenter

I'm working on a syndication with the developer fee. But its a foreclosure auction and cash only.

@Thomas S.

That would be the ultimate objective but, with the complex fully occupied, should I do that, I could be facing a very high vacancy rate until all the tenants are out. So a phase out over three years is what I'm anticipating followed by a refinance. 

Primarily though, as I mentioned, I'm skeptical of the public/media backlash. I don't concern myself with what others think either but I am concerned about my business reputation at this point. How much vilification should I expect? Would it be worth the cost?  Are there a organized groups that seeks to prevent this? Should I be factoring in court costs to defend the move? Are there local or national restrictions that specify how quickly the transition can occur? Can the courts block a transition even if the deed does not? I'm trying to look beyond the numbers. 

It's important to see the world as it is, rather than how you wish it to be.

@Jared Carpenter

PM sent

I'm looking at a 50 unit foreclosure in Texas that is currently 100% low income, rent restricted housing. Because of the foreclosure the rent restriction will not pass to the new owner. Although the property will cash flow as-is, my intent is to transition the property, or at least a portion of it, from low income to market rents. I know there are numerous groups that would oppose such a move (even in Texas) so I'm looking for anyone that may have experience with this strategy and can offer advice on the hurdles I would be faced with.

Hear! Hear! And that's why the one is poor and the other is rich.

I just finished a rehab that included a total tear down and rebuild of a detached garage. The problem is that the contractor claimed he was unable to match the vinyl siding on the new garage to the house. So now the garage is white and the house is a light yellow. The contractor claims he can paint the siding of the house to match the garage but that he needs at least 2 days where the temperature is above 50 degrees and stays above freezing at night. It is February in New England so I don't know how long that would take.

My holding costs are around $3,900/mo. My question is: do I hold it for another 30 days or so and list it once it is repainted or list it now with the non-matching colors?

I'm trying to think creatively and am looking for a little advice on a strategy. I hope this is the best forum for this so if someone thinks this should be redirected please speak up. I'm posing the question here because on complicated issues like this BP seems to be an island in a bucket of crabs. 

I'm looking at a foreclosure that's been on the market for just over 2 years. It's a single family residential in a R-A Single Family zone. It's a 5 bed, over 4,000 sf and presents like a hotel (which is what gave me the idea). I think it hasn't sold because its stands out in a neighborhood of 1,400 sf capes. (They are newer construction and this is early 19th century) It would be a short sale even though it's priced below the assessed value and will require considerable rehab. 

My first thought was renting it to students from the nearby university but I'm thinking of the push-back I would get from the neighbors as well as the issues of owning a large student housing. (Of course, I am keeping this as a backup exit strategy). I currently donate to Homes for Our Troops and then thought, why not, instead of donating, open my own? I wouldn't have to worry about the cops showing up every Friday night, noise complaints from the city, angry neighbors, my business name being tarnished forever and I'd get to check one more thing off my bucket list. 

What I would like to do is rehab the place and rent it out to needy vets. I don't want to necessarily call it a group home but something similar. I think if it were designed specifically as a home for vets with PTSD, for instance, I'd run into issues with the city and the neighbors. But I do think a lot of transitioning vets need to surround themselves with other vets, because they're the only ones who can understand what they've experienced. I guess you'd call it transitional housing.

My question is where to begin? Would I need to get a zoning variance? If I understand the regulations correctly, as long as I did not divide the rooms, similar to a hotel, I wouldn't run afoul of the zoning rules. This town does not, as many do, have a restriction of the number of non-related persons that may live together. Do I simply get the house under contract, begin my rehab and market it in coordination with the local VA? I did some research regarding transitional housing from the SBA and VA but most of them talk about networking, effective marketing and operations of the home as opposed to the potential pitfalls. Does anyone have experience with this or even turning a SFR to a multi unit rental?

Oh Great, my market is dead last! Time to expand outside CT

Must sell!

Beautiful half acre (0.57) lot in prestigious, gated lakeside community. Home to the Old North State Club and the #2 private owned golf course in North Carolina. Private marina, walking trails, tennis courts, clubhouse and fitness center.  

Uwharrie Point Lot 1

New London, NC

Taxes of $300 yr and HOA $522 paid quarterly.

$8,000