All Forum Posts by: Tanner Miller

Adam and Chris,

Thanks for this info, I went in today to the special proceedings office of the clerks office and asked where they have the filingsfrom substitute trustees. I got the blank stare of death from the nice lady at the office who had no idea what I was speaking about. The only thing they have is a list of current properties which are on the upset bid period, and then just a billboard of documents scattered around showing properties which are in pre-foreclosures. Beyond that I haven't seen anything, if this is the earliest recorded action by substitute trustees, then I read it as there is no way to get list pendent. Let me know if there is anything I am missing and again thanks for your help!

Chris,

thanks so much for your response it’s great to hear so much data on how to move forward. 

Hello BP!

I am on the outskirts of Raleigh looking to get more into Foreclosure's for investments and wondering if anyone know where to find the list of Lis Pendens for Wayne, Johnston, Wake and other surround counties. I have contacted the clerks office in each of these respective locations and they only publish documentation when a formal foreclosure has been set and the auction date is posted. I would like to see if there is any more lead time available or if North Carolina doesn't publish them. 

I have looked at both Tax and mortgage foreclosures to see what is the best option at this time. I am sure there are a number of questions I am not even addressing so happy to provide amplifying data if I am missing something, but I figured this was a good spot.

Jorge,

I am by no means bashing you, but it seems like the title company which you hired is perhaps not as familiar with subject to or other creative financing positions. I would recommend if you're not too deep into this that you re-evaluate the title company you're using to someone who understands subject to transactions. You can look in your local investor group or sub-to groups to see who is recommended and interview them. 

Look for someone who is an investor as well and can speak to their past transactions with creative financing. Best of Luck!

Phillip,

Welcome man. I am Active Duty Air Force At Seymour Johnson just east of Liberty. I live on the outskirts of Raleigh. I rent properties just outside of base and have had a good amount of success with it. 

My approach is similar to building a rental portfolio for properties that I can give to clients that are in safe neighborhoods where I want my family to live. This drives us to have a little higher barrier to scaling my investing business, however I am trying to go far, not fast. 

I would love to connect with you! HMU when you have a moment and we can discuss what I have done, where I am trying to go, and swap some stories of time wearing the uniform!

Paul,

RE Agent and Investor here in Raleigh. My wife and I both work RE and live in Clayton NC. This is on the outskirts of Raleigh to the SE. With Raleigh growing rapidly there are an incredible amount of new builds happening. This new Builds are offering tons of incentives to home buyers, and sometimes will work out better for buyers than trying to buy a property that is distressed. The money made out of forced appreciation may not be worth it for most people, but as a guy who also loves some sweat equity there are no shortages of properties on the outskirts of Raleigh that are distressed and are under market value. You'll just have to compete with well connected, very effective investors here as they move fast and usually are scooping up properties quickly. 

If you 're still looking or considering and have any questions/advice feel free to hmu, no obligation bro. Best of luck!

Andrew,

Man so much good knowledge has been dropped on this topic already so there isn't much to add other than its all on your personal experience level as well as your willingness to take risk. Has the boom in Raleigh already happened and you're behind the curve? Possibly leaning more towards probably. I have seen an immense number of investors coming in to buy properties which has IMO oversaturated many parts of Raleigh's rental market. With the rapid variance of interest rates in the past three years, you're going to have a difficult time buying a property in a semi-traditional manner which can compete with those who are sitting at 3% rates and still cash flow.

Do I believe the market is going to correct, yes eventually but it will be several years and It will be a slow change. I think that market is going to be a stable increase as well, but not at the rates I think a lot of people expect. 

I grew up in South LA, Long Beach to be exact, and know exactly what you're talking about. My brother just bought a house for 1.3M that made my job hit the floor. Raleigh is a great area to invest IMO and if you have connections here and think you may want to come to visit, I would consider more of MTR. If you are needing some more boots on the ground conversations about it HMU! Best of luck brother!

@Amir Eghbali

What are your goals? this is at the heart of being able to answer the question. You also need more analysis than this like how much money could you HELOC vs how much cash could you get if you refi.

Furthermore, what would the interest rate be if you refi? What would your new cashflow look like if you were to refi? would the reduced cash flow from the refi be worth it to you?

Understanding you want to increase the velocity of your investments by pulling out cash and reinvesting it. I think it would be worth stating you'll get a similar amount of cash regardless if you refi or HELOC, but you'll short term cash flow more with HELOC since you're only paying interest for the next 10 years. if you refi you will pay interest and principal which will decrease your cash flow.

$900/month is a great cash flow, but is that pure rent minus mortgage?

I know this is a lot but I hope it helps!

@Robert Sorrels

How did this turn out for you? Im just reading through this and wanted to see how it came to fruition? Thanks to everyone for the information it was great to see about the redemption period and how that can bite you as well as not doing a title search prior to bidding during auction. 

David,

I have invested there. Like people have said there is an Air Force base, and why that is important is you will always have a constant stream of people coming in, and most of them are not looking to buy. Rental market is good, but with it being somewhat far from the city don't expect an immense amount of appreciation. With military members you pretty much have guarenteed income because if they stop paying you, then you can go to their supervisor and theyll take the money out of the paycheck prior to the service member being paid. Ive been active duty air force for 8 years now and invested in 3 different states and having military tenants is great (for the most part). If you have more questions let me know!