All Forum Posts by: William Walker

You’re asking this on a real estate investment forum, so you’re getting what’s expected. Go ask the same question on a physician forum and see what replies you get. Why compare docs to real estate investments, what about most any other job that requires years of education and you get paid for your labor?

Without knowing very much about your financials, my general thoughts would be to wait. It sounds like you would be in a very hard place if you encountered unexpected repairs, if there was an extended vacancy, or any other problems from a laundry list of other possibilities. Shop your market for a few months so you know what a deal is and can jump on it right away. That also gives you more time to make sure the tax return can last. Just my .02, best of luck.

Multi unit properties in Wilmington are herd to come by. There's little to none on MLS or major sites. You'll have to know someone with contacts to get a multi unit without paying out the whazoo.

I think that depends on what you are looking for, as well as what you consider Wilmington vs surrounding towns.  I really like the Porter's Neck area as it's rapidly growing and there are affordable properties that rent well.  Military from Jacksonville want to live closer to Wilmington, and Porter's Neck is a good combination of far enough to get away from Jacksonville, but not too far of a drive. 

If you're thinking about investing in downtown, I feel like you need to have some experience.  Downtown has huge swings in value in different areas, and there are lots of flips available.  I would look at the properties closer to CFCC if you are thinking about downtown, that area has had a lot of renovation and CFCC continues to grow.

If you consider Castle Hayne as "surrounding area", I think it becomes a little more challenging as it's a more rural area with a smaller tenant market. There's more of a mobile home market there. That's not saying there aren't tenants or SFH that are good investments in Castle Hayne at all, just not as strong as Wilmington.

I don't spend much time looking at properties in Leland or closer to Carolina Beach.  Leland has some opportunities but it's also a different market than just across the bridge.

Let me know of your thoughts on all that. 

Originally posted by @Jenna Goldstein:

But isn't it discrimination to force me to work?

This is such a golden post. 

I'll post my simpleton "first step towards success" story. 

In 2015 I bought a rental for 135k, took about 28k in traditional down payment along with fees.  My mortgage is $670 and rent is $1300, so a spread of +$630 every month.  I have a home warranty for $500 a year so no problem is over $75.  When the hot water heater failed, it costs me a grand total of $75 to have it replaced.  More than makes up for the yearly home warranty cost.  I bought the property with a new roof, new flooring, and new appliances, vastly reducing my upkeep. 

At the time of purchase I was finishing up my undergrad, and I'm currently 4 months away from becoming a PA, with an expected annual salary of 90-100k. The rental income since I bought the property has allowed me to stay out of debt while in school so add that to whatever ROI and COC formula you have.

Wifey and I have a plan for once we switch from a one income to a two income household, with a big part of that plan being to purchase more rentals.  I'm not really looking to flip, I'm not into hard money, I'm more slow and steady.  I still invest in a Roth and in some mutual funds.

One of the things that motivates me is when a 40 hour a week blue collar worker dies, their income stops and their kids are left with a usual small inheritance and that's it.  If I'm able to continue to purchase income producing real estate, my kids can enjoy income in the future.  Not everyone's cup of tea, but I like the taste.

Any interest in seller financing? You could put down 15% through a personal loan and pay 8% to the seller. Seller gets more money, you get a lower rate, and if you bank roll he income from the property pay it off early to save more.

What is the property worth?

There are a few threads on this, just search Wilmington NC property manager. I have Sweyer and they’ve been more than fine.

I've found that if you want to be successful with a small business about 80% is doing what you say you're going to do, when you say you're going to do it, for the amount you said you'd do it for.  The other 20% is probably advertising and appearance.