All Forum Posts by: William Gourley

I bought my NC property as a second home (vacation property) and only needed 10%. I read another response above that did the same. If you live far enough away from the location it's a plausible way to purchase using this conventional loan. Oh, and you are permitted to rent the home out when you are not "vacationing." They generally require you to spend 14 days per year at the property...but who's really counting?.

@Alex Thomsen I really can't say when the PM will have someone in place. She keeps me updated weekly and did say there was at least one application last week; a man who was looking to buy in the area and wanted a six month lease while he searched. 

@Toni Mo Hi Toni, other than being a fully furnished one bed one bath condo in downtown Wilmington there isn't much more to it. It's really nice IMHO. The real challenge is finding someone who (isn't a first year college student) that is ok signing a minimum 6 month lease on this type of rental. I have even offered to remove the furniture in the rental ad. So, i’m guessing it’s just a slow rental market downtown. It been only 1.5 months so I'm not too worried about it. I’m not sure I’m allowed to share the address on here so I’ll play it safe.

@Alex Thomsen With any luck we can get these places rented. It’ll happen. My PM keeps asking if I’d consider lowering my rental rate, which I’m not going to do. It’s priced correctly.

I just bought my first investment property; a one bed/one bath in Wilmington which is fully furnished. It's still vacant after 1.5 months so that's a bummer. The HOA doesn't allow short term so, obviously the furnishings are limiting my tenant pool. If I need, I will put the furniture into storage and use it for my next property, which will likely need to allow short term rental.