All Forum Posts by: Jim Stallings

Hey Janine,

Come on out and join us! Here's the link to our Meetup Group.

https://www.meetup.com/Jackson...

Hey BP,

The Eastern NC Real Estate Investor Networking Meetup will be resuming their monthly meetings!!! These will take place EVERY last Thursday of the month, starting this month. On August 29th at the Onslow County Public Library from 7:30 pm to 9 pm, they will be holding a "Welcome Back" Meetup. Plan for a brief "Welcome Back" presentation, a speaker, deals to share, and plenty of networking! Moving forward, we hope to see a good turnout from the BP community at this Meetup. The point of contact for this group is Padric Lynch at email: [email protected], BP messenger or here's a direct link with all the details Click Here.

I'll see you there,

Jim

Hey BP,

The Jacksonville Real Estate Investor Networking Meetup will be resuming their monthly meetings!!! These will take place EVERY last Thursday of the month, starting this month. On August 29th at the Onslow County Public Library from 7:30 pm to 9 pm, they will be holding a "Welcome Back" Meetup. Plan for a brief "Welcome Back" presentation, a speaker, deals to share, and plenty of networking! Moving forward, we hope to see a good turnout from the BP community at this Meetup. The point of contact for this group is Padric Lynch at email: [email protected], BP messenger or here's a direct link with all the details Click Here.

I'll see you there,

Jim

@Neil Robertson Yes, with seller financing when it comes time or even better early to cash out the seller I've always received a discount. Some discounts are better than others. When I come across some money I review my inventory and strategically decide which one is going to make the most sense to payoff. I tell them that I've come across a little bit of money and I was thinking of them and wanted to give them first shot at the money. Let's say I owe them $50,000 I would ask them how much they would be willing to accept for a cash payout. Many times they come back around $40,000 to $45,000. I let them know we typically pay around 50% that's when the negotiation start. But typically I have a a seller finance seller that is interested in cashing out and they'll always take less!

@Jay Harris I have a few buy and holds and flips in Jacksonville right now I'd consider wholesaling. 

PM me if interested.

Thanks,

Brick ranch in the well established waterfront community of Ketner Heights in Havelock. This 3 bedroom 2 full bath home is very solid, needs minimal rehab and should sell fast!!! 

Being priced at $69,900 we are only accepting CASH ONLY offers! Buyer must be able to close within 10 days!!!

Repairs:
needs some updating
Carpet & paint
Replace condenser, etc...

ARV: $135,000
Purchase Price: $69,900
Rehab: $20,000
Net Profit: $45,100!!

Myself and other members of the Seller Finance Coalition were up in Washington DC at Capital Hill this week meeting with Senators to gain bipartisan support for HR 1360 (The Seller Finance Enhancement Act). We met with eight Congressional Speakers who are cosponsors of the Bill on Wednesday 5/9! Moreover, Thursday 5/10 we hit more than 50 Congressional offices to spread the word about HR 1360 The Seller Finance Enhancement Act.

The Seller Finance Enhancement Act would amend the Dodd-Frank Act to allow up to 24 seller-financed transactions per year without the need for the seller to be licensed as a mortgage originator. Currently, under Dodd-Frank Act, you are limited to two seller financing transactions per year.

Additionally, HR 1360 would require the Treasury Department to study the LVH (Low-Value Housing) market over the next three years and report back to Congress with suggestions for steps to improve the sales and financing of these homes.

HR 1360 does not remove any of the safeguards related to these transactions. Seller financiers must still comply with “ability-to-pay” portions of Dodd-Frank, as well as interest rate rules and the ban on balloon payments.

This will be a considerable accomplishment when it passes! I encourage everyone who might benefit from this act to reach out to your local Congressman and ask them to support HR 1360. If you need some ideas on how to contact your Congressman and what to say just let me know. You can learn more about this at  http://www.sellerfinancecoalition.org/.

Havelock, NC isn't a bad place to look at either they have a large Marine Corps Air Station there called Cherry Point. I own several rental properties there and it's pretty strong market and a little less competition than a lot of the other areas. As a matter of fact I'm wholesaling one there now you can check it out https://eastnc.craigslist.org/reo/d/attn-investors...

The only reason I'm wholesaling this one is because we're five houses behind now.

Congrats Patty! I'm sorry to hear about the other two that fell through. What's the ARV?

I would like to thank you to Ben, Will and Padric for your service!

I certainly would have to agree with Ben and Will (as far as the Morehead City market). I have purchased literally hundreds of homes in Jacksonville and still do today. There are plenty of deals in Jville. That being said the Carteret and Craven Counties markets are hot! But like anywhere it's all about location. You've got to be intimate with your market and know where you should and shouldn't buy! 

I was born and raised here, my Dad was in real estate here his whole life too so I'm very familiar with the market. My office is in Swansboro, but I live in between New Bern and Havelock in Carolina Pines. We are always buying inventory throughout Onslow, Carteret, Craven, Pender, parts of Jones and New Hanover Counties. 

Padric if you need any specific questions on the market just message or call me.

Thanks,

Jim