All Forum Posts by: Eric Weireter

@Khalid Powell I work closely with Durham Building Company - I know they are always searching for urban lots. Another developer I have resources with is Garman Homes. Let me know if you want me to make any introductions.

@Khalid Powell Are you searching for land developers? If so, residential or commercial?

Hi Aziz - 

1) In regards to a good starting amount - a lender is going to approve you for XXX amount based on your qualifications. That number could be $400k, it's up to you how much of that amount you want to spend. I always advise my clients that they need to decide based on their comfort level. Just because you are approved for $400k doesn't mean you have to spend it all. 

2) Based on the first line in your introduction, since you recently discovered REI - I'd suggest to continue reading various forums on BP relating to the niche you want to focus on. Definitely, listen to BP podcasts and don't be afraid to ask questions.

3) A conventional FHA loan is not like a line of credit. If you purchase a $175k home, that is all you get for that loan. Though, the FHA does have a product known as the 203k FHA Loan (aka Rehab Loan) where you can roll your repairs into the loan value. If a rehab loan is what you are searching for you'll want to ask your lender if they do 203k loans, not all lenders do.

4) All the books published by BP are good. I also enjoyed Rich Dad Poor Dad, Profit First, Millionaire Next Door, ABCs of Real Estate Investing, The ONE Thing

Hi @David C Hyman - defining the best/worst places to invest is subjective. Each investor is going to have different benchmarks they are trying to obtain (Cash Flow / Appreciation / IRR / Cap Rate / etc.)

If you don't want to be inside the 540 loop, Holly Springs and Wake Forest are attractive areas for rentals. FV has grown, but the rental market is not as captivating at Holly Springs and Wake Forest do to the proximity of downtown Raleigh. The Wendell area may be a good place to look, especially over the next few years once Wendell Falls becomes more developed.

Venturing out to Johnston County (Clayton / Smithfield)  may limit your rental pool because not many people may want to take on that commute to Raleigh on a daily basis. Though, you'll have your best opportunity of purchasing something with a USDA loan in Johnston County. Have you utilized the  USDA Eligibility Map before?

@Lacey S. - It sounds like you want MLS access, so yes, you would need to affiliate to activate your license with a brokerage and become a member of the National Association of Realtors (as well as the NC Realtors Association and your local Realtors Association)... ~$550/year in Realtor membership dues and Triangle MLS fees are $150/quarter.

8hrs CE is required every year you have your license - except your first year. You get a free pass for sitting through pre-licensing that first year. You have to take at least one post-licensing class each of your first 3 years OR you can take them as quickly as you'd like (I was licensed in June and had all my Post-Licensing completed by August just to get them over with).

Hi @Lacey S. - here are some quick answers to your questions:

1. You have to take a 75-hour prelicensing class prior to sitting for the state exam. Once licensed you have to take 90-hours of post-licensing class - three 30 hours classes at a minimum of 1 class per year.  Over and beyond that, you do have to take 8 hours of continuing education each year (two 4 hour classes).
2. Once licensed, if you plan on activating your license you'll have to work under a BIC (broker- in-charge), which means you'll need to affiliate with a brokerage. NC Real Estate Commission says you can't become of a BIC, which you'll need to be to break off on your own with an active license, until 2 years of full-time real estate service. 
   • You can sell your own property without being affiliated, but you are not allowed to market your property, so potential clients would have to seek you out.
   • To gain access to the MLS you'll need to activate your license, affiliate under a BIC and become a REALTOR
   • Given all the info above - there are many different routes you could go when obtaining your license... affiliated with a full-service broker, "hang" your license with a limited services brokerage, keep your license inactive and collect referral fees by referring business.  

3) If that is what you want to do I would recommend checking out www.GoldenKey.com. They are a local startup that has gone national running a limited service type brokerage. Otherwise, I say that is not a good idea. In the full-service firm I am affiliated with we have agents all the time looking to host open houses AND just the same amount of agents offering up their listings to other agents to host opens houses for them without charging any fees. 

If you have any other questions or want to go more in depth, send me a PM.

Hey @Anthony Dominguez - I recommend @Timothy McKinney 

His company is McKinney Home Renovations and has several projects going on in Durham.

@Igor S. / @Matthew Tringali - I'd recommend @Timothy McKinney with McKinney Renovations. He's got a few projects going on right now in Durham. I'll let him chime in to see if he has the bandwidth to help you with your properties.

@Chris Mason - Thanks for the mention!

@Brian H. - I just sent you a PM with my email and a couple recommendations in the Boone area. 

I'm a Realtor in the Triangle, @Okey Lawrence . If you're looking for some references of who my clients do the majority of their business with, send me a PM.