All Forum Posts by: Eric Weireter

@Kerry Smith - Welcome (Home)! I'd give my vote for Fathom Realty... based on your background it doesn't seem like you need much training. At its core Fathom is a transactional brokerage (with no monthly fees) that allows you keep 100% of your commission. All you have to do is give them $450 per transaction which primarily covers your E&O insurance and the minimal technology they provide - just last week they released the kvCORE platform to all agents.

@Phillip Jones I just began offering property management services after 4 years as a commercial property manager. Feel free to send me a pm. 

Hi @Aaron Proctor ,

Question #1 is: Will your HOA allow renters? The answer isn't always yes.

Here are some options for you:

1. Do a cash-out refinance on your townhome, use that money as down-payment on a new home. however, if you have an awesome low interest rate you would lose it. 
2. Capitalize on the equity that has been built by pulling out a HELOC on your townhouse . Then utilize the HELOC to help fund the down payment on your second (new) property. Of course there are risks associated with that such as increasing your debt, but most HELOC payments are a minimum of 1% of the outstanding balance. I can recommend a couple credit unions in NC that would be good to use, one of which doesn't charge closing costs.
3. Sell the townhouse (from a tax perspective). You can unlock those capital gains tax free with no stress, worry, or headaches associated with owning a rental property. Though, you only need to live in the property 2 of the last 5 years to receive the capital gains tax-free. So, in your situation, you could rent the property out to see if you like being a landlord. Then you would have 3 years to sell the property without having to pay any capital gains tax. 

I found the HELOC looks like the best option because refinancing away from a low interest rate adds to how much you pay the bank when you refinance. Look at how much more you would pay on principal & interest by refinancing and you will think more about selling or doing a HELOC to keep your loan with low principal and interest.

Hi @Reese Davis - In most situations, having a second mortgage will not cause problems when you sell your home. It's really no different than selling a property with only one mortgage. At closing, the attorney will pay off both mortgages, and cut your fiance and her brother a check for whatever is left over.

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From a legal perspective, any mortgage recorded after another loan is a second mortgage. However, lenders construct second mortgages as either home equity lines-of-credit (HELOCs) or shorter term, higher interest rate, full disbursement mortgages for homes.

When selling a home, a second mortgage, regardless of the homeowner's use of the funds, reduces the seller's cash received at the closing of the sale. A second mortgage, however, should not prevent or disrupt the sale. When the title company, escrow agent or attorney prepares the closing documents, they simply factor in the second mortgage payoff amount into the final distribution of funds to the seller.

A second mortgage should have little or no effect on a homeowner's ability to sell her home. While the effects on buyers are nonexistent, sellers must pay off second mortgages just as they must pay off first mortgages. Sellers must deliver their property free of encumbrances, including any outstanding loan balances, to qualified buyers. The attorney must collect the first and second mortgage payoff amounts and ensure that the liens are removed from the sold property.

As sellers, you must consider two potential issues when selling a home with a second mortgage. First, you should reexamine your second mortgage loan terms to learn if there is a prepayment penalty associated with your note. Second, be sure your home's value is sufficient to pay off both the first and second mortgages (which you eluded to in your original post).

@Andre Pedro DMS List = Deal Maker Sessions List.

..that's what @Adam Schneider calls the email distribution list for people that attend Triangle Deal Maker Sessions.

@Julia Rockwell - Here's the Deal Maker Session I've mentioned to you that's worth checking out. 

@Jonathan Farber - I'd say your $350 quote is a bit high, but not far off. You may only have 6-8 lines to paint, but the vendor probably has a minimum trip charge that he is going to bill. As a commercial property manager, I've obtained many quotes to paint parking stripes and each stripe is typically $5-8/each once you factor in labor. The bulk of the cost for your project will come from transporting the equipment to complete such a small job.  

As for options, you can go with big guys like  Carolina Pavement,  Blalock Paving, or  Mr. Pothole, but they will probably pass on a job this small. Smaller guys that may take a look if they need the work could be  Rose Painting or  Precision Striping. All of the companies mentioned here are professional and I've utilized at some point. Or as @Chris Grenzig mentioned, you could gamble by hiring someone off Craigslist. 

Hi @Russell Ammon - try the Greensboro Deal Makers Session. At the event, you'll find wholesalers presenting their properties and then networking afterwards. Looks like it occurs on the first Tuesday of each month. I enjoy attending a similar event over here in the Triangle.

Hi Joe - I just sent you a PM. Hopefully, we can connect!