All Forum Posts by: Gabor Halasz

We’re in Cornelius, we moved to this area 3+ years ago. Used 1031 to exchange our previous portfolio and we invest in long term rentals. 
We noticed that HOAs are NOT short term rental friendly generally. Where we live our HOA about a year ago passed new rules that don't allow STR any longer, it was voted by the majority of the residents. I think it's the trend in most areas as nobody limes STR. (I'm sure vacation areas are different, but it's definitely not a vacation area)
The other issue is inventory. I mean there is no inventory at all, 20+ offers on properties are the new normal with $ thousands for due-diligent and appraisal addendum (meaning properties won’t appraise as the cost goes up faster than ever). Houses on the market for a few days only.
The property values according to Zillow up about 12% in the last year, in my opinion the reality is more like 20-30%. 
Properties on the lake are very expensive, we’re talking about 7 digits today, except a few.

I don’t know the mountain area, it’s beautiful, eventually we want to buy something there also. I hope it helps, but I’m sure it’s not what you want to hear.....

@Mark DiPietro

Ok we can do that, I’m around Mooresville downtown as we’re working on the duplex 😊

Ok thanks 🙏 I’ll be there 

Congrats!

Hi Johnny,

We moved to Cornelius from the Bay Area few years ago. We did 1031 exchanges for our rental portfolio and  we looked into Airbnb options than and also has been thinking about that ever since. For us long term rentals make more sense and we don’t see long term stable profitability for Airbnb. 
I’m sure we don’t see the whole picture and it might be possible. I also wonder if someone is able to make it work and profitable :)

Liz, if you live in Huntersville and would like to join to the meetup group, please let me know. We're planning to meet in a few weeks again in Mooresville. Anyone can join :)

Liz, congrats to take action and have the courage to post your experience here. 

Most realtors have a completely different mindset than an investor and don’t understand what investors need, do and why. They are mostly nice people, but sales people and not investors. when you talk to them they seem to have an attitude that they completely understand what you need/want, but usually they don’t put their money there and most don’t have ANY investments neither experience investing.
I personally don’t believe that any investor should relay on a realtor for negotiations or advise at all. They do what you tell them in your behalf and shield you from the seller, while make sure you’re both in the guidelines. That’s it.

If you want a good realtor For yourself, find one with 15+ years of experience on the local market who seen cycles going up and down and own rentals on that market and did flips also. They are qualified to give you advise, you can always work with others, just remember this. 

The investor is Basically responsible for EVERYTHING! Right now it’s a seller’s market in this area and not realistic to negotiate a good deal...So it’s not the realtor’s job. You can find one or create one, but I don’t think you can negotiate one.

Also, I’d not recommend “remote” investments for beginners. Especially not on this market. If you buy a house for $60k that rents for $1000 in a decent area, than maybe, but you won’t find anything like that around here now and you should not buy at the beginning without being there or have super experienced person on board with you there.

Lending is also complex and I’d recommend a mortgage broker or small community banks. You can work with large banks too, just remember you don’t matter at all...

At the end of the day, the investor is responsible for absolutely everything even if a hired professionals gave the wrong opinion/advise. Trust but verify - ALWAYS!
In my opinion it’s always a good idea to find mentors or people with experience on the field. They can save a lots of headache, frustrations and money. They don’t need to be local, but it can be helpful sometimes. 

That’s my humble opinion, I hope it is helpful 😉

@Robert T. King, Sr. No worries, I’ll keep you posted

@Ellie Perlman

Very interesting point. I actually liked it. However overall I’m not sure if I would agree for two main reasons:

1. we only know if someone overpaid for something when we look back in time. It happened to me several times when I felt that I was overpaying at the time of purchase, but several years later it turned out to be a great decision.

2. Many multifamily (and other) investors feel that the prices are high and some adjustments will happen soon. Many investors are sitting on huge chunk of cash ready to invest when that happens.

In my opinion super conservative investing today is more important than ever. It appears to me that we’re on a top of the current cycle. But to be fair, I have been saying that for 2-3 years and I have been buying and refinancing, with caution.

Nobody really knows, we’ll see. :)

Hi Robert,  metup is Scheduled at 9am on Friday in Mooresville downtown at Urban Coffee , can you make it?

Urban Grind Roasters - Artisan Coffee
239 W Center Ave, Mooresville, NC 28115