All Forum Posts by: Kirsten Ostby

Hey fellow Fayetteville North Carolina Investors! I'm looking for a good roofing contractor. The contractor I have worked with a few times in the past 2 years seems to be too busy to handle my one job. I'm not looking to poach anyone's main contractor, I just need one roof done on a small SFR in Raeford. A leak sprung during the last hurricane and it's been covered with a tarp since about Thanksgiving... Yikes.

If you know a good dependable roofer, will you send me their contact info? I'm hoping to get this scheduled and the roof replaced in the next 2-3 weeks. Appreciate any help!

Also, on the topic of roofs... if anyone knows a good commercial roofer (in Moore County, Aberdeen, Southern Pines, Pinehurst) that works with repairing metal warehouse building roofs, I'm also searching for that. Thanks for reading!

 @Steve Hodgdon I love working with nice bankers! :)  I went with traditional bank financing on this property. But I do have another potential commercial property in the works that I may try to work seller financing in if the owner is interested. Can I keep you in mind if that deal comes to fruition? 

 That seems to be commonly stated Account Closed; the value a good Commercial Broker can bring. I live in a small area, and we only have a few options for commercial agents. I had a few red flags with the broker I was working with and after they let me negotiate their commission down to 2%, I decided I didn't want them representing me in a purchase negotiation. they also encouraged me to get the property under contract for the $700k the seller was asking. Hard pass...

I may have made mistakes in this whole process not hiring all the professionals to guide each step, but I would bet on myself any day over a professional that is giving me reasons not to trust their credibility. After all, I care WAY more about this deal than any professional representing me would. For the record, My attorney did help me with the areas I needed guidance on. 

@Ronald Rohde yes, my attorney did a title search back to 1950 and i have a title insurance policy on this property. I forgot to mention that I had a state certified land survey done as well to show exact property boundaries, so that increased my title insurance coverage. As far as writing any contracts, no my attorney did not write any. She did not review my loan docs, but did review the existing tenant's lease. 

@Abraham Saldana welcome to the Moore county area, and best of luck! 

@Ken Jernigan good point about SBA. We are occupying a little over 50% and were pursuing a partial SBA loan. We were almost fully accepted on the SBA side with a 15% down pmt, but the bank backing the other portion of the loan denied us. It caught me off guard because the banker I was communicating with said we should be good to go, but I guess someone higher up made the final call to say NO after the SBA was approving us. *We are considered a startup, and could not qualify for the lower 10% down. 
We ended up going with another local bank, 20% down and a percentage higher interest rate, but ammortized out over 25 years. I wanted a lower rate, but at that point I was just happy to get our financing and close!

@Vic Reddy low 500s. Seller originally wanted $700k. We negotiated for 6 months and I was willing to walk away from the property. I helped the seller with a few of his other real estate projects, and he eventually accepted my final offer. 

@Ronald Rohde total closing costs $8,600. to include 12 months prepaid INS. Lender charged about $2,500. Attorney was only $1800. And her office has a good local reputation for commercial real estate. I wrote the purchase agreement with a little help from a friend using the standard North Carolina commercial purchase agreement form, and my attorney reviewed the Lease attached with the current tenant in the property. It's a pretty good lease with NNN, so we decided to keep it in place and not write a new lease until this current one comes close to ending.

Figured I'd updated this thread....I was able to get the property under contract this summer, got the zoning change from HI to HI-C approved with the local government in October (what an ordeal that was!...), and closed on the property in November! Thanks for the input and suggestions when I was at the beginning of this process. 

I'm betting a lot of you comment on threads that go no where and people who don't take action, so I wanted to share that this deal went through and I appreciated you all taking the time to give me help and suggestions 10 months ago. 

@Joel Owens   @David Miller @Steve Hodgdon   @Ronald Rohde   @Priyanshu Adathakkar   

Hey @Joseph Druther!  Unfortunately I can't make this meetup, my son has an orchestra concert that night. But maybe I'll catch you guys in Jan/Feb. Would love to hear what you've had going on lately!

Thanks @Kathy Henley for that info!