All Forum Posts by: Marco Aceves

What I mean by the title:

When shopping around for a mortgage , there’s that 14 day window where you can apply as much and as many places as you want with only 1 hit to credit score. Is this the same for HELOCS or does each inquiry regardless of time frame dings your credit score?

thanks! I hope My question makes sense.

Two words:

Wordly Gray

Thank you all for your responses.

I have called and left a voicemail. It's kinda crazy that I have to jump through hoops to get in touch with them but then again, it is indeed the holidays. 

 Will do!

 I will try calling as suggested. Just looked again and still not on any platform

Good evening folks,

I saw a property that had a for sale sign in the yard. I went on Zillow, Realtor, Red Fin and I could not find the listed property. I went ahead and emailed the agent asking for more information and have not heard back. What would ya'll do to get in touch with someone if the agent that is on the for sale sign is not replying?

Thanks!

Thank you, Josheph!
Id love to connect with you and talk about the Raleigh and our surroundings!

Hello all,

My wife and I have finally gotten all of our ducks in a row (finances, credit, capital) and we are ready to take a dive into our first property. We live in Raleigh NC and its near impossible to find a property that would sell under market value. We want to do the BRRRR method but we might have to get financing from the beginning. We have just above 100k available to us so unless we can find a property around 50-60k, we wouldn't be able to pay cash without leaving us with little to no money for rehab/holding costs/any unexpected issues.

I have been looking around areas I'm familiar with. (Greenville NC, Asheville, Charlotte area, Durham, Burlington, etc.) and might have found some potential in Greenville. We are looking for a mix of cash flow markets and appreciation markets but would like to focus on the former, to help us raise capital for expansion. 

If anyone has any knowledge in markets within NC, I would greatly appreciate any and all input!
Also, if there are any investor friendly real estate agents my wife and I would love to connect!

Thanks all,

Happy Holidays! 

My wife and I are in a unique situation and I am posting in hopes that ya'll could help shed some light on this.

My wife's father bought a home back sometime in 2010-ish and lived there up until 2018. He decided to go back and live in  El Salvador as he has dual ctizenship. He was renting the house out 2018-2020 until the tenants moved out but they did some significant damage. While the house was vacant, my in-law got behind $20,000 and pretty much decided to give up on the house. 

My wife and I decided to take over it "as is" from her dad. We got a quitclaim deed and submitted it to the county with the help of an attorney. The house is listed under our name in the countys public records now. We asked the current lender what it would take for us to refinance and they said to pay off the 20k owed plus after that, pay consistent mortgage for 6 months - 1 year.

Could we get the house appraised, find a lender and do a cash out refi and pay off the 20k owed + have down payment money for another property?
Total owed on the house including the 20k is roughly $135,000. We have invested about 20k in repairs and the house is now in great condition. Houses around the area are going for 300k so this could be our rocket fuel to propel us into acquiring more properties. 
The "worst" case scenario is to have to pay off the 20k upfront and up to a year of regular payments. The 20k or the payments are not the issue, its the timeline. 

Thanks all!

PS. To better explain my question: Does the current lender have a "grip" on us with all these timelines etc , or as long as they get their money, they dont care?

Good morning BPers!

Is anyone familiar with the market in Golsboro NC?

I'm seeing a lot of SFH under 100k and some even under 50k. A lot of these don't seem to need a lot of work or really any at all.
I'm just looking for a general overview (if anyone is familiar with Goldsboro). Seymour Johnson Air Force Base is there so its a bit of a military town. I have gone to Goldsboro a few times (live in Raleigh) but I'm not super familiar with neighborhoods or really the RE market.

Any insight would be greatly appreciated !

-Marco A.