All Forum Posts by: Matt W.

@Caleb Haynes

Why would your private lender give you money at 2% when they could be making 5-8% in a bond?

@Nathan G.

I think like many investors, I've daydreamed about buying storage facilities. Here on the coast, a similar play is boat slips. A neighbor of mine used to own lots of SFH and sold them all for 40+ boat slips because they are much easier. They face the danger of when the economy goes left the first thing people do is put their boat in the driveway and maybe sell it.

Any tips on how to get started in self storage??

Readers Digest version: tightening requirements but making less because I'm scared of getting "rona-scammed.

I recently sold a property and 1031'd into two B+ class properties instead of the typical C class property that is usually the "sweet spot" for cash flow yet decent tenants in my area.  I probably could have purchased 3 C class houses which would have cash flowed more per month, but I'm opting for what should be better tenants. 

I'm also charging 2 months security deposit and only doing 6 month leases.  I'm underpricing the units by 50-75$ to get lots of attention on my ads but laying out a pretty strict rental requirements (3x rent in salary, 650+ FICO, etc)

The shame is that I probably could have cash flowed more and helped 3 decent tenants find 3 decent place to live, but now I am only helping 2 great tenants rent 2 great houses.  The government eviction bans, ostensibly designed to help tenants, are forcing me to play more defense and only rent to people who are probably on their way to be home owners in a few years anyways. Applicants who are "marginal" on paper, but might have been really good renters, are shut out of the game. 

@Scott Hraska

This reminds me of my dad, he left corporate life in the WTC in 1985, just went driving and drove thru Wilmington and decided to stay! I’ve lived here on and off ever since.

Reach out when you’re in town!

@Kyle Chadwick

Is Carrot the website many wholesalers use? (And why all their websites and sign up pages look the same)

@David Avery

A few days ago I knocked on the door an no one answered, although there were cars in the driveway. I left a note offering cash to move out and let me inspect tucked between the door and the frame. As I drove away I looked and could see the note being pulled inside without anyone opening the door! Pretty creepy, I guess they are still in denial mode.

I need help deciding on which property to try to buy!

House A: 3/2 1200 sq ft in a decent B area. Built 1996 cookie cutter houses ARV $240k

This house is currently in the foreclosure bidding period, next bid is $120k. The issue is the owner is still living in it. I have spoke to several attorneys and they say the owner will be forced to leave by the county sheriff in the foreclosure process if they do not leave willingly. The condition of the house is unknown, might need minimal work or major rehab.

I have attempted contacting the owner to offer them cash for keys if they let me inspect inside and agree to leave it in a neat condition, but have been unsuccessful. Worried they might trash the house in the way out.

House B: 3/2 1800sq ft in a great B+ area. Built 2004 semi custom, ARV $350k scheduled to go court sale 4/13 so owner really wants to sell.

Owner has had other offers but would sign a contract for $245k. I inspected the house and estimate repairs @ $30k, so would not be a "perfect BRRRR" but pretty close.

I have the funding to do either but not both. My plan now is to try to get house B at $230k which would give me much more breathing room in my budget and ARV numbers. If she turns me down then I would go with house A.

Am I missing anything? Have done title search, no surprises on either house.

Thanks!

 Thanks.  This person actually borrowed the down payment money from the local housing authority, so when you say they have been living for free you ain't kidding!

Hi BP, 

I'm looking into bidding on a foreclosure auction in Wilmington-New Hanover county, NC.  Today was the first day of bidding, I can upset the current bid within 10 days. 

Drove past the house and it appears the owners are still living there.  According to Propstream and my register of deeds search, this foreclosure has been dragging on for at least 4 years.  The owner at one point declared bankruptcy, but that was dismissed about 6 months ago, which allowed the foreclosure sale to happen today. 

My concern is that if I were to buy it and the owner-now illegal occupant refuses to leave or do cash for keys, I will not be able to evict due to the Covid eviction moratorium.  This person's financial troubles started years before Covid, but I'm assuming they could claim hardship due to Covid all the same. 

I've called about 10 real estate attorneys and no one does this type of work, I think the market is so hot they are happy making easy money doing closings!  

Thanks

@Anthony Sellers

Is UNCW going full on in person this fall?

I’m considering buying another rental in the area and allowing students.