All Forum Posts by: Matt King

ATTENTION NC INVESTORS - Opportunity in Elizabeth City to acquire 88 units for about $56k per unit. Actual NOI over $450k annually. Historically 90+% occupancy with a great location close to Elizabeth City college and shopping. Contact me for info!!

@Sebastian Kressley - Congratulations! Good luck with the investment. As far as mortgage it depends on the loan. I've used Coastal Federal Credit Union for a few years now and they've been awesome. Let me know if I can help!

@Kelly McIntyre - That's awesome, oh if I could only tell my 25 year old self that... Anyway, one thing to keep in mind for FHA financing and income qualifications is that you can include the income from other units with your income before you actually buy the property. For example, if you're buying a 4 unit you can still get normal financing and include the other 3 units rental income with your income to qualify for the house. Getting an FHA conforming loan gets you a much lower down payment, but you have to live in the property for a year. Good luck! Let me know if I can help. 

@Brian Corbett @Sebastian Kressley @Rob Jones @Jalon Hogan @Kyle D. and everyone else involved in Greenville!

Hey I'm so glad I found this thread. I've been all over the Greenville area for the past few months and think there is some real potential there. Property is still really cheap, compared to other metro areas in NC, and rents are on the rise. I'm working on some multifamily projects in that area and absolutely be available for a meet-up in the area. Please keep me in mind! And if anyone needs anything I'm always happy to help or answer questions.

@Kelly McIntyre It really depends on your credit and what type of loan you're looking for. I was looking for commercial loans for multifamily projects and Coastal was a good fit. What type of investment are you looking for? If you're flipping it's going to be a different loan than if you're going to buy and hold. It all works, but you want a different debt plan for different projects and for your particular situation.

@Kelly McIntyre I have used Coastal Federal with good luck. They were willing to give good terms even on my first deal, which is always helpful. This is definitely a people business so I would make it a point to call and talk to as many people as possible to get the terms and relationship you're looking for.

If you need anything or have questions you can ask anyone here or PM me and I'll help however I can.

Best of luck!

Matt

I'm looking into some opportunities for multi-family properties. I'm curious if anyone has any experience with HUD qualifying homes for the elderly? I'm looking into a community now of garden-style apartments that listed as Section 8 housing for 65 and up. I know this is a super niche question, but was curious is anyone had any experience.

Thanks,

Matt

@Oliver A. I'm looking into the Fayetteville area for some investment as well. I'm looking into more of the multi-family market, but I'm happy to help if you need anything!

Yeah, conventional financing is not the way to when you're just starting out. Like you I don't have any W2 income so normal financing doesn't work with most larger banks. I've had good luck with local banks and credit unions. Charlotte is a huge financial market, I'm sure that someone with your background can find alternative financing. Good luck!

Happy to see some many fellow newbies in the area! I'm always available to help if I can!