All Forum Posts by: Mike Shemp

The nice thing about the White Mountains is that area is busy with people vacationing almost all year long except for the "mud season" (April) which is when things quiet down.  But other than that, the area for most months is busy with skiers, hikers, kayakers, motorcyclists, hunters, and vacationers.  There are several ski slopes (Bretton Woods, Cannon, Loon, King Pine, Crawford, Wildcat, Attitash) which keep everyone there in the winter, and the hiking trails keep everyone there in the other seasons.

SG

Thanks @Shawn Ackerman for the suggestion.  I'll contact the zoning department and see what they say about it.  There are other multi-family properties in the town, but I am not sure about on the block.  I'll have to research that too.

Thanks for the advice!

SG

Hi BP community, I am newbie and was looking for some thoughts or suggestions. I am looking at a 3 unit property currently zoned commercial. The seller is renting the 3 units to 3 families. Is there any issue with this being that it is zoned commercial? My concern is buying the property only to find out all the tenants have to leave and only a business can rent from me. Thank you in advance for any suggestions! Mike

Congratulations Michael!  Thank you for sharing your post it is very inspiring.  I am close to doing my first deal, so it is very helpful to read success stories like yours.

Your property looks very nice, and I wish you much success with it!

Hi Matt- we are looking to purchase our first investment property in NC in the next few months in the Outer Banks.  Nervous and excited at the same time.

How about you?

Is there any advantage to having 2 LLCs instead of just 1 when owning property, and one of them being a Wyoming or Nevada LLC?

For example one LLC that holds title to the property in the state that the property is in, and that LLC has 1 managing member (which itself is a Wyoming or Nevada LLC that you are a member of)?

From looking around the interwebs, it seems that this may help protect the LLC further with charging orders.

Any thoughts?

@Will Norrell - Thank you so much for the recommendation! Also, I took your previous suggestion of Joe Lamb for property management.  I call them about a month ago to start discussions and they were really fantastic, and gave lots of great information and tips.  I will give Brock a call! Thank you!!!

Hi All,

I started this thread almost a year ago, and we are very close to making an offer on a property in the Outer Banks for a vacation home that we will rent out during the summer.

Can anyone recommend a good real estate attorney in the Outer Banks?

Any suggestions would be greatly appreciated!

Mike

Hi All,

Well about a year ago I posted on this forum about purchasing a vacation home in the Outerbanks, North Carolina to rent out in the summer months.  We are now looking at homes, and will make an offer when we find the right one.

Can anyone recommend a good real estate attorney in OBX?  We will most likely purchase a vacation home that has a good rental history, so it will probably be booked for the 2017 season.  We would need an attorney to handle all the ins-and-outs of purchasing an existing vacation home that was, and is, rented out at the time of purchase.

Also, if anyone has any tips or suggestions to watch out for when purchasing an existing vacation home that is rented out, this newbie would really appreciate hearing them!

Thank you in advance.

Shemp

@Lauren Van Riper - Thank you so much or all that great information!  I really appreciate you taking the time.  I have been going down to the Outer Banks for the past 10 years, and from what I know of the micro-climates, your descriptions seem to be very accurate!  Right now we are looking around the Kitty Hawk area of Beach Road (not oceanfront, but oceanside in this area) as we have seen many of the empty spots where houses used to stand there.  The reason we are thinking this location as it is not as expensive as Southern Shores price-wise, but doesn't have the partier-feel of Kill Devil Hills, but still close to everything.  What are your thoughts on this micro-climate?

We were also considering the Corolla area.  From what I know, the house are a little less expensive than Duck and Southern Shores, but a bit more remote.  What are your thoughts on this section?

Thanks so much for the info!

Mike