All Forum Posts by: Howard Manning

Property development opportunity.  Anyone interested in connecting on a 72 acre historic site development, with no restrictions.  Has about 21 unrestored and vacant mill houses from the early 1900s,  over 3500 ft river frontage, 5000ft road frontage. senic area. Property on both sides of the road.  Has the feel of stepping back in time.  Tax credits up to 60% available. Its called the Henry River Mill Village.  Has lots of potential for developing a village of expensive houses along the river and road around the historic village.  Price is $1,400,000.  Located about 2 miles from I-40 near Hickory NC and about 20 miles  from Morganton, NC.  This could be a very nice early 1900s style development as a village of single family homes and town homes in the 2500 to 3500s.f. range.  Take a look at the street view and satellite view on google maps.  And several pictures on the Weichert Realty listing for Henry mill village, Hickory, NC.  Oh. also this is the site for the movie "Hunger Games".  If interested in exploring this further please PM me and I'll get back to you.

B. thanks for sharing your experience.  Walmart may have some sealants cheaper than Lowes.  

Hello, anyone use wood preservative lately.  I find that costs range from about $13 per gallon to over $60 per hour.  I  need to apply sealant to a tennis club house where the owner wants to save the siding and decks for about 2 or 3 more years when he plans to do a total make over.  The siding is a rustic look barn siding and the wood is beginning to peel and splinter badly.  He doesn't want to spend much,  but just make it last a couple more years.  Any info on your experience with this kind of stuff would be appreciated.  Thanks

Jon, thanks for the info and action. Much appreciated.

Good points, but I don't know what the rule was and it had some good info that needed to be retrieved is any way possible, such as info from J. Scott.  I guess I'm at a loss since a lot of people wanted to establish contact.  

Hi.  my post on "Ideas for Newbies to jump start RE investing" was removed.  How do I find it so I can see who had responded and their question or interest?

ThanKs

Howard Manning

Hello Karen, thanks for the input.  I'm needing help here.  I do plan to look for a RE lawyer in the Raleigh area.  I have used one in Wilson, NC but this calls for one in the Raleigh/TriAngle area.  If anyone knows of one please contact me.

Hello Charlotte RE investors.  Several are interested in this group investment idea to get a start from your city.  I suggest that you get together at a meet up and develop approaches on how to get started, and we can exchange info and details with your group from Raleigh and other locations.  Someone from Texas also wants to develop such a plan so it may spread and we can all learn from each other.  We need to reach out the some of the experienced authors on BP and get their suggestions.  Developing ideas can be fun and hopefully profitable for all participants.

Hi everyone. the next step is I'm researching various forms of entities to protect all participants and do it right. I'm meeting RE investors at a Raleigh meetup Fri. 16th and hope to discuss this with RE investors. I have started exploring org. forms and it looks like the best approach is a form of LLC. Those that are interested check out Real Estate Business Plan- by Bigger Pockets. It discusses an entity called Series LLC which would be ideal, but there are only 11 states that recognize this type of entity, and NC is not one of them. Some people are recommending a separate LLC for each property which is time consuming and a little costly. I believe a compromise approach to LLCs may work. Forming an LLC for a limited number of propeties and limited duration may work well for everyone, and reduce cost and burden. For example, an LLC limited to 3-5 properties and 2 to 3 years would limit the liability exposure to those few properties and would not expose future investments under separate LLCs. It would also allow flexibility in changing members with each LLC. To accommodate more deals 2 or more concurrent LLCs could be formed. To maintain proper accountability within each LLC, each property should have separate records, contractors, bank account, etc.

There has been a lot on interest in this approach to getting a jump start to investing in RE. Therefore, several groups may be needed to accommodate those that are interested in participating. If you are attending local meetups you might discuss with other RE investors to determine if there is interest in forming a local group/LLC. BTW, LLC rules require the listing of each member, and percentage of ownership is determined by the percent of investment each member puts into the company. No matter how many members there are the percentage of ownership always totals 100%

Please submit any ideas you have.  This is still in the development stage.  Thanks for all your expressed interest.

Thanks a zillion to all of you for your responses and inputs.  Now we have to get busy to develop the kind of venture to carry out this goal of raising funds and pulling together to get the newby real estate investments achieved.  As plans come together I'll try to share them for others.