All Forum Posts by: Pat Lulewicz

Looks really nice. Great find; hardwork pays off.

If its a smoking hot deal and you're confident beyond a shadow of a doubt that you can make it work, but trust is the biggest issue and they NEED collateral (I would definitely try to just make it an unsecured loan to get around this securitization issue), offer to collateralized other items you own free-and-clear. Car? House? Watch? Pokemon cards?

Agreed with other posts that you finding the deal is the best route and largest spread. The more people involved, the less chance for profitability. Next rung is wholesalers (so one extra hand in the cookie jar) and then MLS/realtors (2 extra hands - plus their "employers'" cut - in the cookie jar.

If you want to find wholesalers, you either need to network in local events or find a facebook page dedicated to RE or sale of property...most wholesalers will place their properties there because it can be seen by the most eyes.

I think that team who wants you to succeed can overcome the need to "station out here to babysit". "Babysit" one member who you pay accordingly to babysit the rest of the team - aligned financial interests overcome most roadblocks. I've helped numerous OOS clients coordinate the rehab work and I report back-and-forth as the intermediary, so its definitely a great strategy.

You're transitional MFH LTRs that do more than 1-2% CoC will be best found in secondary and tertiary markets - think Fayetteville, High Point, etc. Duplexes are common. Triplexes are tough and will generally look like Frankensteins. Quads are somewhere in the middle depending on market.

Most people have hit on it, but STRs are best served in your vacation towns - beach and mountain. New Hanover County is a great location for that and can support the MTR market as well if desired or needed. Most large and medium metros will support the MTR strategy given the type of employment we have in those. Your real deal breaker is HOA restrictions on renting for less than 12 months at a time, so you limit the inventory available for these strategies if it has an HOA. Just means you have to move hard and fast when you find the right now. Also, consider the cost of management being significantly higher if you outsource vs self-manage on STRs.

Section 8 Housing Authorities will vary drastically in communication and ease/difficulty of working with you from city to city. Have had great success both personally and anecdotally with High Point, Winston and Greensboro HA's. 

PM me if you want to discuss any of this further; we'll chat about goals nad strategy.

Great buy and hold market. Most flips are generally cosmetic and more so for the investor market, not the retail market. Difficult to make huge margins with the lower price point homes given the avg age of these homes. I wouldn't expect the same appreciation in High Point as you would in Greensboro or otherwise in larger metros in NC. That said, rents are still very comparable to other cities and demand for rentals will continue to be high. If you were going to flip it and the margin was there to do so, might as well BRRRR it.

@Chris Martin love that you came full circle on a post like this.

Hey Victoria - I've had S8 tenants throughout the Triad and have worked with the GSA, HPHA and HAWS. Happy to help answer any questions that I can; shoot me a message

Take a look at markets in closer proximity to Raleigh/Triangle and assess those. The Triad - Greensboro, High Point and Winston-Salem - have been experiencing a very similar appreciation to the Triangle but at 75% of the price point. Similarly, rents on homes are almost equal to those in the Triangle, so you get the appreciation and cash-flow at a more attainable price point. 

Greenville and Fayetteville are in close proximity but have favorable price points to allow you to cash flow immediately. 

If you're committed to STRs, definitely take a look at Wilmington as tourist destinations will always be in high demand. A point of caution - cities like Raleigh have a lot of HOA'd communities, so make sure you're 100% confident that you can STR per HOA bylaws/regs before getting under contract.

You'll be successful in either market. Both have incredible growth horizons, similar zoning and regulation, weather is pretty similar, proximity to oceans/mountains is similar, and rental markets are both on fire. Moving from Texas, I'd highly recommend spendind a (long) weekend in each prior to making a commitment to either city. Move to fit your lifestyle and you'll be able to succeed in RE regardless, but you might as well love the city while doing it since both are pretty different from a recreational perspective mainly due to population/size differences. Ask around this community to see what are fun things to do or see in both, and take a look at some RE to book-end the trip to make it a tax write-off-able vacation. Happy to help you do that in either market - Triangle and Triad.

Are y'all looking for a listing broker to get one-off deals from when they have them, or a commercial broker who has visibility into all deals and can help y'all transact on them as your "buyers agent"? They can overlap, but seems like y'all are in acquisition mode right now and not looking to "list" your properties.