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All Forum Posts by: Pat Lulewicz

Pat Lulewicz has started 9 posts and replied 322 times.

Post: My First STR - House Hacking in Memphis TN

Pat Lulewicz
Posted
  • Realtor
  • Raleigh NC and Greensboro, NC
  • Posts 335
  • Votes 362

Agreed with above recommendations on countertop. Would absolutely stay here if was looking in the area! Good luck and great job!

Post: [Calc Review] Help me analyze this deal

Pat Lulewicz
Posted
  • Realtor
  • Raleigh NC and Greensboro, NC
  • Posts 335
  • Votes 362

check with your agent, assuming you're using one. They generally have a go-to in their back pocket. Otherwise, look on here under the "Network > Mortgage Lenders" area.

Post: [Calc Review] Help me analyze this deal

Pat Lulewicz
Posted
  • Realtor
  • Raleigh NC and Greensboro, NC
  • Posts 335
  • Votes 362

FHA loans add points to the loan themselves. I believe you can wrap them into the loan, so in reality, your equity in the property goes from 3.5% to 1.75%-2% (depending on points). If not, you have to pay that at closing, so on top of the usual 2.5%-3% of usual closing costs. On a $180,000 loan you're closer to $5,400 - 7,650 closing costs. Adds up quick.

Consider a conventional loan vs FHA. FHA loans require you to refi to get out of PMI. Conventional 3.5-5% down will auto convert out of PMI. Plus, as you hit milestones in LTV (loan to value) of 95% or 90%, your PMI% can automatically decrease to "reward" you for building equity. I'd absolutely reach out to a lender or mortgage broker...take them out to lunch, its what I do...and fire away to get better intel.

Post: [Calc Review] Help me analyze this deal

Pat Lulewicz
Posted
  • Realtor
  • Raleigh NC and Greensboro, NC
  • Posts 335
  • Votes 362

Assuming you aren't buying cash, your downpayment and closing costs both seem a bit low, but based on lender I suppose

Post: Price vs Rent in North Carolina and Where do we buy??!!!

Pat Lulewicz
Posted
  • Realtor
  • Raleigh NC and Greensboro, NC
  • Posts 335
  • Votes 362

Look into the Triad, otherwise known as the triangle that connects Winston-Salem, Greensboro and High Point. Its a light version of Durham/Raleigh/Chapel Hill, however the 1% rule exists there. These get snapped up pretty quickly so I'd take a look at recently sold properties up $100k, compare against rentometer.com to get an idea of where you get close or hit the 1% rule, and check for new listings regularly in those areas that you've designated. Greensboro, more than the other 2, is growly significantly and is a wonderful place to invest.

Post: Numbers on Our First Deal

Pat Lulewicz
Posted
  • Realtor
  • Raleigh NC and Greensboro, NC
  • Posts 335
  • Votes 362

Great equity and fantastic cash flow - congratulations! This is a great wealth builder!

Whereabouts in Raleigh did you find THAT price? What are the BR/BA specs on the house?

How long after closing did you pull the trigger on the refi and would you mind sharing the perm lender that let you do that (PM if necessary to not get in trouble ;)]

Post: How much does it take to fix roof leak in North Carolina?

Pat Lulewicz
Posted
  • Realtor
  • Raleigh NC and Greensboro, NC
  • Posts 335
  • Votes 362

It'll depend on the square footage of the roof, the type of material you want to use and generally where in NC you are. I replaced an entire roof on a 1400 sq ft home in High Point for $5k, including gutters, and that may have been high because I needed it done quickly for insurance coverage to go into effect. Happy to provide roofing company info if you PM

Post: Projecting Rent Rates on an Investment

Pat Lulewicz
Posted
  • Realtor
  • Raleigh NC and Greensboro, NC
  • Posts 335
  • Votes 362

To @Jiri B.'s point, rentometer.com can help there. Also consider going to meet-ups and talk to folks who own SFH investment properties in the area. Real world evidence.

Post: Hello from Greensboro, NC!

Pat Lulewicz
Posted
  • Realtor
  • Raleigh NC and Greensboro, NC
  • Posts 335
  • Votes 362

Welcome @Lacey Dillon! I'm out of Raleigh and investing in the Triad. Genius idea to come on here where everyone needs a loan to help build a client base! Doing any investing yourself or strictly working on the lending side?

Post: Raleigh/Durham and Surrounding Areas Meetup RE TAX GUEST SPEAKER!

Pat Lulewicz
Posted
  • Realtor
  • Raleigh NC and Greensboro, NC
  • Posts 335
  • Votes 362