All Forum Posts by: Pat Lulewicz

Check your contract. Nc contracts require 60 days notice during the initial lease term. 30 days if the contract is month-to-month. If the lease auto-renews to a month-to-month, then you can post a letter on their door (take a pic) or send it by certified mail with a signature required with the new terms starting at the appropriate times based on the lease. So even if you miss a month of the higher rent, it will kick in after you satisfy the appropriate "notice period" or they of course have the option to terminate and leave.

For any investors in the group, take a peak at #10 Greensboro/High Point

It's an interesting choice of verbiage to look at "median" sale price YoY because 10% feels like A LOT on the entry-level/investment inventory, and more of what I see in the high-end resale and, specifically, new construction inventory that tends to swing our avg's way up in the macro.

Completely disagree that rent will be 0%. Apartments are oversupplied and those numbers will likely be competitive. But SFH are already seeing renewals at 2%-4% and release rates up at least 5% YoY...that number is even higher on some luxury ($3k+/m rent) homes as those are harder to find.

The rest is entirely speculative. How can we know which boomer is going to list their home?

In NC, you wont find a property that works at that price in the primary markets of Raleigh or Durham, Charlotte, etc. Secondary markets like Greensboro, Winston, and Fayetteville will likely still be under the 1% rule, but our property taxes are lower than most northern states so the CoC (which is what you should be as/more concerned about) return will be favorable. Tiertiary markets can get you to 1% rules on paper but then it'll all be based on demand and tenant class. Look at Goldsboro, Greenville, Burlington/Mebane/Graham, High Point, and some of the neighboring towns of Charlotte.

I agree with both responses @Chris Magistrado. Its a lot of money to put into someone who's new to their life or the industry. Even trusting a brand new GC who's licensed/"qualified" is a risk from out of state, let alone out of country. That said, I do this with a a few investors on rentals since I'm a Realtor and Property Manager where I am boots on the ground for purchase, rehab and lease-up, however we had a strong professional experience/life together before partnering.

Lending will also be a consideration as most lenders are hesitant to lend to non-citizens given the foreclosure challenges it can pose. So its either all cash, findings those needle-in-a-haystack lenders, or would need to be some other creative structure

I dont think its a quantity metric, but much more a quality metric. If you reach out to 10 realtors and the 3 that contact you the fastest are new to real estate or have never bought/sold an investment property...good luck. Figure out a question set that helps dive into their expertise as investor-friendly agents, ask about their experience in the investment real estate space, and have them send you a few properties that could meet your goals to show that they can provide quality properties for your to analyze (hint: this is also good to see if they overpromised on their market [ex - Raleigh for cash flow]).

Also with the new lawsuit, any agent that knows what they're doing will require you to sign an agency agreement prior to viewing a home. Although it isn't some miraculous contract that will hold a buyer hostage, there can be repercussions to you and/or the agent you eventually earn a commission with.

 Hey Ben - if you're around those days, we're also having Benjamin speak at our Pints & Properties meet-up next Thursday, January 16th at 6:30p if you fly in early enough. Here's the link:

https://www.biggerpockets.com/forums/521/topics/1225476-pint...

@Benjamin Carver

@Benjamin Carver

Welcome in the New Year with the reboot of Raleigh Pints & Properties meet-ups with a new date and new location at the Brier Creek Carolina Ale House! As your new hosts, Nate Benton and I are excited to bring a refreshed speaker rotation, continued educational content and an open networking opportunity every month!

To start the year, we welcome Benjamin Carver! Benjamin Carver is a local investor who rents out bedrooms short and mid-term through Airbnb. He renovated a single-family house and turned it into a functional duplex, living in one half with his wife. His strategy helps cover about 75% of their mortgage and now he is looking to scale. Given the interest rate and housing environment we're in, come hear how Benjamin did it, transparency on his numbers, and what it takes to recreate his success yourself!

Private lending could be an option if your goal is "cash flow". You obviously don't get the tax benefits of real estate, but if you're just looking for "returns", then lending your money out could be advantageous for your goal.

We rent to plenty of S8 applicants; I've always believed the standard of care they exude is as high if not higher than "market" applicants because they'll get kicked out of the program if they don't. Part or all of the rent is covered by the US gov't (take that as you will). The front end can sometimes be tedious to get approved by the local housing authority, but rent payments are always timely. Screen them as you normally would - does their income substantiate their portion of the rent +/- a little for changes in what the housing authority will pay out? What do their previous landlords have to say about them?