All Forum Posts by: Pierce R.

Joao,

He's simply referring to the migration patterns in the U.S. If you look at the states where people are most moving to, the south and southeast have been at the top of the list for the last few years now. Hope this helps.

Welcome to the site! It's a great resource for many different forms of education regarding real estate investing. I'm located just south of you in Wilmington. I'm an investor myself and a realtor, let me know if you wanted to get together for a coffee/beer to discuss the market/investing.

This is awesome! Sounds like a great project. Thanks for sharing.

@Chase Davidson spent all of grad school thinking of how to get out of the rat race while racking up 280k in student debt...... the irony here is unmatched.

I feel you though brother, have 90k in debt to get a finance degree from a state school. Best of luck

@Aemon Gariety

I don’t have experience using hard money and there are plenty of forum posts and articles about it on here.

However a few downsides that come to my mind quickly are added fees and closing costs having two loans, and it would likely be tough to refi right away unless you get a killer deal that is worth much more than you pay. When you go to refi, the lender will likely only go up to 80% LTV again so you will need to have that other 20% in equity.

@Aemon Gariety

You would have to occupy the property. If you live there, you can get a loan with 3.5-5% down as opposed to the 20%. A lot of people buy a 2-4 unit property and live in one unit and rent out the others to get started in real estate investing.

@Frank Mwaisaka

We also have a couple small multi family properties that are on one gas meter. What we do is put a lockbox over all thermostats and set them to 68-70 degrees.

We also rent these properties to college students by the bedroom so this is probably a little easier for us to control temp than it may be a traditional duplex, where families may want more control over the heat. But something to think about.

@Tito Cotto

If you are looking to refinance an existing property and would like to take the equity out of it and turn it to cash, then yes. You wouldn’t be able to use the 203k for that purpose anyway. 203k loans are for new property purchases.

@Steve LeBlanc

I’m probably in a much smaller market than you, but local banks are the way to go around here. Much more flexibility since the portfolio loans are kept on their books. Don’t have to adhere to all of the traditional guidelines. Good luck

@Steve LeBlanc

In my opinion looking for a lender locally is the way to go. I am currently seeing rates around 4% in my area. These are fixed for 5-7 years usually on a 20 year amortization, meaning the length of the loan is 20 years and the rate can adjust after the fixed period.