All Forum Posts by: Samuel Collier

taxes and insurance are included in that $921. I wont be in the negative but I appreciate the concern. If I ever need advice for Gastonia I will let you know but I know Greensboro pretty well ;)

@Alex Franks sure, the one I just bought is a good example. Purchase price of 140k. 3 bedroom 2 bath, mortgage payment is $921 and I'm meeting with a property manager today but we estimate it will rent somewhere in the range of $1200-$1300. It has an unfinished basement that has room for at least 2 bedrooms so my long term goal is to finish that as well. It's in Grimsley school district which is one of the most desirable locations, otherwise I probably could have gotten it for 100-110k.

@Alex Franks Greensboro is still very much affordable and you can buy dozens of properties right now that will cash flow in the best school district in the city

@Dedric Polite Haha i know, we just gotta buy before everyone else before people hop on the train

Greensboro is the best kept secret in North Carolina, in my opinion. Third largest city in NC but nowhere near the problems that Raleigh and Charlotte have (traffic, higher cost of living ,etc.) We have over 5 colleges, 20 highschools, a minor league baseball team, a D-league basketball team, a major Coliseum complex that holds the ACC tournament as well as all your other major recording artists. I see a lot of artsy mom and pop restaurants popping up which is a good sign. But more importantly, there are multiple very large apartment complexes being built both downtown and at other major shopping areas. This is an indication that there is still growth potential (Or at least there are enough builders who think so.) My prediction is that over the next decade, as Raleigh and Charlotte become overpriced and overcrowded, Greensboro will be next to be hit with the population wave.

It also depends on the occupancy. If you are planning to buy a property as your primary at first to house hack (owner-occupied), then the underwriting gets more lenient in terms of ratios. Usually you want to stay under 40% debt-to-income but I see loans at 45% get approved all the time given they have compensating factors. As far as your student loans, most lenders will either factor in the payment amount on your credit report or 1% of the unpaid balance, whichever is more, into your monthly debt.

Welcome to the Gate City

I would say the best way to start out is by seeking a mentor/partner. Offer to give them a substantial part of a profit in exchange for their knowledge and experience. Or pay them for their time (assuming you cant get anyone to help you for free. Other than that, wholesaling is a very low risk way to start out. Just make sure there are contingencies in the contract that let you back out if you cant find a buyer.

Additionally I'll add as a negative that your flood insurance is going to pretty expensive and there is a good chance a lender will require wind and hail as well. However, there are still plenty of places along the coast to look. Wilmington is always a happening place to be and you have the added benefit of having UNC Wilmington close by so you might even find a college rental if vacation doesn't work out. The North Carolina beaches (such as holden beach) are more family friendly. They aren't as developed either though, so the off seasons are sleepier than somewhere like a Myrtle Beach or a Wilimington.

You will have a far easier time looking in and around Raleigh than in Charlotte