All Forum Posts by: Teddy Smith

What does the property disclosure say? Very doubt a licensed broker would lie about issues or sell someone crap (if they enjoy making money).

$850 rent and $85k isn't in that "farfetched" deal range (in my opinion). Get it under contract and get some home inspectors in that little rascal!

It's not illegal and people do it all the time.

But more leverage = more risk. Do you have the reserves ready for a bad tenant, HVAC system outage, roof replacement?

Those could all hit you at one time and be a 10K expense.

@Chris Martin

I use software called Realist Corelogic (Only available to brokers)

2000+ Duplexes (Stops counting after 2000)

183 Triplexes

23 Quadplexes

183 Multi-family apartment buildings!

Realist pulls this information directly from public records and is about as trustworthy as you can get. 

In my experience, all of the bigger hosting companies are similar in quality. Wordpress is the best because it is so widely used.

My website is a super cheap godaddy setup with Wordpress on top. Works great, converts, and ranks well in the search engine. I've also used investor carrot, which is great if you want to spend some extra money and get up to speed fast.

I get e-mail blasts from commercial brokers in Fayetteville. Most of the listings I've seen look insanely high risk and in bad areas. All the properties I've seen are %10+ cap-rate.

Wilmington multi-family is bizarre. I see properties that are in my opinion +10% ROI at 7.5% below. The problem with multi-family in Wilmington is either it's 50-100+ doors complexes or small duplexes. There's nothing "in between" for the vast majority of investors. You've got HUGE competition for smaller complexes but you've got developers building 100+ complexes everywhere.

I'd go with the duplex above all. Duplexes are the best first time investment you could possibly get IMO. Check "Shamrock Village". Great duplex subdivision.

Townhomes can provide great returns, but you are at the mercy of an HOA. Just make sure you purchase near places with huge buyer pools and don't buy luxury. You can also call the HOA and look at the balance sheet. High debt = bad. There's lots of good investment condos Wilmington, but lots of bad also.

I'd be very, very wary of beach house "investments" on Wrightsville or Carolina Beach. I've had many investors gush about how much they net on their beach house and eventually figure out they don't even cash flow. Beach houses are high risk and take tons of work to produce returns.

The duplex idea sounds great, but not the negative cash flow part. I'd just make sure it cash flows and you have enough money left over in case the AC goes out, roof needs to be replaced, tenant goes bad, etc.

From another young real-estate enthusiast to another, don't rush things. I made so many stupid mistakes trying to get rich. Focus on saving money/reading and everything will fall into place lol

Research "house hacking" and/or duplex investing. House hacking is the way most people get into real-estate investing at a young age. Other then that, keep saving and reading. Many of the concepts I learned in the stock market translated well to RE investing.

I'd say a solid 3-4 months of door knocking each day. I don't know the exact door number because it's difficult to count. Out of all the door knocking all I got was a listing for a brick rancher. Not that I'm mad or disgruntled, I'm saying those are my results. I have a far higher success rate cold calling.

I would honestly say I contacted 1000 people (actually contacted) and got one listing.

I door knocked when I first started real-estate. My experience was OK at best. I doorknocked ~1000 doors and got one listing out of it. I think the only reason he listed was because I lived two doors down from him....