All Forum Posts by: Wes M.

@Christine Garnier All that matters is the property's zoning classification. You need to contact the Town Planning Department or consult a RE attorney to determine what is permitted to be constructed on the lot. Tax assessor classification is only relevant for determining tax value, not future development. You may also be able to determine the zoning classification from an online GIS site that includes a zoning layer. Hope that helps.

All of the above. You can use your own form for your own property. But it would be good to base it off a standard lease agreement. If you get permission from the fellow investor and there is no copyright concern then you may use that form. I would also recommend paying for an hour consultation with an experience local RE attorney to go over any specific issues that a new investor should be aware of. This should be money well spent.

You can ask the City Planning Department for an official zoning letter of determination which will stipulate what they consider the legal use to be. Or just ask the City planning department if you can build what you propose.

I suspect you have purchased a property in the Special Flood Hazard Area and are subject to the 50% substantial improvement rule. Depending on the jurisdiction, improvements made within one calendar year are only applicable - so you maybe able to continue on beyond the calendar year for compliance purposes. However, if the elevation of the additions are not compliant with the current regulatory floodplain elevation then they will have to be removed. One option available is to application for a Floodplain Development Variance. Most jurisdictions are leery to grant these variances however due to potential penalties from the National Flood Insurance Program. Sounds like you need to hire a knowledgeable engineer or contractor that has specific experience with floodplain regulations. 

 Thank you for clarifying. We had only received a verbal offer that our offer was accepted. I have never experienced a listing agent claiming a deal to be official prior to receipt of a signed contract.

 I really like the Brooklyn Arts area as well. We were hesitant to pursue downtown for several years, but I think the critical mass of new housing and businesses has reached a point that downtown will be on the upward trajectory for the foreseeable future.

 It is on Queen Street between 3rd and 4th. Castle Street area in particular. Hopefully some of the investment from Mr. Goodnight with help continue to make the area more desirable. 

I am not anticipating a refi as of now. We will see what the rates are in five years and I will make a decision then. It should still cash flow as a LTR even if we did have to refi or if the rates increased by the max percentage (2%). 

The Wilmington STR market is adding lots of inventory since the City removed all rules pertaining to them. I am more comfortable with a LTR investment at this point. Less capital up front and a lack of inventory for LTRs make the strategy seem more attractive. We do own a vacation rental STR in Oak Island, but only LTRs in Wilmington.

@Matthew Failor

@Matthew Failor@Matthew Failor@Matthew Failor

@Matthew Failor@Matthew Failor

We stay in the off-season, typically several long weekends a year. Ours is in a beach community and we do not visit from June to August.