All Forum Posts by: Will Kilby

@Jackie Carmichael thanks for the response! I'm leaning towards STR or LTR right now. House hacking isn't really a great option for us at the moment. But would love to pick up a rental.

Hey everyone! I was active on BP 4-5 years ago but I'm just now circling back to focus more on my REI goals, so I thought I'd reintroduce myself.

I'm 28, newly married and live in north Raleigh, NC. I bought my first property as a house hack in 2020 and sold it two years later, now living in my third primary home purchased a year ago with my wife (thanks to the equity from that original house hack). I also help my parents manage two STRs that they own.

After over 6 years in a career field that I'm starting to hate, I've recently decided that I need to jumpstart my REI journey to escape the W2 and buying another property in the next 3-6 months is a priority of mine. I have a few ideas for potential partners, but right now I'm mainly brushing up on all of the potential strategies and thinking about my next move. I grew up in the Winston-Salem NC area, so both the Triangle and the Triad are areas I'm interested in.

Feel free to reach out, would love to connect.

@Billy-Dee Greenwood thank you! Good thought to reach out to the real estate commission to confirm.

I currently manage my parents' STR as a member of their LLC and a fellow host in the area asked if I would cohost their property for them. We are set to move forward soon, but I just realized that "property managers" are required to have a real estate license here in NC. I know an attorney would be the best person to ask, but would a cohost technically be considered a property manager? I don't live in the area, I'll just be helping with guest communication and managing the listing. They will continue to own the listing and handle all the money, they'll just pay me a commission every month.

The way I’m reading the law, this wouldn’t technically apply to me because I’m not offering to rent the property myself - they are doing that because they own the listing and accept the money. This isn’t a “hands off” property management situation - the property owners will still be involved to a degree. Would be interested to hear everyone’s thoughts though!

I posted about structuring a partner deal with my parents a couple weeks ago, and I think we've decided on a private money loan, so I'm just trying to figure out the best way to get started so I can be ready to write offers.

My parents are seasoned investors and have agreed to a private money loan via their HELOC. What would be the best way to get started on this, just visit a real estate attorney? I want to have everything set in stone before I start seriously looking for homes of course. This would be for a fix and flip - would this affect my ability to get a mortgage before I sell the flip? I'll be looking for a new primary home sometime this year and renting my current home out, and I'm not sure if I'll be able to unload the flip before I start the process. They are willing to finance the purchase + rehab and I will manage the deal, then pay off the loan in full once the house is sold.

Also a new investor in Raleigh, I graduated from UNC-Chapel Hill in May 2019. Currently in my first house hack and looking for ways to find another deal. PM me if you'd like, would love to connect!

Also located in SE Raleigh, not too far from Clayton. Welcome to the area! I'm in my first house hack right now and looking for another deal soon.

I'm 24 and bought my first house hack last year. First thing my lender told me in our initial conversation was to get a couple more credit cards to help with my credit history (keep them paid off of course). I had one credit card at the time and a small car loan which were my only sources of credit. I opened two more credit cards, no fees and 0% APR for 12 months, which helped when it came time to apply for the loan. Might not apply to you but just a tip!

Hi all, it's been a while since I joined but I'm officially an investor - I've been in a house hack for about 6 months now! 

I'm looking to get another deal moving and have been thinking about finding a home to flip and my parents have offered to provide funds for a downpayment and rehab potentially using their HELOC (technically the line of credit is on a piece of land). I'm really struggling with how to structure a deal like this - I live two hours away from them, so I'm trying to find a deal I could totally manage and they just basically be silent partners. I know "gifts" that large are taxed...should we form a partnership/LLC and they just provide the funds from their HELOC and I manage the whole thing?

My parents are seasoned investors and very well off financially so they are well are of the risk and are fully prepared to help me out. Of course I want to minimize risk to both parties as much as possible, so I'd really appreciate any tips and advice. Another note - I'm open to the BRRRR method as well, but I thought a quick(ish) flip would be a good way to get some experience and cash under my belt, then move forward with more properties using my own means. Thanks!

@Rowen Burney, I'm 22 and will be graduating college in May. I really want to get involved in real estate sooner rather than later. I've grown up around it as my parents are investors and I'd love to be a part of the group.