October 11, 2010 Meeting – Down payment Assistance Programs

Did you know:

• You can get from $4,000 to $8,000 in down payment assistance for a buyer (at 0% interest, re-paid upon sale or refinance)?

• How about a loan through NCHFA (North Carolina Housing Finance Agency) at low, low rates for your workforce homebuyer? (And, according to my notes, NCHFA has a new home purchase program that offers a $25,000 *forgivable* loan through a New Home Loan Pool — come see if my notes are accurate!)

• That there are areas within  the City of Raleigh where the City is encouraging stabilization of inner city neighborhoods experiencing transition (property disinvestment, increasing single family rentals, aging population) where a buyer can purchase a home for 0% interest on a first mortgage (income limits apply)?

• That the City of Raleigh will lend a second mortgage up to $20,000 (based on need) that is repaid by buyer Years 1-5 at $25/month (principal only payments); years 6-30 monthly principal and interest at 4% amortized over remaining 25 years? (First mortgage through participating private sector lending institutions.)

• That the City of Durham has first-time homebuyer programs that will lend a buyer $20,000 to $25,000 for a second mortgage at 2% in certain neighborhoods?

Cathy Edwards, Mortgage Loan Officer with Bank of America has over twenty years experience in mortgage lending. Her specialty is first-time buyers and work force buyers. She is quite knowledgeable about accessing down payment assistance programs and providing buyers a way to secure a home of their own when they thought they might not have been able to afford it. There will be lots of time for Q&A.

September 14, 2010 meeting –

Beau Dawkins is our speaker. He is a long-time TREIA member (but not too long, I think he is only 33 years old!!) and has done an amazing job investing in real estate, amassing quite an impressive investment portfolio. He spoke at TREIA West last month and attracted a record crowd! I understand there are many who attended TREIA West who will be coming back to hear Beau again! There will be a brief meeting prior to Beau’s presentation to give more time for him and Q&A. See you there!

At a Glance

Beau Dawkins is the owner of Dawkins Properties, LLC and Carolina Commercial Management, LLC. He owns and operates roughly 150 apartments in the Raleigh area and a Car Wash Facility in Asheville, NC.  After finishing a Masters degree in Systems Engineering at NC State, he took a job with IBM.  While working at IBM, he began buying small apartment buildings as an alternative investment strategy to the stock market.  By 2005, he grew his real estate holdings to the point that allowed him to pursue real estate investing full time.  While Beau subscribes to the buy and hold approach to investing, he has also participated in numerous short sale pre-foreclosures, foreclosures, and rehabs.

Surviving The Cash Flow Game

Each day I wake up thinking of ways to drive cash flow from my investments.   I am constantly looking for opportunities to squeeze out cost and increase revenue.  This was driven into me from the beginning.  I have learned this business from a true real estate veteran. This man has not written any books and does not offer any boot camps.  For the last 35 years, he has been going about his business making millions upon millions in real estate.  He showed me early on that there are people who will make it in this business and there are people that don’t.  Those that make it, those that survive are almost guaranteed to amass wealth.  So what can we all do to constantly increase the odds that we end up on the winning side?

One Man’s Way

I don’t know all the ways to manage property to positive cash flow.  However, I do know some strategies that have worked for us.   This Tuesday night I will be glad to answer any questions that you have about managing your property better.  I am happy to share how we do things and how these proven systems help us get more done with less.  Topics can include:

• How to analyze a deal
• Sample deals
• Advertising
• Maintenance
• Evictions
• Application Screening
• Construction
• Repairs
• Property Management Software
• Keys
• Policies and Procedures

I have been extremely lucky to meet people willing to help me.  I hope I will be able to clearly pass on useful information to you.