Archive for TREIA North
Down Payment Assistance
Posted by: | CommentsOctober 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.
Beau Dawkins Speaks at TREIA North
Posted by: | CommentsSeptember 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.
Real Estate Mistakes
Posted by: | CommentsReal Estate Mistakes
“Yes,” said the participants on the “Real Estate Mistakes” panel, “I’ve made mistakes investing in real estate.” Members and guests at the July meeting of the TREIA North Rehab sub-group at Perkins Restaurant got a chance to listen and learn from these experienced investors.
Tiffany Elder, panel participant, is a Board Member and Broker/Owner of Paradigm Properties. Tiffany is also a general contractor who loves historic restorations. If you’re got a partner on a deal, Tiffany says to be sure to write up a one page agreement between the parties that explains each partner’s responsibilities, payouts, contingencies, etc. Use simple language that explains it all. You might be working with your partner’s estate, so spell it out so that everyone knows. And, always plan for contingencies in your rehabs since there’s always something that goes wrong.
Cynthia LaChapelle, the next participant, is a Board Member and owner of LaChapelle Properties as well as a rehabber and landlord. Cynthia says she “cheats” – she learns from other people’s mistakes and tries to avoid making them. Cynthia gave us a list of her “Top 8 Rules,” which included:
- Never drive a Lexus to meet a contractor for a price – unless you like to pay big time.
- Check location within a location to avoid backing up to a highway, steep driveways, etc. in an otherwise good area.
- Overestimate repairs and underestimate the end value to keep the surprises from becoming disasters.
Catherine Edwards, another panelist, has been a landlord for over six years and a rehabber. Catherine manages her own properties and has been through several tenants. She says to stick to your criteria for selecting and managing tenants, no matter what. Don’t be swayed by sad tales or simple excuses. When she expands her portfolio, she’ll be looking for a property manager.
Jan Wynn, the final panelist, is a Board Member and Owner/Broker of Gateway Realty as well as an experienced rehabber. Jan says to pay attention to the timing in the market so that you’re buying and selling at the right time, not caught up in the market frenzy. And, don’t get all emotional about the property – make it neat and presentable and avoid those “oh, wouldn’t it look great if …” feelings about your rehab project. It’s not your personal place, so don’t redecorate it.
Bottom line comment from the panel: get educated and then get more education.
TREIA Rehab Group
Posted by: | Comments|
The purpose of this group is to educate members about the use of rehab as a strategy in real estate investment. Topics covered are selecting properties, estimating and making repairs, selecting contractors, and controlling expenses. It also covers strategies like buy and hold, fix and flip, and wholesaling. The support areas of marketing, sales, and finance are discussed as they relate directly to rehab.
Details
Tuesday, July 13th 5:45pm (Dinner) 6:30pm (Program) Members: Free Non-Members: $10
Location |
TREIA NORTH (Rehab) – Financial Incentives for Restoring Historic Properties
Posted by: | CommentsSpeaker: Heather M. Wagner, Historic Preservation Consultant
Topic: Financial Incentives for Restoring Historic Properties
Local, state, and federal programs related to historic real estate, focusing
on financial incentives available for rehabilitating historic structures.
Discussion about the difference between local and national historic districts,
how to find out which type of district your property may be located within, and
the regulations and financial benefits tied to that designation. Whether you’re
a property owner, a real estate agent, a developer, or a contractor, this talk
will clear up misunderstandings about different types of historic designation,
it will challenge your notion of what constitutes a “historic” property, and it
will provide you with the tools and programs to successfully rehabilitate
historic properties and save money in the process.
More about the speaker:
Heather M. Wagner is a Historic Preservation Consult based in Durham, North
Carolina. Since 2005, Heather has focused her professional energies on the
documentation and rehabilitation of historic structures, starting her own
consulting group, HMW Preservation, in 2008. Since then she has completed
projects for the National Register of Historic Places, Local Landmark programs
in Durham and Wake Counties, and Rehabilitation Tax Credit programs administered
by the North Carolina Department of Cultural Resources and the National Park
Service. She also serves on the Durham Historic Preservation Commission and as
the co-chair of the Advocacy and Preservation Awards Committee for the
non-profit group Preservation Durham. For a sample of her work visit
www.hmwpreservation.blogspot.com.
![IMG_0932[1].JPG](http://lh6.ggpht.com/-CoFTm0JtCXM/T5HHeHJwVLI/AAAAAAAABeY/acQ07r90K0E/s400/IMG_0932%25255B1%25255D.JPG "IMG_0932[1].JPG")
