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Enterprising $54 Million ECU Campus-Edge Student Housing Project Launched

Two local Greenville developers, Taft Development Group and Ward Holdings, announced the initiation of the prodigious student housing project that will be located near downtown Greenville and the main campus of East Carolina University. The five-story mixed-use facility will feature 275 student apartments containing a total of 675 bedrooms.

Plans project that the complex will open in August 2017—just in time to welcome arriving ECU students for the Fall Semester. Students will have the choice of 16 floorplans with studios, 1 bedroom, 2 bedroom, 3 bedroom and 4 bedroom units. Each floor plan will be fully furnished, include private bathrooms and contain upgrades such as granite countertops and plank floors. The housing project will provide a high-tech state-of-the-art security system with cameras, electronic access control and high speed wireless internet.

In addition to the student housing, the tower complex will contain 20,000 square feet of retail space, a 700-car parking deck, courtyards, resort-style pool, outdoor amenity center, state-of-the-art fitness center and a roof-top sky-view terrace. The complex will be located across the street from the recently announced $122 Million ECU Student Union that is scheduled to commence construction Summer 2015. Students also will enjoy the convenience of a short 3 minute walk to the 150,000 square foot Student Recreation Center, Joyner library and the new world-class Student Union.

Enterprising $54 Million ECU Campus-Edge Student Housing Project Launched

Two local Greenville developers, Taft Development Group and Ward Holdings, announced the initiation of the prodigious student housing project that will be located near downtown Greenville and the main campus of East Carolina University. The five-story mixed-use facility will feature 275 student apartments containing a total of 675 bedrooms.

Plans project that the complex will open in August 2017—just in time to welcome arriving ECU students for the Fall Semester. Students will have the choice of 16 floorplans with studios, 1 bedroom, 2 bedroom, 3 bedroom and 4 bedroom units. Each floor plan will be fully furnished, include private bathrooms and contain upgrades such as granite countertops and plank floors. The housing project will provide a high-tech state-of-the-art security system with cameras, electronic access control and high speed wireless internet.

In addition to the student housing, the tower complex will contain 20,000 square feet of retail space, a 700-car parking deck, courtyards, resort-style pool, outdoor amenity center, state-of-the-art fitness center and a roof-top sky-view terrace. The complex will be located across the street from the recently announced $122 Million ECU Student Union that is scheduled to commence construction Summer 2015. Students also will enjoy the convenience of a short 3 minute walk to the 150,000 square foot Student Recreation Center, Joyner library and the new world-class Student Union.

Exciting new listing located at 2700 Royal Drive

by The Pistol Tingen Team

ECU/PCC Establish an East Coast Pharmaceutical Force

by Madeleine Tingen

According to the Pitt County Development Commission, East Carolina University (ECU) and Pitt Community College (PCC) will partner to establish the Biopharmaceutical Work Force Development and Manufacturing Center of Excellence. With funds provided by the Golden LEAF Foundation, this effort will create the East Coast’s finest training center for biomanufacturing and pharmaceuticals.  Additional support from the North Carolina Community College System’s NCWorks Customized Training and BioNetwork will enhance the planned facilities and programs.

Unanimously voting to provide the largest such grant this year, the Golden LEAF Board of Directors will provide $1,750,000—to ECU ($1,100,000) and PCC ($650,000).  The creation of the Biopharmaceutical Work Force Development and Manufacturing Center of Excellence is a model for economic and work force development collaboration.  PCC, ECU, the NC Community College BioNetwork, and Pitt County are partnering to develop an educational and training infrastructure for a 21st century pharmaceutical services workforce to meet the labor and expertise needs of such companies as Patheon, a leading provider of drug substance and drug product services for the global biopharmaceutical industry.

The Golden LEAF Board of Directors had earlier reserved funding for this purpose as part of North Carolina’s efforts to recruit Patheon to expand in Greenville, NC. Governor Pat McCrory announced this expansion of an estimated 488 jobs in October of 2014. Golden LEAF recognizes the economic and workforce development opportunity at hand and shares the vision of a bright pharmaceutical services future for the region, where over 8,000 people are already directly employed in pharmaceutical manufacturing.  Companies such as RTI, the manufacturer of a sterile biomedical device, are also growing in Pitt County.

Small but mighty, Greenville, NC has ranked in the top 10 on the fDI Magazine’s list of “American Micro Cities of the Future 2015-16.” Ranking in the top ten overall, Greenville also made the top 3 list in two other categories and has been highly ranked on the magazine’s list since its inception in 2011.

Greenville continues to capture the attention of the fDI Magazine produced by The Financial Times Ltd., one of the world’s leading business news organizations, and is recognized internationally for its authority, integrity and accuracy. Providing extensive news, comment and analysis, FT.com is the definitive home for business intelligence on the web, serving as an essential resource for the global business community.

fDI focuses these rankings on a mixture of data and expert opinion to name cities that have the best prospects for inward investment, economic development and business expansion. Greenville falls into the Micro Cities category, which includes cities with populations under 100,000. There are also categories for Major Cities with populations up to 750,000, Large Cities with populations between 250,000 and 750,000 and Small Cities with populations between 100,000 and 250,000.

Ranking highest in the Human Capital and Lifestyle category, Greenville, NC made #2 for Micro Cities. Various factors contribute to this category which is based on such things as number of students, labor force as a percentage of the population, literacy rate, secondary and tertiary enrollment rates, the number of physicians as percentage of population, and gross domestic product.

Greenville, NC continues to grow in popularity with businesses and organizations as an attractive choice and a viable relocation target in which to thrive.

Should You Pay Off Your Mortgage Early?

by The Pistol Tingen Team

Should You Pay Off Your Mortgage Early?

holding a house in hands

If you have a mortgage on your home, you’ve probably wondered at least once whether it would be worthwhile to pay it down ahead of schedule. And if so, you’re not alone. The debate over whether to prepay your mortgage has persisted in the personal finance world for some time now, and it’s not going away any time soon.

Pay Off Your Mortgage or Invest? The Math Says…

On one side of the equation, you’ve got experts who say you should not prepay your mortgage if you are locked in at a low interest rate. Their reasoning: You would be better off investing your money in the stock market where a reasonably diversified stock portfolio can expect to earn at least 7% on average over the course of a decade or more.

Add in the home mortgage interest deduction you can take on your federal taxes and, they say, you would be silly to prepay your mortgage and miss out on those perks.

To this group, the question is just about math. After all, why would you prepay a loan at 3% or 4% and lose out on part of a valuable tax deduction when you could invest that money instead and earn considerably more?

But There’s an Emotional Side to Prepaying Your Mortgage, Too

Still, there are plenty of people who ignore the math and forge ahead with their mortgage prepayment plans. My parents fell squarely in that category. Instead of taking the standard 30 years to pay off their mortgage, they paid it off in less than 20 years.

Ask them if they care about the tax deduction they missed out on, and they’ll probably look at you like a crazy person. Why? Because the decision to prepay was never about the math to them; it was about their financial freedom. And math aside, they have never regretted their decision to pay off their home and become entirely debt-free.

And a lot of people agree with that sentiment. For some people, like my parents, it all boils down to the fact that they just don’t like debt. It’s as simple as that.

But others prefer a deeper analysis.

Analyzing the Pros and Cons

For starters, let’s take a look at what the home mortgage interest deduction really means.

The easiest way to figure out your home mortgage interest deduction is to look at your effective tax rate. Say your overall tax rate is 22%, for example. On average, the home mortgage interest deduction reduces your taxes by $22 for every $100 you pay in mortgage interest.

That’s a pretty nice perk, but there’s a caveat. Your home mortgage interest deduction is only valid for the amount you deduct over and above the standard deduction, which is available to taxpayers who don’t itemize their returns. The standard deduction for married spouses filing jointly was $12,400 in 2014.

So what does that mean? Simply put, if you don’t itemize your taxes, your home mortgage interest deduction is worth nothing. And even if you do, it’s only worth what it helps you save over the standard deduction that anyone can take. In many cases, this drastically reduces the value of the home mortgage interest deduction to the point where it’s barely worth considering.

But what about those lost investing returns? When you ask people whether or not they prepay their mortgage and why, you’ll find plenty of skeptics who balk at the idea of carrying long-term debt in favor of investing their extra dollars in the stock market. And when it comes to who is “wrong” or “right,” there are several ways to look at it.

Since the stock market has performed well historically, the math favors those who choose to hold onto low-interest mortgages and invest their extra dollars instead.

However, unlike the stock market, which is not guaranteed, the interest you save by prepaying your mortgage is a “sure thing.” Many people are happy prepaying and banking the extra money they save on interest, even if it’s less than they may have earned by investing their extra dollars instead.

A Balanced Approach

As someone who loves math but despises debt, I see both sides of the issue. And that’s why my family takes a balanced approach. Our only debt is a small 15-year mortgage at 3.75%, and we choose to prepay it somewhat, but not as heavily as we could. My strategy involves maxing out our retirement accounts first and foremost and then throwing a few extra hundred dollars at the mortgage every month. I just don’t see the reason to choose between investing extra money or prepaying my mortgage, so I choose to do a little of both.

That seems like a good compromise to me. Still, there is nothing wrong with taking sides on this issue.

When you hate debt, you want to put it behind you once and for all, and that’s understandable. But it’s also understandable for someone to make their decision based solely on the numbers. After all, it’s hard to argue with math. At the end of the day, we all have to do what is best for our families – and what helps us sleep best at night.

So, should you prepay your mortgage? It is, and always has been, up to you. Just make sure any decision you make is an informed one.

New Real Estate Sales Tax for 2013 - Truth or Fiction?

by Pistol Tingen

By now you have probably heard, or received mulitple emails, about a real estate sales tax on the sale of all primary homes beginning January 01, 2013. This new sales tax is tied to the new health care bill. I've received several emails with the scary headline, “Real Estate Sales Tax.” The first sentence said it all: “Under the new health care bill - did you know that all real estate transactions will be subject to a 3.8% Sales Tax?”
It went on to say, “If you sell your $400,000 home, there will be a $15,200 tax.”


My client wanted to
know whether he
should sell his home
now instead of waiting
until 2013 when this alleged sales
tax takes effect.
I was happy to inform my client
that the email was a complete
distortion based on a partial truth.
The truth, as you can read more
fully on snopes.com — a terrific
resource for verifying the truth of
any hard-to-believe email you receive,
political or otherwise — is
that the Medicare tax, which is
currently applied only to “earned”
income (wages) will be applied to
“unearned” income (investments)
starting in 2013. However, to say
that it will apply to the
total sales price of
every real estate
transaction is an outright
lie.
First of all, the tax
will only apply to investment
income —
profit — that exceeds
$250,000. In the case
of selling your primary
residence, the first
$500,000 of profit (on
a joint return) is exempted
anyway, so even if you
bought that $400,000 home for
one dollar, you wouldn’t be taxed
under current capital gains rules,
much less for that additional 3.8%
Medicare tax starting in 2013.
Investment properties are subject
to capital gains tax, but that
can be deferred through a 1031
exchange. Even so, if you sell an
investment property for $400,000,
how much of that amount is profit?
To say that the tax applies to the
whole sales price is a total distortion
— an intentional lie being
circulated for purely partisan purposes.
Because the tax only kicks in
when your investment income
exceeds a very high threshold,
only the ultra–rich will be touched
by it. The administration is actually
doing what it promised — to
raise taxes only on those earning
over $250,000 a year. The email
which my client received was
designed to fool the mass of voters
into thinking their taxes are
being raised when they’re not.

Landlords Gladly Rent to the Foreclosed

by Anthony Litz

 

google map to real pro systems The rental market in Greenville and Pitt County is H-O-T right now.

More than three quarters (82%) of the independent owners say they hire someone who lost a house in foreclosure, if the applicant had traditionally a good credit rating, according to a survey published today by the National Association of Independent Business Owners.

"The owners generally do not rent to applicants with poor credit and a foreclosure absolutely Slam someone scores. The exception is when they see people who have paid their bills all his life but lost his job, can not meet your mortgage and must hand over the keys to the bank, "said Tracey Benson, president of the National Association of Independent Business Owners.

Although the recent credit problems, Benson said, applicants with a foreclosure can be a good hazard, especially because I did once had its own home: "These people are used to taking pride in where they live often lost their jobs and homes through no. beyond their control. "

Increasingly, mortgage defaults due rather to the loss of jobs that poorly equipped borrowers who lost their homes that never should have bought, "said Benson. A background check, as conducted by the National Association of Independent Business Owners indicate in which class an applicant falls, and if the financial problems are part of a recent spate of bad luck or a trend throughout life.

"Because of this abundance of default, there is a higher need for rent, so that owners carefully vet applicants, " said Benson.

The National Association of Independent owners polled 563 members from 21 March to 25 March 2011.

 

+About The National Association of Independent Landlords

The National Association of Independent Landlords is the country's largest provider of services for small landlords.  Services include credit reports, electronic rent collection and tenant screening as well as information about property management, rental laws in all 50 states and other issues critical to property owners. Visit us at www.landlordassociation.com or call 800.352.3395.

SOURCES: http://www.landlordassociation.com - http://www.prnewswire.com - http://www.realtor.com

 

 

More than three quarters (82%) of the independent owners say they hire someone who lost a house in foreclosure, if the applicant had traditionally a good credit rating, according to a survey published today by the National Association of Independent Business Owners.

"The owners generally do not rent to applicants with poor credit and a foreclosure absolutely Slam someone scores. The exception is when they see people who have paid their bills all his life but lost his job, can not meet your mortgage and must hand over the keys to the bank, "said Tracey Benson, president of the National Association of Independent Business Owners.

Although the recent credit problems, Benson said, applicants with a foreclosure can be a good hazard, especially because I did once had its own home: "These people are used to taking pride in where they live often lost their jobs and homes through no. beyond their control. "

Increasingly, mortgage defaults due rather to the loss of jobs that poorly equipped borrowers who lost their homes that never should have bought, "said Benson. A background check, as conducted by the National Association of Independent Business Owners indicate in which class an applicant falls, and if the financial problems are part of a recent spate of bad luck or a trend throughout life.

"Because of this abundance of default, there is a higher need for rent, so that owners carefully vet applicants, " said Benson.

The National Association of Independent owners polled 563 members from 21 March to 25 March 2011.

Fannie and Freddie Homes: $2billion+ Carrying Costs Per Year

by Anthony Litz
Foreclosure sign, Fannie Mae, Homepath.com

Fannie Mae and Freddie Mac now own about 25% of all foreclosures in the United States. It is being reported their maintenance and and carrying costs are now over $2 billion (aka $2,000,000,000.00) annually!

"Fannie and Freddie, which buy mortgages from lenders and package them into securities to sell to investors, own or guarantee half of all U.S. mortgages. Together, they have more than twice as many foreclosed homes now as they did this time last year, with a combined value of $24 billion."

With so many homes in their foreclosure inventory to maintain, the costs buildup fast. Fannie Mae, for example, pays up to $400 for an initial cleaning of a foreclosed property and up to $125 to have the grass cut two times month. Frequently the homes have so much "trash" left behind from the previous owner, there are additional costs during the initial cleaning. Another cost included with almost all foreclosures is a locksmith to re-key the property.

Freddie Mac currently has 82% more homes in their inventory than last year and the numbers seem to be on the rise with many foreclosure companies. So more than likely Freddie and Fannie's holding costs will continue to increase for some time.

Currently we are seeing more than half our foreclosure inventory in the Pitt County area being put "on hold and unable to market status" until officials have investigated whether the foreclosure documents were properly executed.  This recent development is entering the second month, causing increasing losses from this inventory that is not selling. Mean while costs are adding up as all of these "on hold" homes still have utilities turned on and require normal maintenance.

"The longer foreclosed homes stay on their books, the larger taxpayers' expenses will be. "Taxpayers are covering their losses. We are the ultimate deep pocket," says Lawrence White, a New York University economics professor."

 

For more information about current real estate topics including foreclosures or for assistance searching for real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.

Resources: usatoday.com and realtor.org

Student Rentals: Still A Great Investment!

by Anthony Litz

Over 19 million people are currently attending or enrolled at colleges and universities in the united states.  Many of these students attend schools away from home and need a place to live, which makes this investment niche thrive!  Experts say this market will flourish until at least 2018, when the last baby-boomer's children enter college.

ecu student housing rental investment Today's students look for homes with the most amenities, such as appliance-filled kitchens, furnished units and washer/dryers. Not often thought of, many students look for fenced-in backyards for their privacy or dogs.  Almost always a rental with a fenced yard rents faster.

Investors can look forward to rental incomes that are sometimes 10-20% greater than with normal tenants.  But on the other hand, time and money put into managing these kind of properties also increases by about 10%, according to an expert that owns over 50 rental homes across the United States.  In Greenville, NC the East Carolina University student properties are almost always occupied with renters, but these type of homes do have more turn over due to a young lifestyle and roommates that come and go.  Single-families stay at rental houses longer than students typically.

Pitt County and ECU offer a lot of opportunity for investors and landlords!  We enjoy a growing student population that will soon have a major increase with the new Dental School, which starts their first class in August of 2011.  "East Carolina University is the academic home to over 27,000 students and is a constituent member of The University of North Carolina", according to their website. There are always good potential rentals in our market for sale, including quite a few single family homes, duplexes and an apartment building from time-to-time.

Would you like more tips? Want a free list of potential university rental properties to look at?  Please call or email us, we are happy to help whether you are a seasoned or new investor!

 

Resources: Realtor.com & ECU.edu

Displaying blog entries 1-10 of 58

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