Real Estate

Ron

Ron

Dum Spiro Spero
Moderator
Joined
Apr 16, 2005
Location
Sharon, SC
So last time this conversation came up it turned into an investing debate.

Leaving philosophy aside...

I am looking to add 1 or 2 more income properties (rentals not flips...though rehab needed is ok) and based on the feedback from folks who said they had rentals and hated them/wanted rid of them thought maybe this would be a good source.



No "D" neighborhoods. "A" neighborhoods probably wont work either...but I'll listen.

Anywhere within roughly an hour of Charlotte proper should work.

What ya got?
 
Call me
 
Will do tomorrow..
 
Find a good realtor that likes you and will actively find foreclosures for you? If it's a rehab home/ and a rental, you'd be dumb not to find one within 30 minutes of your house.
 
As bad as I have hated owning a duplex, It has its good times as well. Usually when something messes up, it is on a Saturday night. The last few months have been good. I doubt I will ever get another rental property.
 
braxton357 said:
Find a good realtor that likes you and will actively find foreclosures for you? If it's a rehab home/ and a rental, you'd be dumb not to find one within 30 minutes of your house.
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F a realtor. By the time they get involved in an investment deal the meat is off the bone.

I own a few rentals right now. If I am going to buy foreclosures I prefer to get leads directly from the bank. We each do better that way.


I have not yet found a realtor that is helpful. I have found the incompetent noobs who will set a search based on some stupid parameter and flood my email with "every house under X regardless of location, size etc." or "every house that meets guidelines regarldess of price"...I have MLS access myself I dont need a realtor for that. The ones who actually know what an income property look like, are investors themselves and only call you on a deal they wouldnt do themself. And during due diligence the reason for that is always revealed.

As far as 30 minutes from home. Remember I live an hour from Charlotte and travel there and beyond everyday for work, besides when it coms to rehab time I'm not swinging the hammer Ive got a contractor for that. And he likes cash enough to keep me happy.
 
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Me and my fiancé want to sell her house and move in the future. We live in Thomasville are not happy with the location and can't afford to keep it as a rental. We'd love to sell it sooner but not sure we can even get pay off right now. Everything around us is becoming rental property.
 
My dad and grandpa have 4 rentals between them and once a week it seems we have to go do somthing on one. For most repairs me and sombody else that works for my dad will go fix it. So they save money that way but most of the people that rent are help less. For example i had to go do things like flip breakers at awkward times. I would not let people have pets either unless you wanna replace carpet and paint every new renter. Renters just dont care about the house or property, but they make money off it so it must not be to bad
 
toyota1 said:
My dad and grandpa have 4 rentals between them and once a week it seems we have to go do somthing on one. For most repairs me and sombody else that works for my dad will go fix it. So they save money that way but most of the people that rent are help less. For example i had to go do things like flip breakers at awkward times. I would not let people have pets either unless you wanna replace carpet and paint every new renter. Renters just dont care about the house or property, but they make money off it so it must not be to bad
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Im newer to the rental game..(Ive had 2 rentals for about 5 years) and added a few more in the last 12 months.
I disgaree that most renters are helpless. I find two things fixes this.

1) I screen tenants heavily. I will let it sit empty before I rent it to someone shaky. I run criminal, credit, and background checks and talk to their employer and last landlord. It takes a little effort on my part but greatly improves what I get in the places.
2) In my lease it clearly spells out what is their responsibility and what is mine. Call me for a plugged toilet or a tripped breaker and you will get a bill from an electrician or a plumber just like if you owned the house. These are normal resident operated items. If a pipe breaks or an appliance fails that is my responsibility. When you put it in writing that they will be billed $75 for all nuisance service calls and define those you would be shocked how much it cuts down on the calls. AT some point it comes down to training your tenants.
 
Ron said:
Im newer to the rental game..(Ive had 2 rentals for about 5 years) and added a few more in the last 12 months.
I disgaree that most renters are helpless. I find two things fixes this.

1) I screen tenants heavily. I will let it sit empty before I rent it to someone shaky. I run criminal, credit, and background checks and talk to their employer and last landlord. It takes a little effort on my part but greatly improves what I get in the places.
2) In my lease it clearly spells out what is their responsibility and what is mine. Call me for a plugged toilet or a tripped breaker and you will get a bill from an electrician or a plumber just like if you owned the house. These are normal resident operated items. If a pipe breaks or an appliance fails that is my responsibility. When you put it in writing that they will be billed $75 for all nuisance service calls and define those you would be shocked how much it cuts down on the calls. AT some point it comes down to training your tenants.
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I know they have credit checks and my dad contacts thier employer. I agree with charging for the tripped breaker stuff but its not my deal i just do the leg work.
 
Ron said:
Im newer to the rental game..(Ive had 2 rentals for about 5 years) and added a few more in the last 12 months.
I disgaree that most renters are helpless. I find two things fixes this.

1) I screen tenants heavily. I will let it sit empty before I rent it to someone shaky. I run criminal, credit, and background checks and talk to their employer and last landlord. It takes a little effort on my part but greatly improves what I get in the places.
2) In my lease it clearly spells out what is their responsibility and what is mine. Call me for a plugged toilet or a tripped breaker and you will get a bill from an electrician or a plumber just like if you owned the house. These are normal resident operated items. If a pipe breaks or an appliance fails that is my responsibility. When you put it in writing that they will be billed $75 for all nuisance service calls and define those you would be shocked how much it cuts down on the calls. AT some point it comes down to training your tenants.
Click to expand...
@Ron
Are you still in the rental game?
If so how is it going?
I'm looking into rentals and flips, probably foreclosure or pre foreclosure.

Nothing like digging up a 6 year old thread.

Sent from my SM-G981V using Tapatalk
 
Ron said:
Im newer to the rental game..(Ive had 2 rentals for about 5 years) and added a few more in the last 12 months.
I disgaree that most renters are helpless. I find two things fixes this.

1) I screen tenants heavily. I will let it sit empty before I rent it to someone shaky. I run criminal, credit, and background checks and talk to their employer and last landlord. It takes a little effort on my part but greatly improves what I get in the places.
2) In my lease it clearly spells out what is their responsibility and what is mine. Call me for a plugged toilet or a tripped breaker and you will get a bill from an electrician or a plumber just like if you owned the house. These are normal resident operated items. If a pipe breaks or an appliance fails that is my responsibility. When you put it in writing that they will be billed $75 for all nuisance service calls and define those you would be shocked how much it cuts down on the calls. AT some point it comes down to training your tenants.
Click to expand...
My sister does property management and she does things like this as well. It really helps with the quality of renters you get. Although they still try. The other night one texted her saying my sister should buy the lady a ladder because it would save the maintenance guy a trip to replace the lightbulbs because she could do it herself then. My sister's response was somewhere along the lines of "you can either use a chair or pay the maintenance guy to come do it for you."
 
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