All Forum Posts by: Abigail Cooper

I have a few buy and holds under my belt. I’m looking to flip for the first time and I’m partnered someone who has a good amount of flipping experience. Coming in with extremely strong credit so I’m confident I can find someone willing to fund the deal.

Since this is my first time trying to get hard money I could use advice on what basic questions to ask and how to make sure they’re legitimate. I don’t know how to structure the deal between myself, the lender, and my partner. I’m also looking for guidelines about important questions to ask the lender and legal protections for myself.

Any recommendations for articles, podcasts, books, or just your personal advice would be appreciated, as this is an area where I need to build up my knowledge very quickly. Thanks.

@Lee Bell. My Sharona was “My Bologna”...? Wasn’t it? :) I love real estate but this perhaps my favorite post I have ever written. Weird Al forever.

PM I’ve had for past 3 years doesn’t want to do month to month. I live across the country & need mgmt for my properties. I may have to search for a new one.  

 A different property I purchased in NC a few years back with a tenant present. I received a copy of the lease and it had this clause - that tenancy would revert to month to month if the property sold.  

I wasn’t certain if that was legal or enforceable.  If it is, it would ideal in terms of flexibility. If not, I’m aware I have other options.

@Mike Lee ^THIS. I have never received one of these comments from a person who invests their money. Even if they don’t invest in real estate, they consider risk and work as a necessary & obvious part of wealth building.

I have a tenant who’s lease is up at the end of the month. The previous landlord had added an addendum to the lease stating that if the house were to sell during the tenant’s stay, the lease would revert to month to month.

I would like to write this into her new lease when she decides to re-up because I’m not positive if I’d like to sell the property this year, but I’m unsure if an addendum like that can be legally enforced in North Carolina.

Can anyone direct me to the answer?

Hi BP! Newer investor here who has been doing buy and hold in the last three years with my first question involving repairs. One of my properties was in the path of Hurricane Florence and while it thankfully didn’t appear to sustain major damage, there’s resulting water stain on the ceiling in the bottom floor. This is a three story building. I was alerted last night & got in touch with the HOA, who confirmed that the leak, regardless of where it originates, falls under my responsibility as homeowner. I’m out of state and severely disabled so I can’t check out the damage or repairs in person. I’ve only had minor issues in my first three years so this is the first time I’ve had to do anything that would be more intense than sending out the PM’s handy man. I know my BP fiends & colleagues have a ton of experience so I wanted to ask for some advice on each step of the process so I handle it properly. 1. I know that water damage can cause major issues like rot and mold if not handled properly, especially in a humid climate like this. What steps does my contractor need to take to ensure water damage is properly addressed to avoid future problems, and how do I follow up from out of state to ensure these steps are being implemented? 2. I have a realtor and a PM co I liked and trust and can ask for contractor references. What should I be asking of the contractor to be certain they are insured properly & feel confident they know what they’re doing? What’s the best way to ensure that the price they are charging me is reasonable and how can I hold them to the work/schedule/costs estimated to me? Thanks for all your help BP ~ Abigail Cooper

@Wes Blackwell Thanks Wes! Much appreciated

@Chris Martin - Hi Chris, I read your response to my post and wanted to say thanks! I also realized we invest in the same area so I sent you a request to connect. I’d love to chat some time.

@Junior Cene Hi Junior, I’m an NC investor and my previous deals have been in Raleigh. I’m currently looking at Winston-Salem and Greensboro. I sent you a connection request to see if we could chat

@Junior Cene Hi Junior, I’m an NC investor and my previous deals have been in Raleigh. I’m currently looking at Winston-Salem and Greensboro. I sent you a connection request to see if we could chat