All Forum Posts by: Allyson Edwards

I am very interested in this workshop but I live 4 to 5 hours away. I s there going to be a recording or live webinar so I may attend remotely?

Thank you

Ally

Hello Everyone, 

I wish I could say thank you to EACH of you for your time and invaluable advice. I have read through all the comments and decided to lower the rent and do a lease option. Ive been lucky enough to speak to a few of you on PM and run some numbers, so I thank you for that...

Im also in the process of vetting the PM further by having someone call. If anyone would like to call and let me know what you find please feel free to do so.

I also spoke to a few more people in the area, (ie) police officer, warranty manager and sales associates from the area. Just a few more extra opinions thats all. I was told Amazon Hub is going in15 miles away, with 2000 new prospective jobs. 

Before acquiring the home I looked over the Iredale county population and housing estimates and planning and that is why I felt this to be a good situation. All population numbers were increasing and still are. New homes have been going up as well( i know that could drive supply and demand) but also these home are starting at $300,000 wouldn't that help as comparables? The house is only 1 exit from Troutman area which tends to be more desirable. I know Statesville has some c and d neighborhoods but this property is not located there.

Im not trying to make excuses just trying to see the brighter, bigger, long term picture. either way i have an exit strategy that I am moving on as we speak. 

I am also going to get in touch with all the people who called about the property and then for what ever reason decided to rent elsewhere, find out what drove their decision and then offer them lease to own, perhaps they would be more interested in doing that option versus just paying high rent.  I also have a local RE attorney I will be contacting in case there is anything legal I need to know for that area.

Again thank you to everyone, and especially those who contacted me personally I feel confident this will work out in the end and shall be a huge learning lesson as well.

@John M.

 Thank you yes...that was part of the problem with the "rentometers" and such...new construction and forecasting. I'm in the process of turning this in to a lease to own or corporate rentals at this point. I have about 12k in equity as it stands now. It's on the border of Troutman, NC (which commands better rents) but obviously it's probably still too high as others have pointed out.

@Mike McCarthy nah, no offense taken by your well thought out reply, in fact i appreciate your reply and suggestions. As well as the other intelligent responses i received from @Ryan Murdock, @Account Closed

Im thinking I may try a lease to own option instead. I have been in touch with my PM all week. She was and still is part of my team, She was also my RE agent and has many years under belt.

We actually had someone inquire to pay the whole year up front (that could be sketchy i guess) and I even lowered the monthly rent. But they no showed to the appointment. 

I was told by multiple seasoned people in the biz that it could rent for 1700 to 1800/mo because the schools are Troutman district and there are multiple businesses headquartered there, like Lowes and Auto Zone. There is a lot of construction in the area and that is making it a bit congested, the home is also a brand new build and its possible people prefer more mature areas like tree lined streets etc. So may be that its not so appealing to the eye.

I know this is not easy, i know this is not a get rich quick RE endeavor, i don't even care about getting rich. I just want to do something I like that gives me the freedom from a 9 to 5 everyday BS.

Thank you ... 

@Account Closed I am asking the forum for HELP not looking for condescending remarks.

That is the whole point of the BPs forum ... is it not???

@Mike McCarthy

@Ryan Murdock

@Dennis M.

Thank you...I can drop the price a bit more but more than $200 I will be in Negative CF. Can I just sell it at this point and break even...? Is the fact that I have a tax write off at all in my favor?

Hi everyone,

I have a property in NC that i closed on June 15th. https://www.zillow.com/homes/105D-Brookshire-lane-...

I have a property manager taking care of trying to get a renter. the problem is she is constantly getting stood up by prospective tenants, or people just don't follow up after they contact her. Ive listed it on social media and other sites. I trust she is doing her best. 

Any one have any other ideas? Is this the norm? Flaky people or am i freaking out too early? Does it normally take this long (I live in CA so I have a very skewed view of RE, ill admit that). 

I did my due diligence on this area, I've been there several times, i know the area is growing, and the schools are good (Troutman school district not Statesville). 

So what am I doing wrong? Any help would be appreciated. Thank you.