All Forum Posts by: Amanda Barnes

Forgot to say one of the most important things... We lived here ourselves for years and made it our own.  Took it from a 3/1.5 to a 1/1.5.  it's about 1400sf.  How difficult will this make the sale?  

We have a property that is just a mile off I-40 just south of Raleigh that we can't decide what to do with. It's beautifully landscaped, has 2 mature pecan trees, blueberry and blackberry bushes, a small orchard and multiple grapevines. It's a stunning property with tons of privacy, has a pool, hot tub, completely fenced with 4 board fencing and multiple wired outbuildings. House was completely updated in a very tasteful manor, marble countertops, marble shower, etc... we surveyed out about 1 acre of the 3 acre property. We were thinking keeping or selling as a STR, but now I understand that STR's are not doing as well. We had also thought to maybe keep the house as a LTR and build a duplex beside it. But to do this would need to re-survey it to get the 1.5acre for the duplex required by the county, not a big deal... We just don't know which direction to go...

any advice?  

Thanks for the reply.  We don't WANT to give them free utilitie.  The lease says utilities must be put in their name.  We have never had this happen before and I am wondering what our legal options are should they not get them turned on tomorrow.  

Tenants moved in June 1st.  We gave them a month free because we were 2 weeks late in providing the rental.  We went on vacation right after they moved in and they failed to turn on the utilities in their name and Friday we returned and asked them why had they not done it they said they had been busy and they were planning on doing it next Friday.  I told them no, they had to get it done on Monday, they already had two free weeks of utilities.  They are on a month to month lease.

What are our options legally should they fail to turn the utilities on in their name on Monday? 

 Thank you. We want to find out what we need BEFORE purchasing!   I have a call in to the planning dept waiting for a call back.  

its a large 3300sf one level home that we don't need to expand. Parking lot in place.  Our main concerns are firewalls and running new electrical, and most importantly, what do we NOT know.  Hopefully, planning can answer this.  

Mainly wanting to know what questions we need to ask and what are we not thinking of, having never done this before.

Thanks!

I will be calling the planning dept today.  Parking is not an issue as it was previously set up as a daycare.  

Fayetteville, NC

What do we need to know, what do we need to do to legally convert a house into a duplex or triplex?  Zoning is OK.  

Since we believe that inflation is not going to get much better and while we have such great interest rates I believe it would be a good time to jump into owning a few rentals.  We need access to some cash for down payments.   

Husband - high salary job, no debts, 800+Fico so can easily qualify for a loan

Wife - no income 

Primary residence - mortgage free and in wife name only since inheriting it about 15 years ago.  Could add husbands name in days, but bank said house has to be in both names for 6 months for husband to qualify for a mortgage on it. 

Investment Property - Sold few acres of wife's family land this summer for 188K which we -1031 some of into rental house closed on in August.  purchase price 135k remodel 50k current appraisal 235k 

bank says something about strange 1031 rules and they can only lend 75% on 135K (purchase price) which will not even give enough for 2 down payments into other houses.

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Did the bank give us correct info? Should we shop around to other banks?

Sell rental and split the 1031 into down payments into other rentals ?

or other options we have not thought of? 

I inherited a couple of rentals which has been managed by a great property management company for the past dozen years.  This is the extent of my experience.  

I own land just outside of Raleigh, some on both sides of I-40 just off of an exit.  My husband wants to build houses on some of the land for more rentals.  In this area, 3/2 starter homes rent for about $900-$1000/month.  He would like to do 5 more houses for a total of 7.

We have about 100K we can comfortably start with, and we can put about 60K from his salary each year toward the builds.  I prefer to use cash as we go.  Advice on this line of thought?

He has done lots of rehab work "for fun" and he wants to hire a builder to build the shells and do most of the finishing ourselves, hiring out the things that we can't or don't want to do.  We plan on one house every 6-9 months.  Thoughts?

We are meeting with our property manager this week to get advice about the rental market, then have meetings set up with 2 builders that say they are willing to do shells next week.  Advice?

We have no idea what type of insurance we need to build the houses.  Actually, we are so new to this we don't even know.... what we don't know!!  So any and all advice is welcome.