All Forum Posts by: Andrew P.

We have a tenant (in Austin) that had their front door broken while they were gone during a break in.  They do not have renters insurance, which is our fault for not requiring it.  

(Devils Advocate) If I was to guess, it was probably the tenant who lost their keys, or someone they knew.  Regardless, is the tenant or the landlord responsible?  

We've never run in to any issue like this, so thank you for your help. 

^

Thanks 

I wouldn't dare ask a stupid question like that to people in a local REIA!

I'm about to have my first turnover.  I realize it's a per case basis, but how often do you guys have to re-paint the interior of your property?  My tenants are in a B neighborhood and they take good care of the place (as far as I've seen).  

We are in the process of fixing up a HUD home as well on the side and I'm starting to get concearned paint cost is going to really cut into the accumulated annual cash flow of my single family that's about to experience a turn over.

I'd imagine it's unlikely you'd have to re paint the entire interior of the house, and maybe just a room here or there, but that's still a big hit for a home that's only a positive $100-$200 cash value each month.  

With all of that said, I forgot about their deposit.  Is it "fair" to deduct a paint job (with receipts from a professional) from their deposit, if it's only from hanging pictures and a couple spots that need a touch up?

Thanks for the info!  I travel for work, so technically this house my family member is moving into can be my primary residence.  I would only keep it for my primary residence for 2 years, because I plan on building in 2019 in Georgia.  

So in the state of South Carolina, you'll always accrue non-owner occupied taxes at that rate?  Is this comparable to other states?  I am so close to the border of South Carolina that I was planning on adding some properties located in SC to my portfolio over the next few years.  

Hey guys, 

I have family in Charlotte, and I was thinking of buying a property for a family member to live in.  My goal is to buy something at/or close to retail, put down enough to generate a little cash flow (not much), then she'll either 

a) move in a year or two and buy her own house, then i'll move new renters in my property and bump up the rent $200-$300 more.

b) she'll stay in the property, and i'll have a rock solid tenant.

I have properties where I live currently a couple states away, but this is more to help out a family member while they build savings/credit.  Also long term, i'll have an investment property in another area/state and family will be there to help manage the property if needed.  

Again, cash flow isn't that much of a concern as I have cash flowing properties here in Georgia.  As long as I have a little reserves after the mortgage/taxes/insurance is paid that i'll hole away for cap ex.  

So my question is, what is your experience in FORT MILL, SOUTH CAROLINA?  I drove through that town, and it's a really neat place.  As Charlotte grows (at a fast pace!), have you noticed people moving out to Fort Mill (5-10min away)?  Can anyone give me insight on properties in Fort Mill?  I've researched a little on Zillow and I see nice homes for $150-160k, but I don't know the area at all.  I'll put that on my family member to do the research.  I also don't have a clue on rental comps. 

If anyone has recs in the Charlotte area, i'd be game for that too.  

Thanks for your help

Also, do any of you have a Long Term Lease on file?

Comparing comps, my property is on the high end.  I made the early mistake of buying the best looking house in the neighborhood.  

They could've been "feeling" me out, but i'd love to keep them for as long as I can in the unit.  

 I'm on property #2 in the CSRA, and we love it here.  It's good to see someone else in the forum.  We'd love to pick y'alls brain at some point.  

I was wondering if you guys and gals could give me some guidance.  

I have GREAT renters in a property that is cash flowing +$400.  I honestly couldn't have asked for better tenants.  Their rent is on time, and they were proactive in bringing to my attention issues with the dishwasher and the gutters.  They could've easily let my gutters continue to clog up, or my dishwasher to slowly leak.  

Well they emailed me a couple months back, and gave me the impression they might be thinking about buying a place of their own.  They also said though that they LOVE the house, and hate the idea of moving.  I think they were actually looking for me to sell them the property honestly.  (that's not happening)

I have thought about dropping their rent $50 a month if they signed a 2 year lease.  From talking to them, that would keep them in the unit.  The problem with this (outside of the $600/year loss),is that they are in the military.  So they could be shipped out at anytime.  I have their financials, and if one of them gets deployed, the other could EASILY cover the rent.  The issue isn't so much deployment, it's relocation.  I would have no choice, but to let them break their lease.  

I'm really not concerned with the $50/month, because I know what it takes to find good qualified tenants.  

Would you guys offer them a rent break, for a longer lease?  Knowing that they're in the military and could break the lease if they're ordered for re-location.