All Forum Posts by: Ben Magee

Thanks @Kevin 

@Kevin Sobilo , appreciate it. 

The renter of our condo in downtown Asheville gave notice due to the city being without water since they expect it to be weeks before city water is back on. He wants to move to New York. 

No damage to the condo and power is on, but no city water. 

Is the year long lease void completely or is it only void for the time the water is out? 

I filed a claim for loss of rents. 

Can he cancel his entire annual lease legally and I should look for another tenant? Any resources I might offer him. I mean I get it to be honest. City doesn't have water. I just am nervous about finding another tenant at this time of year. 

Thanks Nathan! That is really helpful to know. 

Wanted to ask for book recommendations that are not the fluffy type (pump you up) but very detailed and specific about how to manage rental properties the best. My wife and I have three single family homes and we use a property manager. We'd like to have good systems to not use our time as much and reduce risk, move profit up. 

Any tips are greatly appreciated. 

Thanks Jared, yeah I'd like to find out if anything I can do to take advantage of for HVAC upgrades at a reduced cost. Just wondering what my best play is. I am looking into HUD financing for HVAC updates since my current tenant is receiving assistance.

I have a single family home in Iowa City with the boiler heating system older than my grandpa if he were still alive. I hear people say look into the inflation reduction act for money for either the HVAC or window upgrades but when I click on links it just takes me to other links. Has anyone personally actually applied and gotten money? 

What I've read about: 

- https://purelightpower.com/blog/iowa/iowa-inflation-reduction-act/#:~:text=Here%20are%20some%20other%20credits,%2C%20dryers%2C%20stoves%20or%20ovens.https://building-- 

- performance.org/ira/

- https://www.rewiringamerica.org/app/ira-calculator/information/whole-home-energy-reduction-rebates

Investment Info:

Single-family residence buy & hold investment in North Carolina.

Purchase price: $324,000

We made money on this purchase! We used 0 down financing with the NC State Employees Credit Union on a 5 year ARM loan product at 3.125% and negotiated for $4000 sellers credit. I was representing myself as the buyers agent. We lived in the home for about a year and moved away and rented out with a professional property manager.

What made you interested in investing in this type of deal?

A lot of competition and inflation in surrounding area, the location and the newness of the home (no reno) was a big plus.

How did you find this deal and how did you negotiate it?

MLS, had been sitting for 2 months because next to apartment complex.

How did you finance this deal?

NC SECU 100% financing 5 year ARM.

How did you add value to the deal?

Changed the locks, kitchen cabinet hardware, added nice used appliances (front load washer and dryer, fridge). Repaired the dishwasher with help of hiring a technician. fixed shower heads, fixed toilet seats. Weeded the exterior and did some simple lawn care.

What was the outcome?

Great home and not much complex renovation needed

Lessons learned? Challenges?

When there is a traffic jam of interest in some properties, can be good to find a property with a problem that suits you that is making it less competitive to other people. We started looking for homes that had been sitting for a reason we were okay with acting on. Sometime you can win more on financing side than rehab side.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I was the buyers agent.

I have one rental property. I would like to find someone to still do my book keeping for the mindset / scale aspect as we will soon be at 4 rentals in the next months. 

Any suggestions about outsourcing this easy/cost effectively? 

Thank you all! That's a great word on having it formally in writing before beginning. @Jonathan Greene, great point! I think just knowing my family, I agree, and would work with my brother or someone who's going to be active investor but maybe not worth it with some of my siblings. A great perspective you shared. 

I was curious if anyone has worked with you family to buy investment properties by pulling resources? I have a brother who's a contractor, I'm a real estate agent, and then we have five other siblings (accountant, social worker, etc.) who don't want to do anything active in real estate investing but might share their money based on what we told them for expected returns. 

The reason I ask, is maybe some of you have done this, have had lots of arguments or has gone well. Was curious to ask. Also curious what legal, family trust, type of logistics you've used.