All Forum Posts by: Jonathan Taylor Smith

I would go directly to the Zoning Department and LDO at 101 City Hall Plaza in Durham or call numbers online at: https://ldo4.durhamnc.gov/durhamweb/ - so that you can hear right from those who will need to approve the development. Get your intended land use approved in writing for the lot before closing on it.

Hmmm @Ali BenAyed - I know some states/counties have laws that are certainly NOT in favor of the landlord; however, here I'm to believe that in Montgomery County MD that a tenant can do ANYTHING THEY WANT in and to your rental property (regardless of lease violation) with NO FEAR of eviction - as long as they pay the rent!? That just sounds like it can't possibly be true, because if it is, why would the lease need to state anything more than the rent amount if nothing else matters? But if it is true, then I would only write month-to-month leases.

@V.G Jason, @Peter Chen - I do very well in Raleigh / Durham for myself and clients - especially if you're willing to take on some level of rehab, which could be as little as paint, flooring and maybe appliances. And it is certainly doable to get into a property for less than $350K here in decent areas and condition including rehab expense. But sometimes you have to be willing to put a property under contract before going to see it, because once you schedule a tour and stop by, so has everyone else - and now you're in a multiple offer situation. I get properties under contract for less than $300K regularly (sometimes MUCH less) - that do cashflow.

Always wanted to be a "landlord", but let people talk/scare me out of it for years. Bought the Carleton Sheets "Low/No Money Down" course and did nothing with it for nearly two decades. Then the stars aligned, and I came across Rich Dad Poor Dad, BiggerPockets and Podcasts right at the time that I actually had the credit and money to put 20% down on my first property which just happened to be ultra-cheap at the time.

If you bought the property as a primary residence/house hack and there is theoretically equity present to pull cash out, were you to do a BRRRR into a higher rate loan - then you should be able to tap into that same equity by getting a HELOC on the property.

I started with KW for that exact reason of wanting a local broker that I'd have access to. But I eventually ended up with eXp Realty (an online virtual brokerage) largely because they allow me to promote my own agency brand, while giving me all the tools.

Hello @Margaux Luen - I'm happy to aid and can provide references.

For me, the reasons I want to know of everyone living in the home (AND have them properly reflected on the lease) is for legal, liability, insurance and compliance purposes. First, I do not want someone (an adult) to be able to claim residency rights if I do not have that person's information and have run credit, background and employment / income verification on them. Maybe they do not meet my criteria for residency, such as a recently convicted felon or smoker. I also want to make sure the property remains within zoned occupancy limits, and that 2 or 3 families are not living in a single-family home, or just too many people in general. As the number of person's living in a home will impact the wear and tear, and therefore potentially the rent that I must charge and security deposit requirement (all per federal/state housing laws of course). Also, I need to know who all is present in the home should there be a catastrophic event, like the place burns down.

I make it an automated practice to send reminders to tenants at certain points in their lease term (that require a response) to inform us of any changes to their household makeup as reflected on the lease - and that failure to do so is a lease violation that could result in lease NON-renewal or termination / eviction filing.

@Edwin De leon - Are you even able to use a VA loan to purchase a property with more than 4 units? I thought VA loans were limited to 1 to 4 unit properties.

Welcome back to BP @Kionnon Harris! Working with investor clients can be rewarding, as they have the potential of repeat business. An investor may buy and sell multiple properties per year - whereas a non-investor client may only buy or sell a property or 2 per decade. But the problem with investor clients can be that they are expecting you to bring them "unicorn" properties that are essentially non-existent in the current market. Or they may want you to submit multiple "low-ball" offers that have little to no chance of being accepted. And all while not wanting to commit to working with you exclusively in your market. So, my advice is to be professional, value your time and expertise, and make sure that your clients do as well.

P.S. You'll get that expertise and learn all of what it takes to be an excellent agent for investors if you become an investor yourself.