All Forum Posts by: Jonathan Taylor Smith

@Jesse Mistretta - For comparison... My most expensive rental property to date was $117K, and I got $3,500 of that back as my Realtor's commission for acting as my own buyers agent in the transaction. It needed less than $3K of work to be rental ready; and this property also rents for $1,200 with an HOA of only $55. I personally would not go up to $153K unless it rents for $1,600 or more.

@Jasmine Patel - I'd be happy to assist... I work primarily in Durham, but also live near and work in Raleigh. I'm an investor myself, currently with 6 rental properties. Let me know if I can be of aid.

Congrats! And that is an excellent interest rate for a primary residence, let alone an investment property... May I ask how well this property cash flows as a rental after accounting for reserves (CapEx, Repairs / Maintenance, Vacancy), and PITI + HOA expenses? Will you manage the property yourself?

Also, how much are you putting down, and what is the ROI on that after rehab expenses, like a new HVAC? And will having natural gas as a utility bill in addition to electric and water have any impact on vacancy?

@Nicholas Sheridan, Jr. - I originally went to the Fonville Morisey RE School in Durham (SouthPoint) for pre-licensing; and I completed my post-licensing at the Go School in Cary. I'm now an agent with Keller Williams (Brier Creek), but I will eventually open my own firm or partner with someone who wants to do the same or who already has.

Hello @Nicholas Sheridan, Jr. - Welcome to BP & REI! Since you like to read RE Books, get the print or audio version of Rich Dad Poor Dad and Cash Flow Quadrant by Robert Kiyosaki... My favorite REI books... Reading his 3rd book "who took my money" now.

@Shaun Palmer - I've had no problems or concerns with lease from EZLandlordForms - however, I've also yet to be in court :) - The lease I had custom drawn by a local attorney was for a special circumstance (Lease-Option).

I have a lease created by an NC Attorney; however, I've also made use of the NC Lease offered by: https://www.ezlandlordforms.com - which does allow each addendum you mentioned and reports to be NC Law specific.

My thought on a co-signer is that it just puts extra pressure on the primary signer(s) to do the right thing and pay the rent for fear of negative impact on and feedback from the co-signer if not... But ultimately I think this works only when it was likely the rent would have been paid by the person(s) anyway. In other words, I do not think adding a co-signer really prevents a bad tenant from proving to be just that... Co-signer or not, if they don't have a job and can't get one quickly, the rent can't / won't be paid.

Still may be a good idea to get a co-signer, but I'd put primary focus on employment history and bill paying habits as seen on credit report from when they were fully employed. Also, what line of work will they be seeking and is that something readily available in your area? And do they have any existing prospects for employment, interviews lined up, etc... or are they moving blinding and hoping it just works out?

In Durham I have previously looked into building a duplex on vacant land that has been available to me, and in each case I found that either zoning and/or septic perc may not permit it. Even in some cases where existing duplexes were present, it may not be permitted to build additional or to even rebuild existing, such as if one were destroyed by fire. Not wanting to put time and money behind the query and never having done any new construction before, I shifted my focus to finding existing duplexes to buy and rehab as needed - which search still continues for me.  

Are you seeking properties in Asheville and nearby, or also in other NC cities?