All Forum Posts by: Sky Mikesell

Hey Brent... your the owner man you can do anything you want... (almost) ...   Yes i did business in Oregon for many years before moving out to charlotte and spent my fair share of time in eviction court.   My experience is...   Use a lease that is widely accepted by landlord/tenant judges (most of the time as a general rule any lease for the respective state put out by national apartment association will work)     In the addendum you can do a rent raise every single month if you want. We see this in commercial leases all the time with automatic step up payments.   So yes draft addendum incorporating the rent raise  and any other addendums you feel are needed. (i.e. bedbugs, illegal substance, etc) 

good luck. 

Thanks for posting @Anthony Crecco .. you can send to me always interested in notes in Charlotte,NC,   Birmingham, AL  & Orlando, FL.      you can email me or send me PM. 

Excellent article.  their fees are out of control and they are double ending both sides.  We switched to air bnb for our vacation rental and have been steadily occupied. 

@Francisco Feliz i understand where you are coming from ... i started my investing career 19 years ago on a west coast real estate market (portland, oregon) .  our market was steadily appreciating, interest rates were low, and the 70% rule was NOT applicable.  we worked off set amount of dollars per deal... we were cautious to make sure all of our costs (hard money, holding, etc) were in factored accurately and we did great.   In real estate we hear lots of rules... these "rules" all came from a good place but should probably be more referred to as  guidelines.   good luck happy to help, feel free to reach out. 

welcome i am just down the road in charlotte. good to have you here. 

In my experience this all goes back to your goals. So Shalanna L. Pirtle what are your goals? When I first started in real estate 19 years ago in Portland, Oregon i literally sold my primary residence every 2 years. (IRS SEC 121 live in your home 2 out of 5 years and profits on sale up to $250k are tax free!) For me at that time in my life I had a lot of flexibility and every 24 months on the dot I was moving into my next property. I lived in a triplex and duplex and 1 sfd AND Cashed out of all of them tax free. My goals were to build a portfolio and this was one of the strategies that helped get me there. Happy to talk strategy with you more anytime. Take care

I have to agree with @Mike Dittman ... i am not an appraiser... i have bought, renovated and sold a large number of houses over the last 8 years ... I know the Charlotte, NC market as well as any appraiser and in 100% of cases i always got appraisals when i purchased property for my own peace of mind. For goodness sake it is $300 ... If paying that $300 was the difference between me being wrong about a property or value it was worth it... in some cases when i have sold the property and person i was selling to was obtaining financing and their appraisal came in low i had my appraisal to submit as a rebuttal. If you are looking to get an idea of value a CMA is good. If you want what an appraiser is going to think when you go to sell the property getting a "subject to" appraisal upfront is ideal. *("Subject To" an appraisal of a property subject to you completing the described repairs, this is not an AS IS appraisal)

Lastly if the appraiser comes back and tells you the property is going to be worth less then you thought it would be after rehab that doesnt mean you cant still list it for that price... the appraisal is merely a guide post.    

So there you go ... the democracy of the BP community.  agree to disagree :)  

Great work.  I love seeing the finished product!  

Well done @Brian Adams   that is a healthy capital raise.   Excellent work! 

Great job @Melissa Searing that is very exciting...    I just completed a higher end renovation in florida that i converted into a vacation rental and we met with a number of granite countertop installers that had their own sources for real wood cabinets.    The prices were very close to that of Lowes or HD.   So i would check into companies that do countertop installation (granite, marble, ceaser stone, etc) and they will often have great recommendations or have a source themself.