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All Forum Posts by: Terri Pour-Rastegar

Terri Pour-Rastegar has started 29 posts and replied 162 times.

Post: 20 Unit Older Apt Building - Your Insight Is Needed

Terri Pour-Rastegar
Pro Member
Posted
  • Rental Property Investor
  • Charlotte NC Fort Mill SC Lake Wylie SC, SC
  • Posts 174
  • Votes 103

@Josh Justiniano , yeah, I don't think these deals are available in California either.  LOL!  I pay cash for my investments, and I manage the properties myself, so that helps a great deal.  When we first began investing, we obtained our first few properties with financing.  However, even with financing still in place, those properties are performing between 14-19%.

Post: 20 Unit Older Apt Building - Your Insight Is Needed

Terri Pour-Rastegar
Pro Member
Posted
  • Rental Property Investor
  • Charlotte NC Fort Mill SC Lake Wylie SC, SC
  • Posts 174
  • Votes 103

@Dave Fontana , same here, Dave.  My offers are based on a goal of 20% CoC.  I don't always get it, but I try.  I've managed to get my small portfolio's average to 18% CoC (yes, after all reserves and taxes and everything).

Post: Historic Multifamily Rehab

Terri Pour-Rastegar
Pro Member
Posted
  • Rental Property Investor
  • Charlotte NC Fort Mill SC Lake Wylie SC, SC
  • Posts 174
  • Votes 103

@Ricardo S. , We kept it as a rental.  At the end of this year, I will have paid off the rehab costs with the rent we're getting.  The rest is cream.

BTW, your rehab sounds gorgeous! I can't wait to see more pictures.  :)

Post: Duplex rehab

Terri Pour-Rastegar
Pro Member
Posted
  • Rental Property Investor
  • Charlotte NC Fort Mill SC Lake Wylie SC, SC
  • Posts 174
  • Votes 103

@Donald Patterson , I agree with @David Kohn  -- this could be pretty sweet if you could get it for no more than about $125K.  If this is an all cash deal, offer them that and tell them that's the highest you can go. Be prepared to walk if the answer is no.  But don't get your heart set on it.  There are other fish in the sea.  Good luck, and let us know how it goes.

Post: Distressed in Downtown

Terri Pour-Rastegar
Pro Member
Posted
  • Rental Property Investor
  • Charlotte NC Fort Mill SC Lake Wylie SC, SC
  • Posts 174
  • Votes 103

@Charlotte Williams , has given you excellent information!  Pretty much, everything you need to know to head in the right direction.  Great job, @Bill G. 

Post: Help! I have a "High Maintenance" Tenant

Terri Pour-Rastegar
Pro Member
Posted
  • Rental Property Investor
  • Charlotte NC Fort Mill SC Lake Wylie SC, SC
  • Posts 174
  • Votes 103

I have 3-year tenants who were PITA at the start.  I totally rehabbed the house they live in, and it's one of my nicest houses in Charlotte.  Being that the house had previously been vacant many years, and they were my first tenants in the house, I expected some repair calls.  But things started to get out of hand.  And some issues were being caused by them, like when they'd overload a circuit with several high-draw electronics and such.  Even though I'd re-wired the entire house, circuits have their limits. 

Anywho... what did I do?  I made an appointment to visit and walk the entire property to make note of her concerns.  I brought the move-in inspection and photos from our initial walk-through.  Some items were things we'd made note of just so she wouldn't be held responsible, but that we wouldn't repair/replace for now (cosmetic stuff).  A few items truly were things that I would want fixed, and we made arrangements to fix them.  The remaining items... well she was complaining that there were too many leaves in her backyard. 'Dear Tenant, you have several enormous and beautiful trees that I paid a tree expert to carefully limb up and cut back away from the house.  You saw those trees and admired them when you were viewing the property.  I can do nothing about them."  Another is little lizards hanging around the warm sunny brick entryway. She said she's afraid they'll give her a heart attack. [insert the I've-reached-my-limit emoji.]  I said, "dear tenant, welcome to NC. We have cute little lizards who love warm sunny bricks. They are 100% harmless.  I cannot do anything about them. They're actually helpful because they eat lots of bugs! This is a phobia, and outside of my realm of expertise.  She didn't appear too happy about that, but what could I do? 

In the end, I laid out what I would and wouldn't do, and I said to her, if you are not happy with that, I would be happy to let you out of your lease, without penalty against your security deposit--I ask only that you give me 60 days notice.  I thought for sure she'd go for it, but instead she said, "oh, no, miss Terri!  I love my house!  I don't want to move."  She is otherwise an excellent tenant who takes meticulous care of the property, so I continue to go above and beyond for her a little bit, and I'm happy to do it. 

You've gotten a lot of great advice on here already. Maybe my 2 cents helps. I wouldn't use any scare tactics about fumes and such.  Maybe do a touch-up with epoxy paint.  Definitely address the moisture issue in the bath--this is for the sake of your property, long term. Do whatever you must to install a good exhaust fan, wired to the light switch. Tenants aren't going to open windows to let the moist air out. If she broke the tile, she can either live with it that way or arrange to have it repaired herself, IMHO. Or maybe you can get it done for her later on, at your leisure, but you will charge her.  Don't say you'll take it out of the security deposit--get a couple of quotes from tile installers, and show her the estimates. Once she sees what it will cost HER she's likely to back down.

Hope to have been of help.

Post: Historic Multifamily Rehab

Terri Pour-Rastegar
Pro Member
Posted
  • Rental Property Investor
  • Charlotte NC Fort Mill SC Lake Wylie SC, SC
  • Posts 174
  • Votes 103

I love old houses!  Looks like a project we rehabbed in Fort Mill a couple years ago.  It was a labor of love, I'll tell you.  

I posted a 2-part blog about it--maybe it will inspire you to keep going when you have rough days (and you will!) during the rehab.  It's worth it!

http://www.biggerpockets.com/blogs/2739/blog_posts...

Post: Flip rehab vs rental rehab

Terri Pour-Rastegar
Pro Member
Posted
  • Rental Property Investor
  • Charlotte NC Fort Mill SC Lake Wylie SC, SC
  • Posts 174
  • Votes 103

Thanks, @Stephen Goodman :)

Post: Flip rehab vs rental rehab

Terri Pour-Rastegar
Pro Member
Posted
  • Rental Property Investor
  • Charlotte NC Fort Mill SC Lake Wylie SC, SC
  • Posts 174
  • Votes 103

Thanks, @Brad McCulloch .  I hope it helps someone.  :)

Post: BYOMH? Renting my land to a mobile home owner

Terri Pour-Rastegar
Pro Member
Posted
  • Rental Property Investor
  • Charlotte NC Fort Mill SC Lake Wylie SC, SC
  • Posts 174
  • Votes 103

Thanks, @Leslie A. .  Good advice.  If I do go this route, I certainly wouldn't plan on asking my tenant to move any time soon.  That's OK with me.  This land is in an up-and-coming area, and a rezoning would allow me to subdivide, but that won't happen for several years, I'm sure.  So it's probably better if I sit on it and let a family park their mobile home there for a good long while.