All Forum Posts by: Tim C.

Hi Ron and welcome to BP. One option would be investing in mobile homes. There is a big market here in Charleston and you can get decent rents. Typically you have to pay cash but the deals are reasonable ($1,000 to $20,000).

Second, I'd recommend attending the local REIA meetings. Just google 'Charleston REIA' and you should find the website.

- Tim

@Alton D.

Hey Alton, I've used a property manager that was pretty decent for a few years now. Send me a PM and I'll shoot you the contact info. Also interested in who you've used and what kinds of issues you've had.

@Christian Lautenschleger

I agree that I think you've made a great move in either case because you made a move. Analysis paralysis is out of the picture. I am a beginner too and presented with this situation I would begin to think of ways to improve my position. Is there anything in the lease that allows you to raise rents based on market changes? Perhaps talk with the tenants and get a feel of their situation. Would they be willing to do a keys for cash type deal and let you buy them out of the lease? You could then pursue higher rents. Those are a few of my beginner thoughts out loud.

@Morgan Wells

I was in the same position you were. High stress, decent pay. My first home became my first investment property. Hiring a good property manager has made it much easier to have an investment and still work the full time job. I pay 12% but have only had one month of vacancy in about 3 years. However, it doesn't cash flow that great. The more stressful property is and will be my second property which is a much better deal and more cash flow but has more 'baggage' to get through. I think it's fun though.

However, I would say get that umbrella insurance policy to help you sleep at night.

John,

Thanks for the feedback. I believe the moisture is just in the concrete from the porch. My guess is that there is a moisture barrier under the foundation portion of the house but the concrete porch did not have this barrier. The homeowner put up the fourth wall and did not put any moisture barrier under vinyl after enclosing the space. In talking with the inspector he mentioned I could possibly remove the vinyl and put a few layers of sealant on the concrete then put ceramic tile over it.

There doesn't appear to be any moisture damage per se but I'm hoping I don't lift up the vinyl and find mold. Time will tell.

I now have the duplex in my previous post under contract in Charleston, SC. It will be a good cash flowing property but I have some questions/concerns about the home inspection.

https://www.biggerpockets.com/forums/88/topics/123588-duplex-evaluation

Since this is my second investment property (first was old primary residence), I have complete the home inspection and a few findings have me concerned.

The seller had enclosed the two porch areas with a fourth wall (roof already in place). She put vinyl flooring over the concrete and it is now essentially an enclosed room between the dining room and the laundry room. During the home inspection the inspector noted elevated moisture in this area. Also, there is not a permit for the fourth wall since this was done in the 90's and the contractor claims it did not require a permit then.

Second, the seller had the roof replaced a year ago. During the home inspection, the inspect found an area where the roof was sagging in the location where the fireplace flue was previously. He mentioned there should be an H clip but two 2x4's would fix the problems.

Should these items be of concern? Should I try to renegotiate price even though I already have it under contract (she stipulated the home was to be purchased 'as-is' in the existing contract).

I appreciate any input/comments.

Thanks @Jon Holdman @Jennifer Lee @Bill S. @Bob Hines . Thorough and helpful!

My guess is a property management LLC would create some transparency between the owner (landlord) and the tenant. There's also the whole corporate veil idea. Keeping your assets in a separate LLC from your managing business (LLC) while both are separate from your personal accounts could maintain the asset protection idea? Just guessing though. Thanks for the input!

My disclaimer is that I am a beginner investors. I now have two investment properties however my approach even to the peninsula is the same. The flood insurance issue creates uncertainty and risk. I am risk adverse so I would sell, which it appears you did. Grant it one could speculate and win big or one could lose big. There are some areas in Goose Creek that will get you $1,100 in rent for a $100,000 property. Just need patience and time.

Sounds like there are a few active charleston folk here. Any interest in starting a bigger pockets meetup?

I have recently read Landlording on Auto-pilot by Mike Butler. A good book for tips on systems, etc. However, some of the book is a little outdated. I'm trying to decide whether to begin property managing on my own or continue to use a property manager. A few questions:

1) How are self managing landlords handling tenants calls during off peak hours (nights, weekends, vacations)? I don't think pagers are used a whole lot nowadays as mentioned in the book.

2) There are several post about setting up your own property management LLC. Any links to posts or resources on how to do this effectively?

3) Computer based property management software looks good but how much of the tenant base has computers? What if they don't have computers are landlords leaving it up to them to figure it out if they need to file a work order?

Thanks for the help!

Thanks for the feedback. I should have it under contract tomorrow. Interesting to see the wide variety of deal evaluations from poor to good.

John - thanks for the market insight. I am still working on my characterization of each surrounding area to define which neighborhoods are growth and which ones lack rentals (and thus need me to place a few).