All Forum Posts by: Chris Claflin

Hey Noel, I have some info for you on the Charlotte market and some potential things to consider. PM me if you would like to chat over the phone!

@Kim Meredith Hampton, are you referring to Park Avenue? @Joe Facenda, if you are considering Park Ave, I know a fellow investor on BP that I would be happy to have you talk to see what he has feedback for you on his experience. I can PM you his name if you would like.

Hi Joe, Sorry to hear about your experience. First, I would understand what your options are in your agreement with your current PM. Now, I absolutely don't want to interfere with an existing relationship, but as you are reaching out, I'm happy to chat with you to see if we can get you pointed in the right direction whether that's us or another PM firm if it doesn't meet our criteria. As a fellow investor, I know finding a good PM can be looking me finding a needle in a haystack. That becomes even harder when you are out of town. Please reach out via our contact info below to see if we can help you in anyway!

Trey,

I know of a GC who has a team that does 30+ rehabs/flips per month. He has worked for most all of the big hedge funds here in Charlotte. He also loves working with smaller investors. PM me and I'm happy to get you guys connected!

Originally posted by @Account Closed:

@Chris Claflin The landlord should never expect the tenant to do maintenance because that is landlord's responsibility, and the tenant should tell the landlord when something goes wrong, and the landlord should take care of it at that time.

 John, you're right. Asking a tenant to do repairs is just begging for trouble. The tenant should tell the landlord when something goes wrong. However, my point was that not all tenants know how to recognize maintenance issues until it becomes a very big deal. If you don't have eyes on the property, problems can go unnoticed for much too long.

Welcome to Charlotte investing, Kyle! Let me know how I can help!

Matt, Regardless of if you hire a PM or not, you always want to factor in the cost into your numbers because 1) RE investing is supposed to be passive 2) What if something happens to you and you can no longer manage it and 3) Your time to manage is worth something. If there isn't enough cash flow to cover a PM, then you may want to make sure the deal is still really tight for you. Regarding criteria: everyone has different criteria; it depends what you are investing for... cash flow, appreciation, or...? Sorry to be generic but only you can decide if a deal is good enough for you. Happy to help however I can!

Hi Michael, Welcome to the Charlotte market! Happy to help however we can! All we do is residential property management with a specific focus on real estate investors because that's who we are. We will guarantee tenants, protect against eviction, warranty vacancy filling times and physically get out to the property for evaluations 4x per year. Happy to help you build out your team here in Charlotte. Let me know if I can get you pointed in the right direction!

Hi Matt, Similar to what Raul said, the most important asset you have as an investor is your team. I would even put team before market and property. As for finding tenants from a distance, I would be pretty concerned. That's something I would never do for my own rental properties unless I had a trustworthy property manager. I wouldn't even do that if I knew the tenant beforehand. I think the couple of scenarios below (REAL stories from people I know who have done exactly what you are describing) may help with this point: - Tenant doesn't know the first thing about home maintenance; you get a call because the fridge goes out at 10PM on a Saturday. What do you do? You ask the tenant how everything else is going and they tell you good except for the bucket on the kitchen floor that has been accumulating water from the leaking roof for the last 2 months. - Tenant looks great on paper. Pre-pays rent months in advance. All seems great. Nine months down the road you make it out to the property to find they have been destroying it. Then you get contacted by the Feds to find out he is the largest coke dealer in the state, but none of that showed up on the background check you ran. Also, you want to think about the practicalities of managing yourself like do you want to research what you can legally charge for late fees, all the ways you can get in trouble with fair housing, how to properly setup, document and perform accounting on a trust account for deposits in NC (yes the security deposit act applies to DIY landlords in NC). Think about what happens when the tenant has an emergency repair but you don't have phone service because you are on a plane or in a remote location. Who is going to check the work your vendors do? Who is going to meet the vendor at the property if the tenant can't be there? How do you know who is really living there? Lastly, a good Charlotte Property Management company should be able to help you become a more savvy investor and help your investing grow in this area by connecting you to other great folks and providing you with great information. Let me know if I can answer any questions you may have, Matt about investing in Charlotte, tenants, buy and hold, or Charlotte area property management!

Hey Ryan! Welcome back to Charlotte! I would love to connect with you! If you connect with me on BP and send me an email with your general availability, we can grab a coffee or something. Also happy to introduce you to any local pros who may be of help!