All Forum Posts by: Steve Garner

Welcome to BP. I've learned the most from Coastal Carolina REIA that meets the 2nd Thursday of each month. No meeting in December but they will start back up in January. My work schedule doesn't allow me to attend all meetings but when I'm not working, I'll be there. Great group of experienced investors.

Welcome to BP and Wilmington, NC.

My rate is 8% and it is short term money for me but that is really cheap money for a few months especially if it is the difference between getting the deal or not.  It's a hot market so if you don't act quickly then you lose the deal in my market.

I would recommend 2  1) Mark Vernon at On Q financial and

2) Dave Starling at Assurance Financial 

if near me in Wilmington NC then I would be interested in looking at this opportunity. 

I hope you catch the common theme in most of these responses. "TALK TO THE TENANT!" I have learned that text, email and mail are NOT as effective as a conversation on the phone and the most effective is face to face. I had a new tenant test me on paying late. I started with text the 1st time, then then 2Nd time I called and the 3rd time I went and met face to face! From that point forward she was NEVER late again! I never bent requiring her to pay the $50 late fee all 3 times and told her that late is NOT acceptable.

I do not believe NC offers online. Sorry but I don't know of the best class in that area. If you listen to Podcast #2, Karen Rittenhouse is from that area and can give you advice.

I consider it unit by unit.  If they call for repairs or pest control consistently then I will raise their rents and explain that it is a function of increased cost which they are aware of.  If they never call me and are taking care of the property then I do not raise until they move.  If they stay over 2 or 3 years and my rent is substantially below market then I'll increase a little and ask them to sign a 2 or 3 year lease to lock them in for a longer time.  If they balk on the longer term, I'll explain that rent could increase yearly if cost continue to rise.

What is reasonable wear and tear?  I have a 2 year old buy and hold.  I painted the entire interior and had new carpet put in.  The tenant was there for 2 years.   They patched the wall holes and left the white spackle of approx. 70 holes of white spots on the walls.  The pet odor could not be corrected with a steam cleaning and pet treatment. (I get a $250 non refundable pet fee for this reason)  However, The steam cleaning company says that I must replace the pad and carpet to remove the smell.  The carpet is only 2 years old.  What is fair?  Is this "normal" wear and tear?

Any additional info on Hubzu is appreciated.  I had an offer on a short sale since September.  It went to Hubzu and my offer was the highest bid.  I was told that I had won the bid.  6 weeks later we are still waiting on the second lien holder to approve the deal.

IF ANYONE HAS SUGGESTIONS OR RECOMMENDATIONS THEY ARE GREATLY APPRECIATED!!!!!