All Forum Posts by: Dana O'Donovan

Another vote for a SE NC / Coastal NC subforum (whatever geography we end up with)

@Adam Schneider - I wish I could make it to Rocky Mount for the meetup today, but I have to work! Any other ideas for finding potential investors in the Rocky Mount area? Thanks! 

@Adam Schneider & @Max Maxwell It is in Rocky Mount, NC. Market rent for a 3 bd in the area where my home is located is $775-800 / month. Not USDA qualified area. I could offer a lease option. Right now I have the home listed with one of my friends who is a realtor, so I have left marketing up to her. . . until this point. 

Thanks  @Chris Puckett and @Zachary Schneider. Lots to think about. The biggest expense would be to replace the carpeting, so not a ton of repairs at the moment, just thinking ahead to what would be required over time. 

Hi BP community, 

I'm new to BP and would love to get some advice from the community. I bought an investment property in 2006 for $103.5k and rented the property with a cash flow of ~$175/month until the summer of 2015 when a particularly problematic tenant finally left. I did some repairs and then put the house on the market in December 2015 and it is still on the market 13 months later. I now have it priced at $94.9k

It is in a small town in North Carolina over 2 hours from where I live currently where the real estate market is pretty depressed, and I was thinking that selling the house now would keep me from having to invest in additional repairs and maintenance as the housing market continues to decline. 

However, I have been carrying a lot of additional utilities costs for the last year in addition to the mortgage and taxes, and I need to figure out how to either 1) get out of the property sooner rather than later, or 2) make money on the property by turning it back into a rental. 

I'm not opposed to being a landlord - I have a vacation rental that I rent consistently through Airbnb & VRBO, but this depressed real estate market and difficulty finding quality, long-term renters is a completely different situation for me! 

I welcome your advice, questions and ideas,

Dana