All Forum Posts by: Jordan L.

Hey all,

   Recently a couple of counties in North Carolina where I own properties have run revaluations that will result in the doubling of my property taxes.  I am likely going to appeal the new assessed values.  I have a couple of questions before I move forward with submitting the appeals.

1.  Have any of you actually experienced your assessed value INCREASING after submitting a property tax appeal?  Each of the revaluation statements includes verbiage that if I appeal the new assessed values, the taxes could potentially decrease, remain the same, or increase.

2.  Each of the properties needs a significant cap-ex repair.  One needs a new septic tank and plumbing to the tank from the house (already working with the county on this one), and one needs foundation work (I have a $22k estimate in hand).  Both properties are currently tenant occupied.  Am I placing myself at risk in any way by giving this information to the county tax office?  For example, could they deem my properties unlivable if I disclose this info?  Both properties are habitable w/o risk to my tenants but these are things I need to take care of in the near or semi-near future.

@Will Gaston the property is in Lugoff, actually.  

@Melanie Thomas Thank you for the suggestion.  I'm going to give them a call.  I'm 2700 miles away from the property so to watch at all times will be impossible, but if they have a functional alert system in place that could immediately push to my phone, that would be perfect for my needs.

I'm certain it's the same individual/neighbor stealing the units each time.  It happens like clockwork when someone moves out, so it has got to be someone who sees the property on a daily basis and knows when a vacancy occurs.  This particular neighbor is known for harassing my tenants as well--  my most recent tenant had to call law enforcement regarding these guys.  Their driveway is right at the property line (on the side with the units, of course).  They live in a ratty trailer back in the woods.

Thanks all for the suggestions.  What about theft deterrent BEFORE the theft occurs?  I don't want to replace it a fourth time.

I'm also considering government-building style metal security fencing just around the units.

Hey BP,

  I have a rental property in South Carolina that has had the HVAC package unit stolen three times in the past 8 years, always when the property is vacant.  The property is an A- class property, but unfortunately is in a somewhat rural area.  I believe the next door neighbors are involved for several reasons, so I do foresee it happening again in the future.  The last theft was in 2017.  I had metal t-posts cemented into the ground around the new unit, but this was not enough to prevent another theft that I've just learned has occurred.

  My first concern:  Is it likely that my insurance carrier will drop me if I file a second claim?  I filed a claim for the theft in 2017.  I also have an unrelated claim on another property from 2020.  I use Nationwide.

 Second, does anyone use cages around their units?  Do they actually prevent theft if the individual has ample time to commit the offense...  like overnight or in a rural area?

I will likely install a security camera.  I am also considering using a livestock electric fence energizer for the cage to really make any attempt at theft more... interesting.

Thank you.

Good evening everyone,

I'm a seasoned SFR investor and just closed on my first duplex a couple of weeks ago... or so I thought.

It isn't confirmed yet but I've just learned that the property may not be permitted as a duplex.  This is entirely foreign territory to me, as I've only purchased relatively new single family homes until now.  I haven't had to deal with permitting or inspections with the exception of a couple of HVAC replacements.

How big of a problem am I potentially facing here?  Could I be doomed to not being able to rent the property as a multifamily?  Could I rent it as separate units but not be able to have the tenants pay for separate utilities? 

 The property was advertised as a duplex with units A & B.  Zoning on the property is R-8 residential.  My agent is looking into the permitting.

Compounding the problem is that there have been additions made that are likely not part of the initial footprint of the building.  I am unsure if these additions are permitted.  Do municipalities tend to want to work with new owners if they bring everything up to code and have the property reassessed?  Or... am I potentially facing a teardown scenario?

The property is in a small city in NC.

Thanks all.  I’ve passed this along to my PM considering the overwhelming consensus to do so.

I’ll update this thread if there’s anything significant to be learned from this situation.  I hope it’s nothing.

Hello BP,

   I received a strange voicemail yesterday regarding my out of state (South Carolina) rental property.  I looked up the caller’s name and it was the next door neighbor to the property.  They must’ve found my number on the property record.  The male caller was asking me to call back, but was being directed by a woman in the background as to what to say.  I have a feeling it is some sort of complaint.

  My property is in a nice area, but this immediate neighbor lives in an older mobile home.  Former tenants have stated they’re a bit weird (if indeed the same residents live there).

   Should I call back or respond with a text so I have something in writing?  I do use a PM for this property.  Should I have my PM call the neighbor or my tenant?

   I don’t want to expose myself to any sort of liability if there is indeed a problem.  My tenants have been great so far.

Please advise.  Thank you!


  

Thanks everyone for the feedback.  Fortunately the damage is isn't enough to warrant me actually being interested in making a claim with my insurance.  From the PM's statement I was under the impression that the neighbor would be responsible, but it makes sense why they may not.

Sounds like it's just one of those costs of doing business things, which has certainly happened before and is sure to happen again.  

Hey everybody,

I'm facing a new situation.  A neighbor's tree fell in July of last year into the back yard of my out-of-state rental property, damaging a small section of chainlink fence.  My property manager at the time charged me for tree removal ($345) and sent a few photos.  I was under the impression that the tree that had fallen was a tree that grew on my property.

Fast forward to now and I learn from a new PM that the tree was a neighbor's tree and my tenants are asking to have the section of fence repaired.  Apparently my initial PM became aware that it was a neighbor's tree and indicated that they were going to contact the neighbor regarding repairs to the fence, but it never happened nor was this communicated to me.

I'm being asked by the current PM to contact the neighbor and request the cost to repair the fence.  I'd also like to recover my tree removal costs if possible, though my current PM is telling me that I'm financially responsible for the tree removal, which doesn't sound correct.  

The property is in NC.

If I can get ahold of the neighbor's contact info (current PM is offering to ask the tenants to get their information, but I don't want my tenants involved), should I email, call, or write a letter?  How should I approach this conversation with the neighbor?

I loathe dealing with the "human" side of RE which is why I hire a PM.  I much prefer deal analysis or DIY reno-ing a vacant property.  I blatantly suck at talking to people, so writing a letter or email would likely be best.  I'd also have the communication in writing.  What should I say?

Thank you in advance.

@Jason Bott Thank you for the information. Do most big-name insurance carriers offer Professional E&O policies?