All Forum Posts by: Erica Calella

Hi All!

I recently purchased an investment property that needs some siding work and new windows/ doors. Does anyone have a recommendation for a contractor near Asheville/ Waynesville NC that could help me get a quote for this work?

The contractors I have spoken to are coming in high on the price, so I want to get some more comparative data before deciding. Additionally, I am running into an issue where contractors are already scheduled out six months in advance and I don't think I can wait that long to get this work done. At the same time, I want to pay a fair price and not a premium because I am in a rush.

I am not expert on carpentry, but I would also like to try and negotiate price on the quotes that I have received. Any recommendations on how to do this?

Thank you for sharing! It seems like you learned alot from this whole process. Point #6 is so important and is something we all need to remind ourselves continously.

Good luck on your next deal, I'm sure it will go much better now that you have some experience in your back pocket!

I did something similar and my preference was to actually view properties so that I could get a feel for the community and area, which isn't really something you can gauge just from photos alone. I live in NYC and purchased in Western NC. My realtor did also do a few video showings with me as well just because I couldn't get down quickly enough and I wanted to see the properties before they were snatched up. The travel costs do add up, but its good to weigh the costs to benefits. To me it was worth it to make sure I was making the right decision.

Be careful with Florida condos. Apparently prices are diving because HOA fees are like $700 per month and I also read it's tough to get good insurance. Just a few things to flag during your search.

Not taking rents into consideration, my advice would be the hold and rent to atleast cover the property's costs. Especially since you are moving to NYC, which has a very HCOL. I was in a similar situation and was on the fence to hold or sell before moving to the city. I'm so thankful that I decided to hold.

It's a great perk that your employer will cover rents for you, but what happens when that period is over? Will you be able to sustain the balance of your other sources of cash?

At the end of the day only you can truly assess this, but my conservative advice is to hold and rent that asset while you get a chance to see what living here is really like, then make a decision.

I just invested in a property out-of-state coming from the NYC area as well.

My first piece of advice to you is to figure out what your short-term and long-term goals are with investing before you jump right in. Are you looking to invest in value-add for the long-term, looking to generate cash flow for the short-term, or are you looking for a vacation home that you can also STR to pay down the mortgage? Once you figure this out for yourself, it will narrow things down tremendously. Your goals may change over time, and so your strategy here will likely change as well.

After you've figured out your goals and are ready to begin your search, my second piece of advice is to find a realtor who has a solid understanding and strong connections of/in the market in which you are looking to buy. It makes such a difference. I had a mini-crisis of a situation when my lender just decided to drop me with short notice to closing, but my realtor was able to find a local one who was able to work with me. This is just one example of the countless binds she got me out of. Because she took the time to understand my personal and professional goals, she also helped me weed out a lot of non-relevant properties so that we didn't waste precious time viewing ones I wouldn't be interested in.

My last piece of advice is to remain confident in yourself throughout the entire process. This is not an easy business and you'll probably think about pulling out from doing the deal atleast five times. I think that feeling is totally normal. But stick to your guns, stay the course and I know you will be happy you did. This is a really exciting time for you, once you get some experience under your belt, you'll be growing your portfolio in no time.

Best of luck to you!!