All Forum Posts by: Evans Wright

@Daniel Imahiyerobo The way I like to describe the Charlotte metro market is that it is in teenage years and getting ready to go grow up.  Since you are seeing many investors come here and just people in general, your ability to find a cash flowing property without adding value will be a challenge.  As most would agree though, if it was easy then everyone would do it.  While it is never smart to just bank on appreciation alone, I believe we are going to continue to see sustained population growth, job opportunities and wealth flow into the market thus making investment property purchases a longer term play with great upside.  Shoot me a PM if you want to chat more.

Quote from @Mitch Davidson:

HI @Olga Kostrova. I agree with @Tiamo Wright. You're going to need a specialist per market. In NC we have many MLS boards, usually comprised of just a few counties. Someone that can help you in my hometown, Asheville, cannot access comps for Charlotte, and likewise won't want to drive over there to see a property for you. Many selling agents counsel their sellers to reject site unseen offers around here. I've actually tried to have one of my agents help me in an adjacent county that isn't part of our MLS. It was such a struggle to get comps from selling agents that I had to find a different agent for that MLS. I'll message you some recommendations on investor focused agents if you like.

@Mitch I just wanted to offer some clarification.  For the specific scenario you mentioned about not being able to access comps of Charlotte from Asheville.  A realtor is able to access them.  Canopy MLS includes Charlotte and Asheville.  I do agree with your assessment about not wanting to drive over there to see a property but hey you never know the hustle of some people. 

@Daniel Gilbert If you are finding that the numbers don't work then maybe you can drive by the property and check it out to see where you can add value.  If it is possible, you could add value to a property and leverage it i.e. heloc, cash-out refi or sell the property and 1031 it. 

Quote from @Maranda Tucker:

Quote from @Marcus Auerbach:

Very few agents also invest, understand financials, know cost of rehabs, current rents, landlord tenant law etc

If you work with an agent who is an investor, they don't need to run numbers, because they have done it so much they "see" the numbers when looking at the listing. BP is hands down the best place to find agents with personal investing experience.  

I am in the Charlotte Market and when I seek out agents who are investors, or who work with investors, most of them seem to be brand new to the game or are using BP to generate all cash leads... Is there a better way to utilize BP to find more seasoned agents? Or perhaps a different avenue you would suggest if BP is not as popular in a particular market? 

 @Maranda Tucker I have been purchasing my own investment properties since 2015 and I am now licensed agent in NC residing just south of Charlotte.  If I can be of any assistance with your investing questions then please message me.  I love to talk about this stuff with others who want to learn.

Thanks for the feedback everyone.  I need to engage with them next week and ask a few more clarifying questions but based on your responses I am convinced that things can go wrong at any time and it just sucks that it caused a bigger issue.  That being said the lack of communication is a problem and needs to be discussed with the owner.  

@Nathan Gesner I am upset with the PMCs lack of communication on this issue.  When I spoke to a person who investigated the issue for me she did mention that they were aware and did forget to communicate that to me.  I will have a discussion with owner about this issue.  The bill was already paid so can't go back from there.

@Matt Devincenzo I will ask about the drainage situation and if there is a concern with the other units then to find a fix going forward.

@Patricia Steiner Thanks for the input.  I know that they are allowed to make emergency fixes which water spewing out warranted and I will confirm if this was an actual plumber or handyman.  There is also a dollar limit on expenses that they contact me for but the ball was dropped on letting me know about the emergency expense.

@Drew Sygit I agree with your assessment that things can go wrong at any time.  I did however check the portal and my email and only saw communication with regards to a separate maintenance issue. I won't blame the PMC about a drain line issue but I will ask them find a solution for the other water heaters in the unit if there is a problem.  Lastly, the situation does suckkk, haha.  Thanks for the response.

Hey team,

I received my owner's statement from my property management company and saw a charge of $1100 for water remediation.  When I inquired about the charge I was told that a plumber went to replace the igniter on the water heater because it kept failing and after he got the unit working again and departed the site, the pressure valve exploded after a short time and began leaking water from the second floor unit and it got down to the first floor.  The tenants called the management company and they hired people to fix the issue.  The plumber then came back and replaced the pressure valve.  There have not been any issues since.

All that being said, I feel like that plumber should be held accountable for those charges and not me since he was the last person to touch the water heater.  The property management company explained to me that they believe he is not liable because when he did the work he never interacted with the pressure valve since it is not located near the igniter that he replaced.  I would love to hear the communities feedback about this situation.  Maybe you have dealt with a similar situation and how did you handle it?

Ok thanks for the info everyone.

BP Team,

I have a few multifamily properties and as many of you may know it affects your Debt To Income ratio which makes it more challenging to secure a conventional loan. Question: If I switched my properties to an LLC or purchase any properties henceforth under an LLC will it affect my DTI?

Love to hear the thoughts of those who are familiar with LLCs.  Thanks

BP Team,

Anyone have recommendations for lawn/snow care in Lincoln, NE?  This is for a residential property (duplex).  I recently received a quote from my property manager from one company but the cost was extremely high.  

Any help on the matter would be greatly appreciated.

Hey BP Team,

I was looking to get input if anyone has a reputable property manager that they would recommend in the Lincoln area and are willing to pass along their contact info.  I am hoping to purchase a duplex soon but will be moving out of state so I am looking for a well oiled machine that will ensure the property maintains a high standard for living.