All Forum Posts by: Evan Kline

@Janiece DeFreitas

Whole house. You could have a higher earning potential with rent by the room. Mix of furnished finder and airbnb. Additionally there are some great facebook groups to advertise on, the biggest one being "Travel Nurse Housing - The Gypsy Nurse." It's actually moderated by furnished finder, but it's entirely nurses looking for housing and people providing it. There's about 130k members. We used that more in the beginning, then the airbnb engine kind of took over. 

Our duplex we split long-term/mid-term. Our long-term is a 2/1 and pays $1750/month, our mid/term is a 1/1 (but 900sqft, so pretty roomy) and is $2400/month (we'll fluctuate this a bit, drop during slow months by $100 or so).

Our properties are in either 27103 (Ardmore, between the two hospitals) or 27101 (West Salem, just south of downtown). I'm sure this will seem like I'm not serious about being bullish on Winston, but we're actually selling that duplex- there's a tenant in there right now, planning on listing it after they leave at the end of the month. But if you wanted to get information on it (and more about why we're selling) shoot me a private message. It'll be turnkey.

@Janiece DeFreitas
I still stand by it! I didn't mention it in this post (but have elsewhere on BP). Typically about 1/3 of our tenants are traveling nurses. They are the single largest demographic who stay with us, but the majority of our stays come from a random assortment of inbetween homes/in town for education purposes/outpatient procedures/visiting grandbabies/conferences/a bunch of other reasons. 

So while the hospitals give a strong backbone for the MTRs here, there's still a good diversity. And we actually bumped our prices up a bit since this post. We're charging $2400 for that 1/1.

As far as larger homes - our biggest is a 4/2. There's some diminishing returns on what you can charge per room as the property gets larger (right now we're at $3200/month for the 4/2), but it still stays full. Just appeals to a different group of people who want or need more space. Families, work from home partners, etc. 

And we still get nurses in the big one too at about the same rate (1/3 of the time).

@John Rucker Yes we are. You can send me a private message with any questions you have

@Ting Xu Tan, it's still available. Shoot me a message with any questions you have

@Stephen Diakos DM me your contact info and any questions you have!

My wife and I are offloading a few of our properties so we can focus on a different business that took off this past year. 

We have a duplex that we currently split as a long-term (1750) and mid-term rental (2400), which brings in a combined $4,150/month, and a second 4/2 single family we also rent mid-term at $3,000/month. (has potential for rent by the room if you wanted to increase cash-flow)

I'm also in the middle of a renovation on a property that won't be a true duplex but can be rented out as two separate units for mid-term purposes. Based on our other properties we estimate $4,400/month rent potential. 

Our current plan is to sell in the spring on-market, but would love to work with any BP investors earlier if anyone is interested in working something out off-market. 

our mid-terms stay booked 90-95% of the year. We switch to short-term if there's a weird gap and always at a minimum get booked on the weekend. Can share our process for finding tenants/listing properties/etc. Also any furnishing can be negotiated as part of the sale.

I included links to the mid-terms above. Happy to share any other details if interested.

@Matt Devincenzo I did call the lender right after I posted this and it's already locked from withdrawals. Payoff only. They had a poor history paying on time.

@Kerry Baird this house is in a great part of town. Our area is still a hot market, it will honestly go for way higher than what I'm paying at auction. 

I have a sub-to deal I'm closing at the end of this week (hopefully! not counting my chicks until they hatch). 

Seller was about to foreclose, I offered to come in and buy the home, take over mortgage subject-to, no cash paid to seller. Helped her out of a tough situation (she also owns another home she lives in with her husband, just decided to let this one go), and I'm getting a home run deal.

Deal #'s

2/1, 900sqft, B+ neighborhood (I own three other properties within 3 blocks)

Mortgage subject to: $96k 

Past due payments: $10k

HELOC: $25k

ARV: If I just fix up the current sqft, ~$250k. There's an attic and basement that are finishable and I could double the sqft, add 1-2 bedrooms and a bath, which would bump up ARV to $400k+

My question is: would you take over the HELOC or would you pay it off? I called the HELOC lender and they were cool with me "working out a deal" with the current owner instead of paying it off. My worry is, the seller isn't great with money (hence the foreclosure) and I'm slightly worried she may go in and try and withdraw from the HELOC if it's still in her name.

But on the flip side I can slide into this deal with only $10k to get the current mortgage up to speed. House needs about $100k reno and I already have a hard money lender lined up. 

What are yall's thoughts?

@Imtiaz Koujalgi That's an OK area. Directly surrounding areas can be a little sketchy (especially directly north/northeast/east of town), but that's right next to Wake Forest University, I'd mostly expect undergrad/graduate students as your main tenant draw. 

I think that rent range is about right, you probably would need to do some minor aesthetic work first, mostly just paint, maybe new appliances, new outlets/light switches, etc. 

27106 is generally a good zip code. 27103 is the center of the bullseye - most desirable neighborhood in town that isn't a luxury neighborhood - draws primarily medical professionals (also where I live) Most places Northwest/West/Southwest of Winston proper are solid.