All Forum Posts by: Chris Carrigan

If you can specialize an STR you can pick up a lot of repeat business and expand your rental season at the coast. For example find a property that is on the water. Not the ocean itself, but ocean access such the ICW, canals, creeks on the sound etc with a boat dock and lift. People with boats will rent it all year long to fish. Many of these properties aren't traditional STR's, and can be had for less. Let me know if you would like some help finding one.

Movement Mortgage is a great company to do business with here locally.  

I have a 26 acre luxury equestrian property under contract for my buyer. We just got the appraisal back and it's very low because the property has a second home that is just as nice as the main home - 4000 sqft. The appraiser is saying that home is functionally obsolete and basically giving it no value. If this home was appraised on its own with just an acre of land it would have a market value of close to $1m, but because it is considered an accessory dwelling and obsolete they are giving only an $80k adjustment. The home would make an excellent STR, but the current owners only used it as a guest house so there is no rental history. Has anyone dealt with something like this before and have a strategy for appealing that appraisal (We are waiting on a second appraisal from another company). They can't subdivide it out due to restrictive covenants.

Hi Barbara, my wife would be glad to do it. She is a Realtor also, but also a photographer. She is currently setting up her website (still in progress, but have linked it below. She shoots for Realtor's an interior designer and has done STR.

Thanks

Chris 

https://bosphotos.mypixieset.c...

I agree going East to Greenville area. Lower prices, but a college town so a lot of demand for rentals. Fayetteville- military town. Closer in I'd look at Franklinton and Louisburg, both are growing quickly with SFH on outskirts but the City's themselves will be following pretty quickly with the overflow from the Triangle.

Suzanne, I know a guy who has recently been licensed as an inspector, who may be more available for that kind of thing.  I have no idea what he would charge for it, but I can put you in contact with him if you are interested.

We usually use HWA, our buyers have been happy with it.  Like all of them you need to make sure you read the fine print and know what you are getting. 

Private or community well and septic system.  The vast majority of homes that are not within a city limits will have a private well and septic system.  Some have community wells with private septic systems.  Septic repairs can get expensive and there is no way to know what condition the system is in unless you have it inspected which of course you would not be able to do before going under contract.

It is almost a requirement in this market to offer a high DD, so it’s important that you know the status of your ability to close a loan - get pre-approved not just pre-qualified.  In addition you want to know what condition your high cost repair items are in.  So if the roof and HVAC have recently been replaced and it’s on city water and sewer than you can feel more comfortable putting down a high DD. Also get a home warranty, so that surprise repairs won’t nickel and dime you to death after closing.   Many people are purchasing site un-seen in the Coming Soon period with high DD just to be able to get a home.  It’s a crazy market, but does seem to be slowing slightly.  I think that’s due more to school starting back than to any market change.  Supply / demand will send it right back up in the Spring.