All Forum Posts by: Jared Wonders

Hey @Dustin Espinoza,

Congrats on getting started! BP is definitely a good place to network. Feel free to PM if you have any questions and good luck on your journey!

Jared Wonders

Good afternoon all BP users,

My wife and I are in the process of renovating our rental property in Lake Wylie, SC with intentions to sell to the general public. Was wondering if anyone had any good recommendations for flat fee brokers that service this area? Thanks in advance for your time!

Jared Wonders

@Justin Polston unfortunately this is a PM company that has gotten very good reviews even on this site from my area and they somehow manage quite a few rentals here to my knowledge so maybe they were spread too thin? Obviously not an excuse for less than subpar customer service but it was a good learning experience for my wife and I.

@Justin Polston

My wife and I recently went from using a PM to self-managing. By far the biggest issue was communication. I ran my own comps, however, we were told prior to renting we could get X rent per month come to find out it was being advertised for $150/month lower than the price we were advised without as much as a phone call. Needless to say this was red flag number one.

Then, about 1-2 months into our year-long contract :((( I needed to address a concern with the PM “managing” the property. When I called the phone rang and then went to “the person you are trying to reach has no memory left in their mailbox goodbye!”. There were more issues than just these two but this was the final straw. If I can’t leave you a message, then how on God’s green Earth is a tenant going to reach you and God forbid it’s something emergent like a water leak.

I realize there are good PM companies out there, however, obviously this was NOT one of them. Thankfully we were able to get through it and learned some valuable lessons. First and probably most important be quick to fire, slow to hire. Second, the importance of communication and being upfront with people especially in terms of expectations is vital.

Jared Wonders

@Shawn Ziegaus Screening tenants in my opinion is the most important aspect of REI especially for first timers. Second, and maybe just as important is purchasing from a position of financial strength meaning you have reserves on hand for unexpected concerns and issues that arise. I'll give you an example that my wife and I experienced firsthand this past year. Purchased a property that required extensive rehab, however, we really wanted to perform the rehab mostly ourselves as I wanted to have the experience for future potential projects as well as save capital. The renovation took us a long time (compared to hiring out) approximately 3 months. However, we had reserves on hand and were patient with the process and were able to select amazing tenants that we hope to keep for a while. Had we been in a hurry and thrown in the first people that we screened the entire process we went through renovating could be for naught if we accepted a tenant who would not pay. Hope this helps and good luck!

Hey @Kyle Pence congrats on the debt pay down and saving up for a down payment! You’ll meet a lot of like minded individuals on BP and highly recommend the Choose FI group Facebook group for Charlotte as well. My wife and I are also around the Matthews, NC area so feel free to reach out if you’re around! Good luck as you get started and keep shoring up your criteria for your first purchase!

Jared Wonders

@Dennis Kronenwetter

Hey Dennis,

I’m very sorry you ran into these issues. If you have a tenant in place is there a reason you are receiving the water bill? I would also get a few bids on the pricing for the plumbing if you were wanting to get that work done as well and as others have mentioned making sure that there isn’t a warranty covering the issues that you addressed.

I would also contact the water company and see if they are responsible for assisting with the main water line fix. You could also check with your homeowners insurance as last resort if you think a claim needs to be filed, although this will increase your premiums so this should be last resort.

Hope this helps!

Jared Wonders

@Shawn Ziegaus

I just wanted to echo what every one has already said. My wife and I had an absolutely horrible experience with our PM to the point where I was basically self-managing our SFH rental the last sixth months of our contract because the communication with us and the tenants was abysmal. I actually called the person "managing" our property once and the voicemail box said "this person's voicemail box is full and can not accept messages at this time". If they can't accept messages from me, then how on God's green earth could my tenant reach them if there was an emergency situation. This was the straw that broke the camels back in our situation with our previous PM. Needless to say we did not renew our contract. I'll add in two points that I learned through this experience.

1. Be slow to hire and quick to fire.

2. If you have a lot of PMs in your area try to look for one or even ask if one of the better ones can do month-to-month contracts. Having to self-manage the last six months AND paying our PM for doing practically nothing was beyond frustrating.

Hope all this info helps and feel free to message me if you have any other questions!

Jared Wonders

Hey Maximillian!

My wife and I currently own a SFH in Lake Wylie and we continually look for deals in SC especially Fort Mill. The growth in Fort Mill has been absolutely ridiculous over the past few years and same with Lake Wylie likely secondary to great SC schools and close proximity to Charlotte. With that being said it can be VERY difficult to fund cash flowing properties due to the high non-owner occupant taxes as noted above. Cash flowing properties are there but probably will be difficult to find on the MLS. Hope this helps and feel free to message me if you have any questions!

Jared Wonders

Hey Anthony!

Congrats on getting started in REI. My wife and I currently have two investment properties: one in Lake Wylie, SC and one in Matthews, NC. The Charlotte market has definitely shored up a bit but it's definitely possible to find some deals if you hustle after them.

I will say that if you are wanting to invest in the Charlotte market investing in NC is beneficial from a tax perspective vs. SC. Good luck in starting your journey and feel free to PM me if you have any questions.

Jared Wonders