All Forum Posts by: Jorge R.

Hey Austin,

I can't say I have a ton of experience but I have done some wholesaling, flipping and have had a handful of rental properties.   I'd love to share what I know and help any way I can.  I am in Davidson.  Perhaps @Michael Demby you and I can get together.

Let me know what works for guys and we'll set a place to meet.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $62,500
Cash invested: $17,000
Sale price: $128,800

2/1 SFR in a C+ neighborhood.

What made you interested in investing in this type of deal?

The property needed a decent amount of work and the seller was looking to unload it as soon as possible. The house had been remodeled 5 years earlier - new roof, siding, windows, electrical and A/C. Needed a lot of clean up and cosmetic work due to bad renters.

How did you find this deal and how did you negotiate it?

The seller called me from a postcard the neighbor had passed along. The postcard was directed to pre-foreclosure properties - you never know... Made an offer and the seller countered asking for $500 more and we agreed.

How did you finance this deal?

Paid cash

What was the outcome?

The home was solid and came out looking great. The house was sold to a really great young couple buying their first home.

Lessons learned? Challenges?

Wish I would have kept it as a rental, that part of Charlotte is going to continue to appreciate.

Hey BP Community,

I have a rental available in a C class neighborhood and my property manager let me know that a mental health organization wants to submit an application.

The property is a 3 bedroom SFR and the organization intends on putting in 3 children to start between the ages of 11-17. The expectation is that each child goes through a three month rotation and then a new child would come in to the house when the previous departs. All the kids go to school daily and there is an adult staff member in the house 24 / 7.

Looking for any advice or things to consider before accepting this application.

Thanks!! 

Hi!  

Just wanted to confirm, I am seeing 10:00 am and 3:00 pm meeting times...  I'm assuming the right time is 10:00 a.m.  Correct?

Thanks for the replies.  My thought process was similar to Brian's but I had not thought about Patti's point.

What else are you asking as part of the application process?

In renting to Section 8 tenants, what should be considered as it relates to minimum income vs. monthly rent? 

What else should I be asking in the application process for S8 applicants?

Good morning All,

I decided to use Zillow's rental manager because it seems to make the process easier.  I haven't had rentals in about 10 years so it feels all new to me...

I made the application public and I received an application within about an hour.  The checkr background check showed all clear but I did Googled the applicant's name and found out this applicant is felon that was convicted to 15 yrs for violent crimes. 

Can anyone comment on their experience with the Zillow rental app in general and the quality of the checkr background check?

Came back online this morning...  thank you John.

I was supposed to have closed on a property in the Charlotte, NC area on Friday morning.  Of course, due to Hurricane Florence, I could not get insurance.  The storm has passed and thankfully all is well.  As of Monday morning, insurance companies are still not quoting or binding.  

Does anyone know how long it generally takes before insurance companies get back to writing policies?

Thanks!

Count me in...