All Forum Posts by: Jiri B.

@Account Closed the inventory moves pretty fast, especially for move in ready homes. If you are in Raleigh right now, you should check out some of the investment meet up groups. There are plenty of realtors attending those to grab potential clients.

The list / search would really just depend on your specific criteria. Eg. do you want 4 townhomes, condos, 1 sfh or 3 sfhs. etc..

The option i suggested is what i normally do and what seem to work pretty well for me in this market but everyone has different goals and strategies.

I'm a realtor my self, although i mainly focus on my own deals and properties. We all have access to the same MLS database..

@Account Closed I think that is very doable. I think you can even manage to get a little cash flow as well.

I would suggest getting 2 single family homes for around 250k each. Depending on the exact location you get get$1600-$1800/mo for rent.

The mortgage rates for this is now around 5% so your mortgage payment would be around $1100/mo then add about $300 for taxes, insurance, etc. And 10% of rent for management. So you might end up with about $100-$200 cashflow on each property.

There is alway a little work needed for tenants to move in (unless you buy new construction). But if you work with good realtor and property manage, they will take care of you.

Good luck!

Welcome to the community @Kris Nicholson! It's a great resource for information and help! The competition in Raleigh is definitely stepping up with the market so hopefully you have a clear vision and strategy to get started with a solid financing plan to move forward fast!

@Huiping S. The eviction laws are based on Federal and State laws. The whole state of North Carolina falls under the state law (https://www.ncleg.net/gascripts/statutes/statutelo...) no matter what city or judge. 

However, as @Abigail Cooper mentioned, the judge might look at the circumstances differently depending on the reason for the evictions and the tenant. Eg section 8 tenant might go homeless and can't afford to pay vs a tenant who has the money but just dont want to pay. But regardless of this, the law is the same and your rights and the tenants rights are always the same.

Always treat your tenants with respect no matter the circumstances, stay professional and have your paperwork and notices in order and you won't have any issues.

I think the difference between Raleigh and Durham is that Durham has lower income neighborhoods and less educated private landlords so that might create more complicated situations then when dealing with a licensed real estate professional who is doing the eviction.

NC is actually very landlord friendly in my opinion. 

It will also depend on the reason you are evicting the tenant. Contract breach, hold over etc.. Assuming you are asking about tenants who fails the pay the rent.

Depending on your lease agreement, using the typical NCAR form the rent is due on the 1st. There is a 5 day free period to receive the rent. So if you know the tenant is not going to pay the rent, you should start the process on the 5th. 

You need to give the tenant a written notice to pay the rent or to leave the property. This is typically a 10 days notice.

If the tenant still does not pay and does not surrender the property, then on the 15th, you just go to the county court and file an summary ejectment (eviction notice)

The court will then send notice to the tenant to go to the court. This is usually within a week.

Then based on the court outcome, the tenant will need to leave the property. If they dont, the police will show up and help them move out.

In no case, you cannot force the tenant out on your own. You cannot shut utilities, change the locks etc. You need to do it all legally and correctly and you will get the tenant out within 3-4 weeks so if you have security deposit, assuming the tenant don't trash your place, you should be able to recover any losses.

From my experience, you will rarely get any payments back from the tenant. Even if you go to the small court and file a claim, the tenant will just not pay.. And getting a judgment to get the payment from their paycheck is extremely difficult. You pretty much just have to write off the loss and next time screen your tenants better :)

Yeah that totally makes sense @Ben Kirchner. I haven't heard of any service like that. Property management companies makes money from the monthly fees, not from finding and placing the tenant. The low fees for finding tenants are there to cover the advertising, screening and legal services. I can't imagine anyone doing all that work (advertising, showings, screening, contracts etc) and then just handing you over the tenant with the lease for such a low fee.

But if there was, and the service would be any decent, i would use it for sure as well!

As i said earlier, the closest you can get to that, is to get a realtor to list your home on MLS, then other relators will handle all the phone calls and showings and just give you the ready and willing tenant.. Then you can just do the screening and the lease yourself.

To find tenants, its pretty much all just advertise your home and do the showings. I'm kind of with @Carole G. If you have the time, show the property yourself and you get to meet the tenants. You will be surprised how much you can learn just by meeting the potential tenants.

As for the advertising, you can do Zillow with syndications so you post it once, and it will be on Zillow, Trulia and Hotpads (Those are the onces personally get the most leads).

You can also get it listed on MLS (i usually just list the more expensive one there a let other realtors show my properties). In Raleigh, anything under $1500 is extremely easy to find tenants for so i don't even bother using MLS.

There are some free screening tools that you can just send a link to tenants, they fill up the details and you get the results. Or you can just pay for a screening service.

I think finding the tenants and do the showings is the most time consuming part of the whole property management side so it might be hard to find a property manager that will just do that for a small fee.

So yeah the closest to what you want to do is to get a realtor, list it on the MLS and they will find you a tenant for a small fee (which is negotiable) and what i usually see on the MLS, its usually $200 to up to 1month rent. But you will have to do do your own screening..

Yes you can do that. You will need a firm license and disignate qualifying broker as well as broker in charge. Those can be the same person.

You can find more info on the commission website (https://www.ncrec.gov) under Licensing > Firm License

It's absolutely important to know those numbers to see if something is good deal or no deal. But i see it so many times, new investors get their heads into multifamily before even knowing their own finances and once they talk to a lender, they find out they can only afford 150k townhome.

Unless you have already done so, i would suggest as your first step to talk to a lenders and find out, what you can afford. That will give you a really good starting point to focus on.

Multifamily are pretty expensive and unless you have hundreds of thousands of dollars in cash, it might be a very hard to get started with that. Most new investors starts small and build their portfolios up to multifamily.

It really just depends on your finances and ability to get funds to close. I would start with the lenders first to save yourself time.

30k for this amount of work and size sounds ok to me. But it also depends on finishes etc.. Did you tiled shower, or was it fiberglass insert etc. There are just too many details to take into account.

Whether you overpaid or not, would really just depend on how much you paid for the property and how much you can sell it for after rehab.

WF depending on the exact location, im guessing about 150-180k for after rehab?

Also make sure to account for any interest on the property you need to pay, taxes, insurance, commissions etc if you want to have accurate data on how much exactly it cost you..

Personally, i think getting 20-30% profit on the flip is usually what i would look for.

But overall sounds about right in my opinion! Post a link once you get it listed!!