All Forum Posts by: Jordin Boyd

So I have a tenant buyer in a house right now. They are 1 year into their 2 year lease agreement and their option to purchase agreement states they can purchase any time during those 2 years. They just informed me that they are not going to be able to buy in the 2 year time period and want to know if we can renew their contract for at least one more year. I'm fine with letting them do this because its cash flowing well for me and I don't have to handle any maintenance on the property so the longer they stay the better as far as I'm concerned. My question is, to renew their lease agreement and option to purchase agreement, do I require another non refundable deposit or does that just roll over? It seems like charging them another deposit in order to stay would be a little crooked but if it went directly toward the purchase price then maybe its not so crooked. I don't know how this is typically done.

Also, if the tenant wants to pay extra money once in a while and have it go towards the purchase price (and I'm ok with that) should I provide a different receipt for that payment? How do I document that they paid extra and reduced the agreed upon purchase price?

Any thoughts or related experiences? Thanks in advance!

I worked for a large property management company for many years and my wife is still in the industry. I have shifted to the investor side of the table now. I only hold one sfh at this point but I can tell you from my experience, investors are typically slow to hire a property manager (meaning we take our time vetting them) and quick to fire! Slow to hire, quick to fire. So take that for what its worth. Reputation is everything as a property manager. If I were going to hire a property manager right now I would get on bigger pockets and ask "who is good" around here and get recommendations from everyone. So you want your company's name to be the one everyone recommends.

Thats my 2 cents!

Hey @Ricardo Howard! I'm here in Charlotte. Working on wholesaling right now with plans to hold sfh by next year. Would love to connect. I send you a colleague request and when you accept we can then pm each other. So do the same with @Audrey Truesdale. Just hover over his name and then click "connect."

Welcome!

I have a good lead on a great buy and hold property in 28205 Charlotte. Its a duplex and there aren't any other duplexes around for good comps. Can anyone advise me on how to run the numbers for a duplex? Ive never made an offer on a duplex before and any insights from the group would be appreciated! Its an off market deal and its 100% occupied. I would consider it in excellent condition. Average rents around the area are 1100/mo. Don't know yet what the current tenants are paying.

HELP!!

Thanks 

Welcome @Cathy Patch. I grew up in Montrose but have since moved to SC. Would love to help you get started around there though I don't know much about the market. Feel free to reach out anytime!

I don't know how the prices compare but I just order mine from Amazon. Pack of 25 blank corrugated plastic yellow signs for $30 plus shipping. Then of course you can add on the wire H stakes too which almost doubles the price.

As I understand it you basically get guaranteed rents (no matter if your tenants seem "risky" or not but you would still have to worry about how they treat your property. Also, I believe that in order to qualify for section 8 status you have to maintain certain standards and go through some inspections each year which might cause extra headaches. 

I've been marketing and trying to wholesale here in Charlotte. I have only done one wholesale deal so far but I'm more than happy to meet up and share what I have learned! I have also heard @Audrey Truesdale is the wholesaling pro around here and I look forward to meeting with him myself!

Congrats @Zachary Betters! Im still persevering! Hoping and working toward this same kind of success in the same areas! I'd love to meet up with you and talk about your journey through that first flip. Look for a message from me!

Look up Bigger Pockets Podcast show 155 with Sharad Mehta. The guy has a huge portfolio of SFH's (50) all out of state (48 free and clear!). About halfway through the show he talks about how moving away from his market has helped his business grow because it has forced him to learn to delegate and use technology.

Obviously I think it depends on how big you want to scale your business and what your personal goals are as far as your role in your business. Do you want to deal with tenants or do you want to deal with a property manager?

Hope that helps