All Forum Posts by: Kai Kopsch

I never use average rehab cost/sqft because every building is different from what I have rehabbed so far in the past 15 years, but here are some general estimates for you

Cosmetic rehab: $11 - $25 per square foot
Light rehab: $26 - $50 per square foot
Full gut rehab: $51 - $90+ per square foot

The biggest cash buyers of properties in the CLT include:

• iBuyers (instant buyers) such as Opendoor, Offerpad, and RedfinNow
• Institutional investors like Invitation Homes, American Homes 4 Rent, and Tricon Residential
• Real estate investment trusts (REITs) like Equity Residential and AvalonBay Communities
• Private equity firms and hedge funds like Blackstone and Cerberus Capital Management
• Local and regional real estate investors and investment groups

Hi Kyle,

Congratulations on your first rental property. It took around a month to find tenants for the past ten properties I rented over Zillow. Future Tennents not only look for the property pictures / Walktrue video but also how trustworthy the landlord is because there are a lot of rental scammers. If not already done I would upload a company logo and set up a professional zillow profile. 

To improve your rental listing on Zillow

High-quality photos: Take clear, well-lit photos of your rental property's interior and exterior. Showcase the best features of your property and make sure the photos are appealing and attractive.

Detailed description: Write a detailed and engaging description of your rental property, highlighting its unique features, amenities, and location. Be sure to include information about nearby attractions, public transportation, and local schools.

Accurate information: Ensure that all information provided in your listing is accurate and up-to-date, including the rental price, property details, and availability.

Timely updates: Keep your listing updated with any changes in availability, pricing, or property information. This will help potential renters make informed decisions and avoid confusion.
Professional staging: Consider staging your rental property to make it more appealing to potential renters. This can involve rearranging furniture, adding decorative items, and making minor repairs or improvements.

Virtual tours: Offer virtual tours of your rental property, either through 3D virtual tours or video walkthroughs. This will give potential renters a better idea of the layout and feel of the property, even if they are unable to visit in person.

Positive reviews: Encourage your current and past tenants to leave positive reviews of your rental property on Zillow. Positive reviews can help build trust with potential renters and make your listing more attractive.

Competitive pricing: Research the local rental market and set a competitive price for your rental property. Be prepared to adjust the price if necessary to attract more interest.

Prompt communication: Respond to inquiries and messages from potential renters in a timely and professional manner. This will help you build a positive relationship with potential tenants and increase the likelihood of finding a suitable renter.

Utilize social media: Share your Zillow rental listing on social media platforms to increase its visibility and reach a wider audience.

@joe, you are absolutely correct. For a C-class property, being junk-free and having grass is all that's needed. I let my tenants handle the landscaping for their own properties. Landscaping is mostly for A and B class properties.

@Shak F. One of the best Home inspectors in Charlotte is Brian McNally 704 727 0619. I worked with him and his team for years; they always deliver the best inspection reports right away at the appointment, with no waiting time! 

@Eric DePoto Hello, fellow real estate enthusiasts & congrats on our first post on BP! Charlotte is a great place during REI

@Sreeni Guntupalli, navigating this HOA nightmare without specific information can be challenging.

For personalized advice, I recommend contacting a local closing attorney who can assist you with the process and record the deed for a nominal fee. If you need recommendations for reputable and cost-effective closing attorneys, feel free to send me a private message.

@Tim Aiken Welcome to BiggerPockets! It's all about treating your real estate investing (REI) venture like a business and focusing on the fundamentals. You don't need to pay for expensive classes; most of the information you need can be found right here on BiggerPockets for free.

1 Get Your Business Basics in Order:
Before diving into analyzing deals, set up your business foundation. Obtain a Tax ID, open a business bank account, and acquire business credit cards and lines of credit. This will not only help you keep your finances organized but also establish credibility with potential partners and clients.

2.Utilize Tools and Technology:
Equip your REI business with essential tools such as a Customer Relationship Management (CRM) system, Multiple Listing Service (MLS) access or real estate software suites, a professional website, digital business cards, and a Facebook business account. These tools will streamline your operations and help you stay organized.

3.Get Creative with Financing:
Even if you have limited cash on hand, there are ways to get creative with financing. For example, consider using a new business credit card with 0.00% APR, as I did for my first flip renovation. Pay back the borrowed funds after the sale and enjoy the benefits of points and signup bonuses.

4.Prioritize Relationships:
In real estate, relationships are key. Attend local real estate meetups and network with like-minded individuals. Add at least one new contact to your CRM every day, and follow up with them every other month to stay in touch and explore potential opportunities.

@William Broughton , congratulations on taking the plunge into real estate! You're in the right place, surrounded by people just as excited as you are. 
The most challenging way to get started in REI is in true Wholesaling. Lots of the information online suggests that it is the easiest way to get started because you don't need that much capital, but look at successful RE Wholesalers they spend $50K+ plus a month on marketing and staff. house hacking is way easier to get started.

A bold move to quit your day job; congrats on the two flips. I have a great rehab checklist, if you would like to get mine, just send me a PM. 

New Listings in the Charlotte region are up by 4.5%, which means it's time to pack your bags and move to this thriving metropolis! Pending Sales are on the rise too, increasing by 9.8%, because who doesn't love a good cliffhanger?

But wait, there's more! Inventory has shrunk by 15.2%, so now you can play a real-life game of hide and seek with your dream home. Median Sales Price took a chill pill and went down by 0.7%, but hey, at least you can still flex your negotiation skills.

Months Supply of Homes for Sale is down by 5.6%, because who needs a variety of options when you can have FOMO?

In the grand stage of the U.S. housing market, low inventory levels continue to be the ultimate party crasher, leaving aspiring buyers with fewer choices than a vegan at a BBQ.

With 1.13 million units for sale (which is a 1.7% drop from the previous month but a 0.9% rise from the same period last year), you might have to settle for a cardboard box or a cozy cave. But hey, at least you'll have a 3.5 months' supply at the current sales pace!

So, buckle up and get ready for a wild ride in the world of real estate, where prices are high, and your sense of humor is the only thing keeping you from going insane. Happy house hunting!