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All Forum Posts by: Kevin Nichols

Kevin Nichols has started 33 posts and replied 120 times.

Yes @Wesley W.. That's a great idea. I didn't expect so many people to contact me. 

You would imagine that people would do their own due diligence, but that's really not the case.

We have a Class C duplex that we are finishing up. It's really nice vs. the other duplexes in the area and I posted it on Zillow, hotpads, etc. last night.

I've gotten over 75 inquiries and my phone rings, texts, emails constantly. 

The problem is...how do you tell folks "this is not a great neighborhood, it's a class C neighborhood with some issues."

I don't want to waste my time, nor theres for any visits.

Thoughts?

Post: Allure Flooring over old linoleum tile

Kevin NicholsPosted
  • Investor
  • Rock Hill, SC
  • Posts 122
  • Votes 33

I'm so tired of spending so much time installing regular 10mm laminate flooring and the seeing water damage or tenant chips in this stuff.  I lay this stuff myself and it takes a good 4-5 days to do an average 1500 sq/ft. 

I have thought about using Allure vinyl flooring over an old linoleum (squares) floor.  But...the floor has chunks of the squares cracked and we've removed them.  So..the floor is not "subfloor" level.  

Below the linoleum is a concrete slab foundation.  (Old 1960s duplex)

Any suggestions on this installation?

Post: Duplex Analysis

Kevin NicholsPosted
  • Investor
  • Rock Hill, SC
  • Posts 122
  • Votes 33

@Benjamin Blackburn I think it depends on what part of the country the rental is in.

I'm in SC and it's the norm not to pay any utilities. Each unit is separately metered for electricity, natural gas, and water.  The tenants pay the bills and work through the utility companies to do so.

Post: Rental worksheet - cash out refi

Kevin NicholsPosted
  • Investor
  • Rock Hill, SC
  • Posts 122
  • Votes 33

I use the SFR Rental analysis XLS file a lot for vetting buy & hold rentals.

We bought a horrible duplex in May and have been rehabbing it.  ($28K purchase + $12K improvements).  The duplex is probably worth $55K to $58K.

Is there a worksheet available that will estimate COC, ROI, etc. when we do a cash out refinance and the cash out basically covers the initial investment?

Post: 2 Dwellings on 1 Lot - Financing

Kevin NicholsPosted
  • Investor
  • Rock Hill, SC
  • Posts 122
  • Votes 33

I have a unique potential rental that is a SFR and a triplex on the same lot.

I reached out to my normal lender today who said they can't finance 2 dwellings on 1 lot per Fannie Mae.

Is this really a thing? Are there any solutions to this?

Post: Exit strategy

Kevin NicholsPosted
  • Investor
  • Rock Hill, SC
  • Posts 122
  • Votes 33

@Steve Perkins Perhaps your kids don't want rental properties or they move to other parts of the country?

@Steve Vaughan From what I see, all my older friend landlords have a very difficult time selling their properties.  The 2 friends I know who are selling out haven't sold any...and I think it's due to deferred maintenance and overpriced properties.

The properties I have so far are "C" properties and will never grow in value. But I know that I'll need to keep maintenance up..so when the time comes, I can get what I paid.

@James Wise Correct....at some point, everybody wants their cash back out and be able to move on to their next chapter in life. I see landlords sell because they want to travel more in retirement or sell because they need the money for loved ones medical bills. The reasons vary. 

I just want to be ready for my "exit." REI is not my main source of income and is only a very small slice of my overall portfolio. If I can keep control and plan my exit (15-18 years from now), that will keep me happy. :)

@Carlos O. I live in a 50,000 population town south of Charlotte, NC. There are a handful of PMs in my town and none are really good. I don't know if I would trust my assets with any of them...especially if I were traveling during retirement and couldn't keep an eye on the properties. What happens if you go through a whole year of bad PM and tenants and you have to drop $100K in rehab to get them to a point they were sell-able?

Post: Exit strategy

Kevin NicholsPosted
  • Investor
  • Rock Hill, SC
  • Posts 122
  • Votes 33

So...I just started REI in late 2014 and have 3 "C" properties that cash flow well, but are in "OK" areas of my town. I have a few landlord friends in town who own 13 and 18 properties....they are in their mid-50s. They are trying to sell their properties due to headaches and just getting out of the business.

I looked at all those properties and most have a lot of deferred maintenance AND they wanted retail prices for them. (Every landlord thinks their property is worth their weight in gold! :)

But...my real question is....I'm 41, and I would like to have 8-10 properties....in the next 5 years or so.....but what's the best exit strategy when the time comes?

I expect to retire around 55 to 58 and I'm OK to maintain the properties now...but what is life changes and REI exit is needed?

What's the best way to properly "plan" for an exit?  Maintain the homes well? Buy in "B" neighborhoods (there are only a handful where I live and inventory sucks.)

Is it best to have a portfolio sale or sell off individually?  

Truly...I love REI now and my tenants are pretty low maintenance, but the properties I have currently are definitely properties that only other landlords would want....so I'm trying to plan accordingly and if I need to pivot a little to other type properties, I much rather do that now than later.

Post: Laminate vs tile

Kevin NicholsPosted
  • Investor
  • Rock Hill, SC
  • Posts 122
  • Votes 33

I have 2 duplexes and we put laminate in them and the "nicer" trafficmaster peal and stick 12x24 tile in the wet areas.

Personally, I'm not a fan of tile, but other duplexes in the area have tile and get the same rent levels.  

Take a look at what other duplexes have in your area. 

Post: Washer/Dryer hookups

Kevin NicholsPosted
  • Investor
  • Rock Hill, SC
  • Posts 122
  • Votes 33

Thanks to all.  We are adding W/D hookups next week.  Today I went over to the duplex and demo'ed 2 walls to make space for closet.  Plumber is coming Monday.