All Forum Posts by: Laura Shinkle

Hi @Sean Boyle, I think you've got some good answers here on every end of the spectrum! It is, of course, your property and you should choose what's right and makes sense to you. However, I would like to second what Daniel said. In recommending those routine maintenances, they are looking out for you and your asset. HVAC systems should be serviced twice a year to ensure longevity. I've seen some last 25+years, and I've seen some last 10. That's a big difference. You also don't live in the property, so there may have been issues the tenants didn't notice or report that could be easily fixed prior to a new tenant moving in.

I deal more with the sales side, but rentals are the same in that marketing is huge and first impressions can only be made once. Renters are sometimes pickier than buyers, so make sure everything is ready to go, priced right and then go to market. If you have a good, well maintained property that's priced right, it shouldn't be vacant for long. 

Talk to your property manager and try to think of them as a teammate rather than an adversary. After all, they do work for you so they have your best interests at heart. 

@Emmett Burton I would definitely double check your HOA docs. Quite a few condo neighborhoods restrict rentals and they'll specify the minimum lease length, rental caps and if you can rent part of the home or if it needs to be rented in its entirety. I love your plan, though! Good luck!

Unless you’ve got experience in buying distressed houses, I wouldn’t recommend it. Just because something is cheap doesn’t make it a good investment for you.  Feel free to send me an email if you still want steps. 

@Henry D West it’s a great question. I do love the multifamily route, but Charlotte has a very limited amount of multifamily properties that would make financial sense for investing and cash flow. 

I have helped a client that is house hacking but with Airbnb, not a long term tenant. He is booked most of the month and it’s worked out that he hasn’t paid a single mortgage payment yet. If you’re open to that, it could be a great option. It will help you build something for yourself while not wasting money on rent. I’m sure you’re well aware of the crazy rental rates in Charlotte. 

The way I see it, if you stay renting and just buy a rental property, yes you’ll have the cash flow from the rental (ideally) but you’ll be throwing away thousands per year on rent. You’ll be able to save money faster for another down payment with house hacking. Happy to connect if you want to discuss more. 

Welcome to BP @John Weir! The license loopholes are fun, aren't they? :)

@Anthony Maldonado that's up to you. You never know what life is going to throw your way. Just have to make a decision with what you've got. 

@Gabriel Pais we don't really have a problem with getting people to move to Charlotte lol...the last statistic I heard was over 100 people a day. And investors are everywhere, with varying levels of experience.  The problem is affordable housing and a single condo is more affordable than a duplex or quadplex. Also there is more profit margins for a developer if they split it up into townhouses versus sell the building as a quad or 5 plex.

Depends on what you're trying to do. There are a lot of different strategies and some neighborhoods are better suited for certain things than others. 

If you aren't solid on a plan yet, I suggest looking through Realtor.com to find which areas have price points that are close to what you're looking for and see what properties are selling for/renting for. Then check out those. 

I echo @Chris Martin's suggestion. I myself got my license to get myself into the industry and learn more. Getting your license is fairly inexpensive as far as career changes go, and as long as you work hard, it will be rewarded. 

Being an agent will help supplement your income for your family and will put you in a better position to help your clients, either wholesaling or selling on the market. Even if you don't use your license to be a traditional agent, it will give you a solid foundation. This industry, whether you are an agent, wholesaler or flipper requires initiative, patience and a lot of education. 

Hi @Zachary Whiteside just a sidenote that I've come across while working with investors...most banks will not finance the rehab work, just the initial purchase. So make sure you ask about that! We have worked with South State Bank in the past and they've been great to work with. Also double check the timeframe it takes them to close. Some credit unions take 45 days to close and that long of a close can be the reason a seller picks someone else's offer over yours. Just my two cents. Good luck!