All Forum Posts by: Ray Malave

Agreed! These forums are a goldmine of information. Congrats on your first rental!

As I continue to explore and prepare to be a REI I am finding people around me being very doubtful and advising against. The feedback is always about the headaches, constant tenant problems, constant repairs, evictions, etc. What are your thoughts and experiences? I am very appreciative of the Bigger Pockets community and the people I have been connecting with and the books and materials I have been reading because I am not feeling the support from those around me.

Thanks everyone!

Hey @Ray Malave. Just to be sure, are you asking about a specific program that you found somewhere or just doing short stay long term rentals for traveling professionals?

There are a couple of people doing short stay long term rentals in Fayetteville.

@Melissa Silk is right about FurnishedFinder. My neighbor uses it for her house next door to us. She does well. She currently has 2 traveling nurses in the upper part of the house and the downstairs studio has a traveling physical therapist.

The returning short term tenant downstairs is a consultant for the legislature. He goes south after the ledg is out of session, which was a week ago. Then returns in the fall.

Check out furnishedfinder.com

I use it. Easy to get leases signed with photo verification, and it gives tenant multiple options how to pay. Rentredi staff were very responsive the one time I had an issue (tenant set up autopay and the first payment did not work) but they resolved quickly and then followed up a week or so later to ensure all was good. I like that it sends reminders each day rent is late. The downside is it does take a while to get your money deposited once the tenant has paid. I have not used the maintenance side of it. 

I am not. I found that it has a fee attached to it. I've been using Innago for the past couple of years and love it. It is free for Landlords/Property Owners and works great!

Hey Ray, we are 2 years in and it has worked well for us and our tenants have loved it too. Depending upon your BP membership level, it might be free as well.

@Ray Malave if you are buying a traditional residential property off the MLS using form 2T your offer is unlikely to be taken seriously in most scenarios in NC without a competitive DD fee. Having said that, the competitive aspect has changed greatly in the past year. A year + ago it was common for buyers to put down $20K-$100K DD to be competitive and 'win' getting their offer accepted. Today, if you see a residential property sitting with high DOM that amount could be as low as $2K-$10K depending.

However, if you are making offers on off-market properties and don't have any competition or a clock ticking against you you can possibly negotiate no DD with the seller.

In NC the DD is about time and competition.

 commercial we do $1,000 or $5,000