All Forum Posts by: Mona Lisa Harrison

the following is taken from an article in Inman News, a real estate agent news site.

A total of 11,673 U.S. properties endured foreclosure filings —

including default notices, scheduled auctions or bank repossessions — in

October, a 20 percent increase from September, but still down 79

percent from a year ago, according to a report released Tuesday by Attom Data Solutions.

Nationwide, one in every 11,683 housing units had a foreclosure filing in October 2020. States with the highest foreclosure rates included South Carolina (one in every 6,133 housing units had a foreclosure filing), Nebraska (one in every 6,246 housing units), Alabama (one in every 6,660 housing units), Louisiana (one in every 7,078 housing units), and Florida (one in every 7,208 housing units).

Out of the 220 metro areas with a population of at least 200,000, metros with the highest foreclosure rates were Peoria, Illinois (one in every 1,543 housing units with a foreclosure filing); Champaign, Illinois (one in every 1,674 housing units); Beaumont, Texas (one in every 1,880 housing units); Birmingham, Alabama (one in every 1,993 housing units); and Houma, Louisiana (one in every 2,964 housing units).

Foreclosure starts also rose in October, and were up by 21 percent from September, but down by 79 percent from the year before. Although most states posted foreclosure starts that were down from the previous year, some states like Idaho (up 109 percent) and Nebraska (up 56 percent) saw an annual increase in foreclosure starts. States that saw the greatest monthly increases in foreclosure starts included North Carolina (up 294 percent), Ohio (up 74 percent) Illinois (up 30 percent), New York (up 24 percent), and South Carolina (up 18 percent).

Since I'm in SC, I was particularly interested to see SC listed so prominently. I think it may be because of the beach areas. But don't know. 

You mention "

If the company that is renting the lower level of the building ever moves out, I would like.....

Considering the changes that our area is going through right now, and the fact that you have not owned the building very long, I would perhaps suggest, you wait and see what the market is like and how the building has performed WHEN the commercial tenant moves out.

This is a situation where working with an experienced investor friendly agent can help. I have "broken the ceiling" in value of several neighborhoods. I leave my comps with the appraiser with explanations. Also, remember that about a third of properties in our market sell for cash. Across all price points. Also, listing with a flat fee agency makes a lot of agents suspicious from the get go. They may view you as a FSBO. I have respect in the marketplace and because I stage and professionally photogragh my listings, I get showings...and offers. Quickly.

Would love to chat with you about how I work.

This is a great business with great people in it.

Garry, This was the first time I had used the foam ceiling  tiles  so something of a risk. All we had to do was use a 2x4 and run it along the popcorn to remove the larger extensions. Put glue on tile and apply to ceiling. We did have to learn which adhesives worked better and how much to put on. It required more glue than the mfg suggested for our ceiling. And of course it's important to line them up correctly. 

There's lots of styles. They come bare or painted. You can paint them yourself. We bought painted in antique white to save time. 

Antique Ceiling Tiles

The foam crown is available from several sources. There's even a peel and stick version. 

I would not paint cabs. Could become maintenance nightmare. Add some pulls. Would need to see the CT better to make that call, but since it's small, a new preformed off the shelf is an easy thing to do. Make sure it works well with your floor. They need to "speak to each other" in terms of color and pattern. A backsplash will redirect the eye from the countertop. It doesn't have to be tile.  A heavy duty vinyl wall paper that looks like brick or tile is cheaper and easier and easy to replace. And surprisingly durable. For about $50, you can buy a double roll of good vinyl and replace it several times. Maybe even add some elsewhere in the kitchen for a nice design feature. 

If you replace the sink, look at adding a 60/40 offset one. Screams luxury.

If you feel your kitchen is perhaps inferior to other nearby rentals, then figure out what the strength of your rental is and make the most of THAT. Not everyone is a chef. Is there room for a microwave over the stove? That adds value.

I'm really liking the click lock 100% vinyl plank. I recently put it in my flip in the kitchen and laundry. We immediately had a leak from the dishwasher and no damage to floor. If it had been laminate, I would have been replacing floor. Easy to install. low profile so height adjustments are minimal. We installed over sheet vinyl and did not install underlayment

. 

I bought this at Lumber Liquidators on sale. It's available almost everywhere. Shop it. And install should be cheaper . YOu can cut with a utility knife. Make sure to condition it. Vary the style of boards. THis floor was actually "busier" than the sample that I saw. Didn't see it until it was installed so I'm living with it. Feels and sounds good. And if a renter destroys one tile, I'm thinking you can just replace that one. I also like Carpet TILE which can be installed with carpet tape or glue. If renters destroy one spot in a room, you can just replace that tile. It comes with foam back so no padding needed. It's a commercial grade carpet, so super durable. I get mine from Michaels Wholesale Carpet in Greenville SC and Dalton GA. Good prices. I have it in my home office. If I have a spill, I just pick up that tile and rinse it off.

I was referred to a newbie investor by his coach (Chad Carson of BP fame) in Spartanburg. He had bought a cute 1940 house in the historic district to live in. He had started a renovation. He had done the electrical, new appliances, added a deck, replaced windows. Chad suggested that if he sold his house and free up some money and live somewhere more economical, he may make better progress as an investor. So he bought a quadplex and moved in. I took over his rehab and made plans to return it to it's 1940s charm. 

We had the usual Successes and setbacks with the renovation. He had originally thought that he would be able to sell the house for $155,000.  We had the house under contract for the list price of $170,000 within a day.  Our original rehab budget was $25,000. However, after we got started the owner changed that to $15,000. We ended up spending $18,000.  Buyers did not ask for any significant repairs or changes.

  here's how I found it.

Powder room downstairs. since there was only one bath upstairs, we needed to make this one really functional.

We added about 50SF under the porch to increase the laundry room and make it accessible from inside.  I also staged the house as I do all my listings. Staging really helps photos and helps buyers to see themselves living there. 

There were ceiling issues all downstairs. It was popcorn AND the electrician had cut holes everywhere when he rewired. And put the pieces back up with Great Stuff which oozed through. And no crown molding. Folks buying a 1940 house in the historic district expect lots of molding. We addressed all that by using foam ceiling tiles glued to the ceiling. And added foam crown. 

We created more functionality by adding a full size vanity with drawers, wall hung cab with shelves. Severely damaged plaster walls were covered with bead-board.

This was the second property I did in this neighborhood and one of my favorite (but most intense) projects. The owner got to move ahead with his investing goals and one lucky buyer got their charming new home. Everyone happy!

I found this thread in a search on Greenville SC. I am new to BP, but have been actively involved with RE here since 2007. I am an agent and vendor to our local REIA - UPstate CREIA. CREIA offers newbies and seasoned investors some great info, connections and fun. Our website is http://upstatecreia.com/.

Mona Lisa Harrison

iSellHousesUpstate.com