All Forum Posts by: Patricia Taveras

@Anks Desai

Hi Anks. Everything around Raleigh is appreciating like crazy now. But If you are a new investor, most people would advise you not to invest in a property with negative cash flow or break even numbers. What happens if you have vacancy? Repairs? What if you lose your job? What if you have an accident that makes you unable to work? What happens when you need to replace the HVAC? What if the market crashes again and you end up under water on the mortgage? I have heard people say this strategy is less investing and more speculation. There are cities within an hour or two of Raleigh where the numbers still make sense for buy and hold. The market is making harder to find good deals right now, but it can be done. But you're going to have to work for it.

I'm in New Bern. All of my properties are cash flow positive, and I wouldn't have it any other way. That kept me calm at the beginning of covid when we didn't know what would happen. When ACs break, appliances break, and septic tanks fill up, I don't think twice about paying for repairs. The houses pay for themselves, they pay me, and they appreciate too.

I wish you the best with whatever you decide.

@Christian Latimer

Hey Christian. I'll chime in on start up costs. It cost me around 15,000 to set up each of my houses - they are each three bed, 2 bath. We also put TVs in all rooms, pool table in garage, portable AC units in garages, and grill and patio furniture in the back yards. We bought a lot of furniture and kitchen wares from Facebook marketplace to save money. We are in the New Bern area.

@Greg Jennings

Yes. You should be able to access that information on the county website the property is located in. For example, in Craven County I look at GIS maps on the Craven County website. You can search by address, or select locations on the map, and view owner information. I have found the Pitt County and Onslow County websites to be pretty similar.

@Chanakya J.

Hi Chanakya. I got most of my helpful STR setup info from a podcast called "Get paid for your pad" and by reading a book of the same name. I haven't listened in a while, but a lot of the episodes I listened to in 2019 helped me think through decor, pricing, amenities, listing setup, etc. Good luck!

Does anyone have experience owning or managing rentals in Richlands, NC? What is demand like, is there a good tenant pool, what are occupancy rates?

Thank you in advance to anyone who is willing to share. If anyone has questions about the New Bern area, feel free to reach out.

@Scott Phillips

I think I've heard it differs by state. But in NC, yes, the title is issued by the DMV just like for a car.

@Veronica Ivy

Hey Veronica. I know what you mean about the financing! Have you ever found a bank or credit union willing to finance or refinance one?

@Stacy White

Hey Stacy. Just saw this post so I know I'm a little late answering, but when I have been concerned about flood risk I have called my insurance company and they have let me know what kind of flood zone the property was in and even provide an insurance quote. Proximity to the river itself doesn't necessarily indicate flood risk, elevation is the real concern. Plenty of properties close to the river did not flood because of higher elevation. Hope this info still helps in some way.

@Ronnie Williams

Thanks! One more question I would have - is it on city water or septic? Septic wouldn't be a deal breaker for me, but again, it could be a big expense in the future.

You know I'm trying to avoid telling you yes or no because it has to be your decision because it fits with your goals and works in your market. But I will say I would be interested in this deal if it were in my market. Good luck! And enjoy the process! I always do!

@Ronnie Williams

I would ask the owner to show you rent payments on the property for the past year so you know the existing tenants have been paying. I also like to ask how old is the roof and the AC so I know how soon they need replaced and I know how to budget. And I am assuming you would own the land too right?