All Forum Posts by: Sabine French

In the last few years the City of Danville has created lots of speed bumps for STR operators, so be sure to familiarize yourself with all those restrictions.
I’ve had to fire two contractors there, despite doing my due diligence. My extensive reno is in its 3rd year as a result. However there are some reputable new construction builders in the area.There is, as you likely know, a housing shortage and, once Caesars Casino opens at the end of 2024, they anticipate 2 million visitors a year. 

In what part of town is this property located? 

Short answer: I’m in the Danville market as well and I predict (based on my time in another “river city,” Nashville) that if you sell now, you will kick yourself in two years. That city will be transformed from a real estate perspective in just a few years. 
I don’t know if you are out in the county or are in Danville proper, but with all the workers arriving to build the casino and the existing housing shortage, if you are within reasonable driving distance of Schoolfield, I’d try bumping up your interim rent expectations a bit. Hold on and sell in two years if you want. IMO, now is not the time. (I’m doing renos and new builds myself).

Is it definitely cat urine (cat known to have lived there?) or could it be mold? I have found that certain soil gasses (in homes with crawlspace), wet insulation, and certain molds all smell like cat urine. If there’s a chance it is not a cat, an environmental scientist or mold inspector who does NOT also do remediations (=conflict of interest) would be your best bet to help you discover the source. 

Quote from @KiKi Wood:

Hi! From what I understand, I think selling would be the best option in your situation, but you could always try a different route for a short period to see if it works out, before selling! 

I may be biased, but I feel that STR is the way to go! If the home is already furnished, it would not take a lot of time to get it started! STR is a great way to make good money from a rental, and it almost always cash flows more than a LTR.

If you are looking for something that is a little lower-maintenance, then MTR is a good "middle-ground", where the leases are a little longer than STR, and you will not have to invest as much in changing decor or furniture!

Agreed with @KiKi, especially re: MTRs which (loose rule of thumb) tend to bring in approx two times what you are getting for your LTR and generally are not constrained by the rules put in place for STRs (which can, loosely, be expected to bring in at least 4x what you are getting for LTR per month, but require more work and have to abide by the STR rules and regs in the community.)

Honestly, in this particular market, the on-market properties are still affordable. I purchased five during 2020-2021. Am in the process of renovating one now. Once the Caesars Casino opens (2024) they’re anticipating 2 million visitors a year, so now’s the time! 

That’s helpful intro info! I’ve been on here 18 months and that’s the first I’ve seen of some of these resources. Thank you. 

Quote from @Bill Hampton:

Jamie,

Welcome to Bigger Pockets. Bigger Pockets is a great place for education and networking.

I recommend that you check out the following resources:

1. Start by reading the Ultimate Real Estate Investing Guide: https://www.biggerpockets.com/guides/ultimate-real-estate-investing-guide/introduction

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7. BP has various tools to help you analyze your deals (rentals, flips, wholesale, etc). : https://www.biggerpockets.com/investment-calculators

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9.Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

Good luck investing and let me know if I can be of assistance.

Quote from @Peter Kum-Nji:

@Lance Neighbors wondering if the new casino will change things.

Boy —has it! Very glad I invested there and great things on the horizon. The Casino money plus insightful decisions by the City Council are leading this area as it resurges. Plus —such gorgeous architecture! 

If you think real estate is affordable in Danville now, you should have seen it a year ago. I’ve purchased several properties there in the last year and plan to relocate there: so much positive synergy happening. And all on the beautiful Dan River!