All Forum Posts by: Shera Gregory

Are there special arrangements for viewing the property due to COVID-19? Under "normal" circumstances this would seem very odd to me. But if it's 100% due to limitations related to the pandemic it MIGHT be OK. However, a one day inspection period is quite strange as well. So yes, I would certainly be concerned. Do you have an agent on your side of the deal?

I agree that family is the best because a "regular" private money investor will likely want to record a lien against the property and get lenders title insurance. The cost for those items could be more than you would pay just in interest for such a short time period.

I can't speak for laws in NC but many landlords do use the "on-time payment discount" approach. I do this instead of a late fee. So in your example I would put the monthly rent at $1050 with a $50 discount if paid on time. I do include a description in the lease of the due date. For me it's the first workday of the month that is not a federal holiday. So, for example, in Sept if Monday the 3rd is Labor Day then rent is due on the 4th. Of course, many landlords just say rent's due on the 1st regardless of what day of the week it is. My point is just to be clear what you mean about what day the payment has to be made to receive the discount. I also use Cozy. I have it set up for the discounted amount as the total due and then if they miss that date I apply an extra debit for the loss of the on-time payment discount. Most of my Cozy tenants have set up automatic payment on or before the 1st so it works out fine.

I'll weigh in on the stovetop question .. smooth top for sure. Coils screams "cheap" and "old". For the other points about the kitchen, etc I would look at photos of places for rent in your same area and price point to see what other options your potential tenants will have available to them.

Please be sure that the funds from your great grandma are not from any type of retirement accounts funds such as an IRA or 401k. Most likely not, but do confirm because you are a disqualified person to her retirement funds.

One thing that will be important to know is what are the disclosure requirements in your state? Was this purchased off the MLS so you had a real estate agent helping with the purchase? If so, that person should be able to help you understand the disclosure requirements which may be much less than you are expecting.

Also, what were the one or two biggest issues you found? 

It sounds like you have a good handle on the remedy that is needed. Are there any other properties in the same area where the owners have had to go through anything similar? You might get some tips from someone who has had to work through this before or who may have experience working with that particular inspector even if on a totally different issue.

Many of the meetup groups that were meeting in person have shifted to zoom or similar online meetings. Check out meetup.com and look for those in your area. This is what I found there:

Good question and I would be interested to see more answers on this one. When you say "rehab crew" are you hiring individual trades or do you mean a GC who has their own crew to manage? If various parts of the job require permits then lining up milestones with passing the inspection and final permits can be helpful because it's a clear yes/no on whether that's been achieved.

At some point you will probably want to speak with an attorney about this. In Virginia we can use attorneys or title companies for closings. In my experience the attorneys who handle real estate closings as their primary focus are good options for people to talk to about the types of questions you have listed.