All Forum Posts by: Shauna Deal

Tenant is not being charged market value for rent. An amendment was added to their lease stating stormwater would be payed by tenant with new lease. Tenant signed lease.
Bill is actually from city not state.

0 Votes

Charlotte, North Carolina

My tenant decided to stay and sign another years lease. We (landlord) started getting a monthly bill in the middle of last year for this service. It is $4.70/month. We have paid for it up until the new lease starts. Is it the responsibility of the landlord or tenant to pay monthly stormwater fee from state? If I put a statement in the new lease that tenant is responsible shouldn’t we be legal fine?
thanks for any input.

1 Vote

Charlotte, North Carolina

Quote from @Bruce Woodruff:

And you'll have to pull permits to deal with the flooring/structural damage as well as the tub/shower redo.....

Thanks, I did not thank about permits.

0 Votes

Charleston, South Carolina

Quote from @Mike Klarman:

I ran your numbers into our software to give you an example of what a loan may look like for you in the Hard Money arena:

Based on a purchase price of 158k and I did a rehab of 40k cause Frankly with what you say I think you are closer to 40k than 20k.

Loan Amount: 170,350 (Thats 130,350 toward the 158k and then the full 40k for rehab). You are only getting 80ish% because your experience is a 1, once you get to 3 you get 90% of the purhcase.

Your interest rate is 10% - 11% and the payments would be interest only and be $1,194/month - your carrying costs of the project. Again, once you hit a 3 for experience that interest rate takes a big drop. The Fix n Flip market relies heavily on experience.

Your Closing Costs:

1) 27,650 would be your portion of down payment

2) You will pay 2 points as origination fees: roughly 2,600

3) You will need to show 9 payments for debt verification. Bank wants to make sure you can make the payments until you flip or refi: 11k approx.

So you will need to show in liquid reserves approx 42k to close the deal.

Now, the good part: The projected ROI for you the investor is 23%. Where can you get that on your money these days?

Thanks so much for breaking this down for me.

0 Votes

Charleston, South Carolina

Hi all,

New investor here! I have a LTR rental that we own out right and want to purchase a fix and flip in Charleston SC. I have not completed a fix n flip, but have someone on the ground who can monitor contractors etc because I live in NC. I’d like to throw some numbers out and get advice. The app in bigger pockets doesn’t help because I am not familiar with terminology. (I know I’ve got to learn) Can someone help me decide if this is a good deal?

Townhome 158,000 asking price, 260 HOA, I would have to pay seller and buyer closing costs at least $12,000, wood floors would need to be sanded, new carpet in BR, HVAC might make it 1 more year, leak in both bathrooms around tub, which has made ceilings and walls in rooms messed up. Handyman special done on ceilings in a couple rooms but not sure what happened. The water damage concerns me and not knowing what the prices of contractors down there charge. Now rates have gone up. Do I stick with conventional loans or hard money? If we sold it after fixing. It would be in the $249,000 range. Thoughts? Advice? Thanks.

0 Votes

Charleston, South Carolina

Investment Info:

Condo buy & hold investment in Myrtle Beach.

Purchase price: $58,100
Cash invested: $58,100
Sale price: $112,000

Ocean front condo in Myrtle Beach.

What made you interested in investing in this type of deal?

Who wouldn’t want something on the beach!!

How did you find this deal and how did you negotiate it?

Found it after the 2008/2009 crash. It was a short sale.

How did you finance this deal?

Paid cash.

How did you add value to the deal?

Upgraded the property with new flooring, paint and appliances.

What was the outcome?

We kept it for 10 years and just sold last month.

Lessons learned? Challenges?

The most challenging was the increasing HOA at property.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes

0 Votes

All Forum Posts by: Shauna Deal

Shauna Deal has started 3 posts and replied 7 times.

Post: What landlord property software would be best?

Post: Stormwater Bill Landlord or tenant responsibility

Post: Stormwater Bill Landlord or tenant responsibility

Post: To purchase or not to purchase?

Post: To purchase or not to purchase?

Post: To purchase or not to purchase?

Post: Short Term Vacation Rental