Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Stan C.

Stan C. has started 21 posts and replied 96 times.

Post: Feedback on RentToRetirement and Zach Lemaster

Stan C.Posted
  • New York, NY
  • Posts 100
  • Votes 20

I just looked over their listings. Are they serious about 3% vacancies and 3% repairs??? Those are insanely deflated figures. I'm putting aside 8% for vacancies and 10% for repairs and that's not enough to cover repairs/turnivers in a completely gut-renovated house in an area with great employment all year round !... 

Originally posted by @Alvin Taveras:

Hello @Stan C. 

Yes, if you are looking for existing homes Realtor.com and just filter (muti-family) in the property type. Keep in mind that Jacksonville is a very diverse sprawling suburb with a mix of older and newer properties. For duplexes, the existing inventory is almost all 20 plus years old. If you are looking at out-of-state investing in resale property, I'd recommend connecting with someone who can guide you through that process. 

For new construction, we have seen single-family homes perform very well in this market from a cash flow and appreciation perspective. For a new construction duplex, you may also want to consider markets like Palm Coast. Here the building is affordable and rents are comparable. Let me know if I can provide additional assistance. - Enjoy!

Thanks. But are you taking about Palm Coast, Florida? I was referring to North Carolina when I mentioned Jacksonville.

Yes,  I tried all kinds of searches and there's currently nothing for duplexes in Jacksonville, NC... 

Hi all. None of real estate marketplace websites that's I've seen currently lists any duplexes in Jacksonville. Can anyone recommend a resource that does, or point me to the right direction? 

Post: Refi appraisal: does vacancy lower appraisal value?

Stan C.Posted
  • New York, NY
  • Posts 100
  • Votes 20

Thank you. Unfortunately I can't be present during appraisal. Should I try to talk to the appraisal before/after he sees the house?

Had anyone else had similar or opposite experience with Cody's?

Post: Refi appraisal: does vacancy lower appraisal value?

Stan C.Posted
  • New York, NY
  • Posts 100
  • Votes 20

I'm trying to refinance my duplex, they should call in in the appraisal soon. But suddenly one of the tenants moved out and one unit is currently vacant. Will the appraisal likely lower the value because of the vacancy?  

It would be best not to delay the refi process for many reasons, but if vacancy will lower the value then maybe I should wait... 

Do appraisal officers lower (partially) vacant home's values? 

In NY landlords were trying to put a "moratorium in property taxes" in response and the government quickly ended their eviction moratorium (even though damages of the eviction freeze are high). This is what happens when people stand together. 

When I mentioned that on the North Carolina thread, I was laughed at. 

Originally posted by @Erik W.:

@Stan C.,

First and foremost, let me say I hear you and feel the frustration you have.  I am blessed to live in a state (Missouri) where we didn't have any state-wide moratoriums.  Our courthouses shut down for a while (2 months or so) in my county, but evictions are now rolling on and the backlog is getting caught up.  I am also blessed to not have any tenants default on me.  Everyone is paid up, on time.  

I don't think it would be worth your time and money to sue on this one.  The "loophole" many states used is to say, "We are not telling tenants they don't have to pay rent; they still owe the rent; land lords simply cannot evict."  Sounds, fair, right?

Yeah, whatever.  Any land lord who has been in this game a few years know that once tenants get 1 or more months behind, that money is gone and never to be seen again 9 times out of 10.  That is one reason why I don't hesistate to file eviction when someone is past 7 days late.  There is no mandatory grace period in my state, but as a practical measure I file on day 8 simply to limit my losses in case we do get to a set out.  Even if I get them served papers and get a money judgement, it takes years to get the money collected and my collection agency charges 50% fees.

So there is no good reason to wait.  We need the non-payers out NOW.

But you couldn't.  You got bit in the butt 3 days before "curb" day.  Again, my sympathies.  But let's no compound the loss by filing a lawsuit.

My advice to you is learn from this experience for the next time around.  Tighten up your screening standards.  Only take tenants who have a proven track record of paying.  Don't take people who hop from place to place and job to job.  You want someone with at least 1 year on the current job.  The job shouldn't be a McJob they can leave tomorrow and go find another one.  Think professionals who have a vested interest in the community and keeping their noses clean, or perhaps a foreman at a local plant who has had to put in 3-5 years working his way up from the bottom.

No self-employed.  Sorry, they're fine people, but not stable enough as a general rule.  Unless they've been around 10+ years, too risky for me.

Also, no judgment proof tenants.  Social security, pensions, and retirement plans are exempt from garnishment.  Those are automatic no-go for me.  Hopefully, NY doesn't have income discrimination laws and you can require garnisheeable income.

Check the credit report.  Scores aren't very useful, but you want to know are they paying their bills?  Unpaid cell phones, utilities, credit cards, etc. are signs of a life of chaos.  Even student loans: they took those loan out.  No one forced them too.  They should be making an effort on paying them.  If I see more than one account in Collections, it's a hard "no-go" for me.

Call current AND past land lords.  Current land lords sometimes lie to get rid of bad residents, but if they say bad things then odds are they are telling the truth.  Past land lords will ask you where the "&$%#" person is so they can collect on damages and unpaid rent.  I'm not saying I've given out info on applicants who skipped out on past LLs, but I am saying past LLs have no reason to lie to you.  Only trust 3rd party LLs.  If the applicant lived with their MeeMaw, she is going to say nice things, right?

Anyway, all this boils down to what YOU can control.  You can control who gets into your units.  There are good, responsible people out there.  When you find a good tenant they will do everything in their power to pay you, or they will leave as agreed without court forcing them out.  They value their reputation.  That's about the best we can do, given the current political environment.

Control what you can.  Best wishes!

Thanks for encouragements. 

 Unfortunately, the property management screens the tenants, I have no saying in that. Even though this tenant came with the property (self-screened by the seller), sometimes properly vetted tenants default, too. .. 

Even month-to-month rent would not solve another maratorium issue, if it happens...

As far as lawsuits, obviously I can't do it myself. That's why I'm asking if others would join, or have already started, in NC. Haven't found yet. These  cases absolutely have legal grounds. 

If government thrashed our rights, then we hold it responsible, or we're not obligated to play by it's rules. 

I know in Connecticut landlords are suing the governor for that. Can't find whether they do so in North Carolina. We need that in all 50 states! Class action lawsuits. 

Didn't state governors issue the moratorium on evictions? If so - they are responsible. 

Hm, look like nothing can be done. Sounds like we are under totalitarian government, just like in communist China or something...


Is there ANYTHING landlords can do legally to prevent this from happening again? Any way to have Rental Agreements drafted such a way that doesn't allow governments to steal my money? My PM obviously uses a standard agreement.