All Forum Posts by: Stephen Diakos

I'm in the Winston-Salem area and something I've found when bidding on rentals, or homes that would make great rentals, is that going over ask and throwing in a large DD seems to be required these days. Houses are going 10%+ over ask and sometimes the numbers don't make sense, at for what I'm shooting for, and I unless I'm really after the house, I'm just not comfortable with $2,000 DD on a $100k house. Again, to each their own and whatever your goals are. 

Restarting a thread that's over 4 years old...I'm in Winston and multifamily is certainly not a thing here. Greensboro is definitely the better option. However, from an appreciation standpoint, Raleigh and Charlotte are your best bet but you obviously pay more. 

I agree with Erik but with the right deal you never know what's possible. Perhaps you could work something where they provide the down payment and you put up the rehab costs and you split things when you sell or refinance. However, a 100% hard money loan is unlikely. 

Give JT Meyers, with Berkshire Hathaway Home Services, a call. He's been my realtor, both personal and investments, for years. https://jtmeyers.bhhscarolinas.com/

I'm closing on a 3 bedroom in a few weeks and deciding if I want to do something similar. The thought would be three separate leases or one lease with three names. I think the latter would be much easier to manage and put the onus of paying the total month's rent on all three tenants. I plan on asking $1,400 a month so how they split that up ($600 for master bedroom and $400 for the other two bedrooms perhaps) is up to them but the total will need to be paid each month. Downside is that, per the location, it'll likely be three students and they don't always take care of the place as well as you'd like a tenant too. We'll see how it goes and what type of demand I get for it. 

Sounds like you've got it covered. I'm sure you're putting aside CapEx and maintenance funds for the roof and other issues that popup. One thing that may come up, depends on the where the quadplex is, as some are just one unit of a larger complex of quads, but driveway/parking lot maintenance might fall to the owners as well. Not sure how common that is but I've run across it once or twice while looking at listings.

I have 3 accounts...primary everyday checking for personal expenses, one for that all rental income and expenses, and another for security deposits. Best to keep things separate and avoid any issues with commingling of fund, especially if you're a licensed agent. 

Monthly rents total just over $5,000. One tenant will be ending a 5-year lease next June and I plan to upgrade that house a bit and bump the rent $200. Short term goal is to have enough cash flow to pay the mortgage on my primary residence, hopefully hit that by the end of the year, then we'll go from there. 

The MBA came before I got into the RE game. I wish I could say it helps but the RE business is quite straightforward and the math isn't difficult. Good overall knowledge to have and something extra in your arsenal but, in my opinion, it's certainly not needed to do very well in this field.

@Joe Splitrock I wish it was 40 doors at 40 years but I got started in this game late. It was only 4 doors at 40 but we all start somewhere. All SF but wanting to make the move to MF for the next purchase. Get the snowball rolling and then we're off to the races. Always looking for a partner for bigger plays.