All Forum Posts by: Taylor Williams

@Nathan Gesner Appreciate the input, I'll go do some digging.

I've just recently listed my 4bd/2ba single family home for rent (long term). In addition to receiving interest from people wanting to sign on for 1+ years, I've also received a couple messages inquiring about using my renal as an Airbnb. I'm new to land-lording as well as not having experience running an Airbnb but I've had my fair share of stays in them. My intial thought when I read these requests is that my risk profile would be completely different than a long term tenant. However, I also see it as an opportunity to potentially pass on risk (maintenance/upkeep/repairs) to an Airbnb host, assuming insurance coverages work out, and/or ask for a premium on top of what I listed the unit for. Anyone have experience or thoughts about signing a lease like this? 

Quote from @Lorien Rollins:

Congrats on that @Taylor Williams! That is a huge win! I signed new tenants on to my SFH in Denver (NC) for a n 18-month lease. Albeit I wasn't interested in selling, due to the incredible interest rate I locked and I'm interested in growing my portfolio, and PMC. I would promote the Denver area, without a doubt.

Interested to see / hear what other areas are successful.

Lorien - I have not given Denver (NC) much of a look but have heard good things. It's becoming clear that I need to expand my search radius but want to maintain drivability to properties just in case. Thanks for the recommendation!

Quote from @Alex Hileman:

Congratulations @Taylor Williams! Have you considered investing in Pittsburgh, PA? Properties are relatively cheap, there are a lot of vacant homes to flip, there is a steadily growing population, and increasing market rents.

 Hey Alex - I have not considered PA, my tendency has been toward looking in the near(ish) vicinity of Charlotte in order to be within drivings distance. I'm a bit hesitant of investing to far from home since that'll mean vetting contractors and trusting to them to do a good job. Nonetheless, I'll give Pittsburgh a look and see what it has to offer. Thanks!

Hey BP. I'm exploring options to make some potential off-market deals, and think there's an opportunity for direct mail inquiries. I just wrapped up my first fix n flip property and received some praise from neighbors which made me think about using that momentum for other opportunities in the neighborhood. Based on word of mouth it sounds like there are a decent amount of rentals in the vicinity as well as long-time homeowners--both of which could be good leads. Since this is my first time going about this, I was hoping others might have some good tips or tricks to identify off market properties? So far I've been on the county tax assessor website identifying owners whose mailing address is different than the street address of the home I'm looking at, as well as, identifying properties whose owners have been there for 20+ years. Is there a right way to go about this? Or perhaps a method that has proven the most successful? 

Hey BP. I'm excited to share that my first investment property (fix n flip) is on the market! It was more or less supposed to be a facelift but turned out requiring a bit more work, which is ok. I'm walking away with a lot of lessons learned and eager for the next one--which brings me to my question. 

Which strategies are working best for folks? The Charlotte market seems to be hot and most of the good properties are snatched up almost immediately (at least those listed on MLS), leaving me little options. I'd love to BRRRR but with current rates it's almost a non starter, fix n flip was fun (and a little stressful while feeling like a job), and buying a near-turnkey rental property won't cashflow. Ideally, I'd like to invest in Charlotte but it's becoming clear that the economics aren't playing to my advantage. Are there other markets in NC/SC that folks are having success with? Would love to hear your thoughts.

Quote from @Karen Margrave:

As has been mentioned you will need to talk to a structural engineer to determine what needs to be done to support a 2nd story, and once done, have a draftsperson draw up plans. Though check with your local building and planning dept, as some require architects to sign off on plans. Also check with permits, some areas are so desperate for housing they are waiving permit and building fees. 

Karen - Do you recommend going through a GC to use their engineer or does it make sense to directly connect with an engineer myself? Ideally, I'd like to have an engineers opinion without putting any money down. I'm not sure if it's standard practice, but it would be nice to get a quote from a GC that already incorporates and engineers opinion.

Quote from @Chris Reichenbach:

Hey Taylor,

Cash Flow is going to be pretty tough to find in Charlotte even though it is a hot market to invest in. Cash flow was something I was looking for when I was trying to get my first property but quickly realized that it was going to be super tough to find. This is where getting creative is going to be more important.

Buying distressed properties you'd have to make sure you have enough funds to do the rehab or have access to them. Being your first investment this would probably be pretty tough. 

However, buying a primary that you can afford and renting out rooms would be a good way to get started in renting to traveling nurses. I just bought a house in a town close to Charlotte and rent out a room and have had a few traveling nurses reach out about renting. So I would look at towns close to Charlotte that may have more affordable prices.

 Hey Chris - I actually bought my primary in August 22' after moving from Chicago. Part of me wishes I did things differently, but here I am. Renting out a room is probably out of the question, but, I'm currently looking into adding a second story to my garage/carport to hopefully rent out. 

Quote from @Kai Kopsch:

I had a home in Cornelius NC, just a few minutes north of Charlotte, with a two-story detached Garage rented out long-term primarily to NASCAR team members. Very short turnover time because affordable housing is rare in Charlotte. I'm sure sort them rental would work as well. 

 Kai - Did you live on the property while renting out the unit above the garage? My main concern with short term would be the traffic in and out of the property. That's why I was leaning towards travel nurses for a more intermediate term, but I haven't tossed out the idea of LTR either. 

I've been on the hunt for my first investment property in the Charlotte market, so far, no luck. Between the rates and lack of inventory within my price range, it doesn't seem that anything will pop up soon. However, it occurred to me this morning that my single-story garage/carport could be an excellent alternative investment solution. My thought is to add a furnished second story and either target the travel nurse audience or AirBnb. The back of napkin numbers seems to work out, and from what I've read online it could be a healthy value add to the property. Does anyone have experience adding/renovating a detached ADU in Charlotte or elsewhere? I'm interested to know how this has worked for others and hear some of the pros and cons.