All Forum Posts by: Tiamo Wright

Thank you!! I was able to check with planning and it is indeed the issue that it is a duplex that they could not subdivide the land into two parcels. You are all the best!!

I toured a duplex that is a new build and the developer said that he had to sell the units together, that it was required. Any insight on if this is a Charlotte or North Carolina limitation? I wasn't sure if it was just a limitation that he encountered as a developer or if as the new owner I would run into that should I ever need to sell in the future, just want to make sure that I knew more before jumping in. 

An "additional interest" is an entity with a financial interest in the property you're insuring, typically for something like a home.  An "additional insured", is someone who is also covered by the insurance policy that was purchased. 

I have seen this a lot in Denver, but wondering if this is prevalent elsewhere. I recently had some work done on my AC unit and my furnace over the last few months. Both companies tried to enroll me in their "membership" for a few hundred dollars a year. Has anyone used these in the past? Pros and cons? I have had the home warranties on a few homes and they always seemed like a big waste and they never really fixed anything that I needed so would love any insight on the direct subscription with the vendors.

Most people want fully furnished or not furnished, the semi-furnished always ends up being not the right amount. Also if you are going to do fully furnished for short term or medium term rentals including utilities makes sense, but if it is a long term rental it is much cleaner just to have them get the utilities in their own name. Just my opinion.

I think that the right agent is worth their weight in gold. If they know your strategy they can really help you get the perfect deal. Also I have had lots of great agents share their contacts with me for contractors, property managers, etc. that I wouldn't have had access to without them. But you for sure don't want to just go with the sellers agent.

Check the photos of the property management company. I have had long distance investors say that their house wont rent and then you look at the photos and they are terrible, bad angles, dark, etc. Also have had people spell things wrong in the description that make future tenants feel like it may be a scam. Sometimes it is just as simple as the photos or the description that are turning off folks, not the price.

@John Bergstrom yes you will absolutely want to have coverage. I am on the HOA board for my community, primarily if they are going to make changes in the community I want to have a say. Our community recently voted to no longer allow short-term rentals in the community and I imagine from conversations that there may be litigation where the HOA, the board and the board members will all be named. Luckily our property management company has secured a very good policy to cover board members. Not sure of the cost, but you could ask your property management company for similar communities that they manage and if they have an estimate.

I think mentoring can go both ways. I think if you find a mentor that can teach you their best practices for REI that will be awesome but I also like to share what you might be able to provide them. Maybe it is just a positive, can-do attitude, but I feel like being proactive about sharing that is helpful in finding a good match.

It depends. My preference is no HOA so that I have control over the property and the variables don't change that are out of my control. For example one property I have just banned STR and anything under 6 months, that was a big hit for people that were doing AirBNB and unexpected to the model. On the other hand HOA has the pool and the trash service and other benefits so it just depends on what you are going after to see if the pros outweigh the cons.