All Forum Posts by: Tristan Church

Here in Wilmington NC, the market has been on fire for the last year or two. Definitely a sellers market. I was honestly hoping that it would cool off and prices would drop for a bit so that I could buy another property or two. For whatever reason, it seems that it is still holding strong and not dropping. Time will tell as this virus and economy continue to unfold. 

My renters have always paid a few days early. One of them is retired army so he gets a check from the govt every month and the other is a teacher with two other jobs. They both seem to be getting paid and have been prompt with the rent. They are very responsible and I have no complaints. I do check in with them though and ask them how they are doing, and when this whole thing started I told them to let me know if they have any issues. I find it important to keep a good line of communication going.

Hey everyone,

     First off, I hope everybody is safe and doing ok during this crazy time. I came across this very interesting and informative article that I wanted to share. I’ve had a lot of people asking me, and I’ve seen a lot of posts on different media platforms, wondering if mortgage rates are 0 or what it means that the feds cut the rate to 0 so I wanted to share!

http://www.mortgagenewsdaily.c...

It's a rental, don't spend money you don't have to. If it's your personal house, hard woods throughout would be ideal. But for a rental, just do what needs to be done, renters won't turn up their nose because there is some hardwood and not everywhere. You'll be find with LVP in the high traffic areas only

If you can keep the hardwood I'd have it sanded and refinished. Keep as much of that as you can, hardwood is beautiful, strong, and brings good character. For the kitchen and hallway I would definitely use LVP, really strong and good in high traffic areas, most are water proof and scratch resistant, so they are very durable. I'm pretty sure that the best bang for your buck product around. I have LVP throughout the entire house in my rental and it's awesome. Easy to clean and strong. I wouldn't spend the money doing new hardwood floors in hallway and kitchen. That can be very expensive and it's for a rental so that's money you won't necessarily get back.

I would see if it’s possible to make it a livable space essentially adding another bedroom, if you are house hacking, I’d move to the basement and rent out your bedroom. Or rent out the basement. It all depends on how big the space is and what all it needs. But you will get your money back if you can rent it out.

I would pass on it. Some people are more willing than others to deal with headaches, mold and foundation are too much of a headache for me. Mold remediation can be very expensive as can foundation work. There are so many deals out there I would just search for another, or, this would have to be a ridiculously good deal that would be too good to pass up for me to proceed. 

That sounds like it has some potential. Have you used the rental property calculator yet? Go up and hit the tab tools and then rental property calculator, it can help you analyze a deal to see if it's a good deal or not. Sounds like, based on these limited numbers, that you'd be making around $600 a month if you have no expenses. 

What I mean is any interior wall that shares an exterior wall, spray the baseboards. You want about 3-4 inches of coverage up the wall, and same on the floor. 1 oz I believe makes a gallon of mixture. You put it in a pump bottle and spray it and let it dry. It’s a residual meaning it’s good for a long period. Suggested time is 1 time every 3 months. Also, if you have open spaces like open piping in the floor by a radiator or something like that, get some steel wool and fill the hole. 

I use talstar, it works on most household insects. You can get it on amazon, dilute it with water in a pump sprayer and spray the baseboards on exterior walls, and spray around the outside walls on the house and you should be good to go. Reapply once every 3 months. It's a great residual.