All Forum Posts by: Will King

Can I use the comps that i found on Zillow? I'm not connected to anyone with mls access so not sure how to get real comps on my own. Are the recently sold properties on Zillow accurate?

Hi, William,

Maybe I was unclear in my original post.  The county has reassessed the value of my house. I was just using Zillow to get examples of recently sold comparable properties. I'm trying to find out if I should appeal the county's reassessment.

I lived in the house for several years before I rented it out. So I didn't immediately rent it out; but, at any rate, I'm not clear on tax laws and I'm trying to avoid unforeseen consequences of filling out the appeal form.

Thanks for your reply!

Hi, all,

My rental in Wilmington was just reassessed. I looked at Zillow and all of the recently sold properties in the neighborhood have gone for significantly less than the reassessment. Should I fight it? I feel like based on the recently solds in the area, the assessment is about thirty thousand high.

On the appeal form, you have to state whether the property is a rental or my home. Do I risk triggering some tax or unforeseen consequence by filling out this form?

Thanks!

Colleen, 

Where could I find an answer to the question about zoning?  To answer your question, it is on a slab and I hadn't considered what to do with the slab.

Thanks!

I have a rental property that has a workshop in the yard.  It is basically dilapidated, with multiple leaks, rotting floor, doors don't latch, etc.  

My question is what should I do with this building.  I don't want to spend money to fix it up.  Ideally it would be available for the tenants' use as a storage building.

I just don't want the new tenants to move in and then start demanding that the building be fixed up.

Should I padlock it and make it off-limits to the tenants?  Tear it down?

Thanks!!

Hi, I'm a new member seeking advice on whether to keep my rental house or sell.  If there is a better category please let me know.

Here's my story:  Bought the house in 2006 as-is, 20% down 30yr fixed.  I did some repairs and had a bathroom redone but the house is not what I would consider renovated.

Rented the house out in 2010 using a property management company. I did enough repairs to get it rented and had the same tenants for the past six years.  It did not cash flow.  When I say cash flow, I mean the rent will cover mortgage, insurance, and property tax.  The tenants just moved out.

It looks like it will take several thousand dollars to get it rentable.  Floors need refinishing, walls need painting, minor repairs, possibly a new roof.  Once these repairs are completed, the property will hopefully cash flow with new tenants paying a higher rent. 

Should I cut my losses and sell?  Should I go through with the renovations in the hopes that the new roof and refinished floors will increase the value?

I kept thinking about this as "The tenant pays 95% of the monthly bill and at the end of thirty years I have a house.  Even if I pay tens of thousands in repairs over the years, I still come out ahead" But I'm not sure this is the way I should be thinking.

Thanks and please let me know if you need more information!

I'm Will, a new member from Wilmington, NC currently living and working in Manhattan.  I have a dream of moving back to Wilmington and making a living owning rental properties.  I currently rent out the house I used to live in; it does not currently cash flow, and I'm pretty confused about how to move forward.  I'm reading and learning right now and look forward to learning more!