All Forum Posts by: Yvonne H.

You rent from your friend, with a contract that allows subletting, subject to the requirements set forth in your contract. You sublet to another tenant for an amount higher than what your contractual rent is.  

Brace yourself for the polar opposite dynamic from Portland Oregon! I am sure you have a reason for moving to Edenton, but whoah. That's a big change. When you live in an area with such a dynamic economy, it is difficult to fathom the reality of the areas that are negatively affected by the prosperity of the metropolises.
If I were in your situation I would try to buy in the historic districts. Check the listings on the Preservation NC Website And I would do a rent vs buy calculation to determine which way you could lose more, and make a decision based on that. You probably will be able to rent out after leaving, but there's no guarantee you can get a quality tenant. Population in Edenton is currently shrinking, so that is working against you. But the municipalities there are working hard to bring the area back to life. 

Caveat emptor, I am not in that local market, I am only familiar with it due to my interest and activity with historic preservation. I think living there would be pleasant but not necessarily a place to make money with real estate. Hope for the best, but expect to break even, unless you're in the mood to do a full rehab on a 100 year old house. Good luck.

Sometimes, my heart really goes out to millenials, sometimes I think they deserve it. Hello, anyone heard of "Brexit"? SMH

I have created my own form using Google forms. Each time I have a property up for rent, I save it with the new property name. Google forms is ideal because: 

1. People can fill it out on their phone/computer

2. I (not a third party) decide what questions I want answered

3. It's free for me and them

4. It can show me in a spreadsheet the answers from all applicants, so I can see at a glance who is most qualified.

Just a hunch, this is your issue to fix. And I would also be leery of "rebar in the line" unless there is some logical explanation for rebar in the line. If there isn't a logical reason for rebar to be in the line, it's probably roots.
Regardless is it's rebar or roots, you need to fix it for the long term viability of your house, your tenants, and your mental health!

For $6000, (at least where I live) you could almost have already fixed the problem. Others from your region can chime in, but where I am $6000 will get you all new plumbing. Call around and get quotes on getting the line dug up and replaced. Good luck.

@Bob B. and @Hannah Krebs are right. Regardless of your $75, you need to figure out why that breaker is tripping.

Milena, Where are you located? The first thing to know about cost is that everything is local, even hyperlocal when it comes to those costs. And some are choice-based--how much work is required vs. how much a home inspector scares you into. 

I would not recommend books myself. I have never found anyone else's reality to be mine. Experience in your local area, type of house, etc. is key. After rehabbing about 20 houses in the same area, I can know just from an MLS photo how much a house will cost to rehab. Not just because I know what labor and materials cost where I work, but also because I know in advance exactly what degree of rehab I will do, regardless of what is prescribed. But since you re asking for a shortcut, you don't want to do 20 houses to get there. Here's my advice.

You have to have to make friends/connections with people who are rehabbing/flipping in your target area. Two reasons: 

1. They already have the knowledge you seek regarding cost estimates--they have real world examples and experience to back it up

2. They can share contacts for all the various contractors/labor they use who will give you the best prices.

So, anywhere you see a house being rehabbed, stop and talk to the person who is rehabbing.

If you're not able to make contacts that way, go to your local builder's supply store, make friends with the guys/gals who work at the pro desk. 

Ask your new friends to connect you with a few people who are rehabbing as a career. You can usually just meet them directly, standing around the pro desk waiting on an order of some kind.

It is important that you are talking to rehabbers who manage the work and make the sale themselves. NOT to contractors who do work for homeowners, property managers, flippers etc. General contractors are always to be cut out of the equation if at all possible. 

Once you've made connections with rehabbers/flippers, ask them what they have spent on various flips/rehabs. Show them pics of some houses you might be interested in and get their opinion. You might even end up partnering with them on your first couple of projects. That's better than any book IMO.
Good luck!

I'm going to differ just slightly. It sounds like the #1 reason this unit is vacant is because you have a worthless PM. How can they even justify their job if they haven't rented the place in a YEAR? Get rid of the PM first and try to rent it at $800. You might very well be able to get that if you have someone making an effort.

There's a $1200/yr difference between $700 and $800. Fire the PM yesterday! Take some pics and list it yourself for $800 today/tomorrow on Zillow while you look for another PM. If your ad gets it rented at $800, you just made $1200.

I think @Irina Belkofer is right. It's the time of year. You're going to get a lot of desperados who are getting evicted, but bona fide tenants are going to be harder to find at this time of year.

When you first put out your ad, you get the rush of people who have been turned down by everyone else and are jumping to get in line on the new listing. Then activity dies down, but the those later applicants are often more qualified, and have just started looking.

Your price may be right or slightly high, but if you set it too low, you'll attract more unwanted interest from unqualified potentials. I would set it just slightly below market to attract people who are just starting their search; and I would hold out for the right tenant. 

 Regarding Zillow, I also hate that the bar is at zero for people to click "More info". Creates so much work for us! I wish I could click a box that would require anyone wanting more info to complete the basic information that we want--income, employment, etc
I have found that texting my response template gets a lot more responses than emailing. Zillow asks people for their phone number and so people assume they will be contacted that way. Many never even check email. 

Does anyone have any advice? Should I file for eviction asap, or wait and see if they pay on the 11?