Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
Hello BP! Today my offer was accepted for a quad. It’s my first REI deal! All units are tenant occupied and the rents cover my estimated mortgage and maintenance fees and that‘s with me living there rent free! I’m super excited. 😆
Congratulations! You putting together a property management system between now and close? I know when I bought my first property that was something I wish I had done. Get everything in order from how you want the tenants to pay (online hopefully), to how they will handle maintenance requests to having leases for tenants on month to month contracts ready to sign.
That is awesome news Stacey! Wish you nothing but the best for your future endeavors. I hope to be acquiring something here soon, but I think I am over analyzing deals rather than just going for it.
CONGRATULATIONS!! I'm curious whether you plan to hire a property manager or self-manage. There is something nice about maintaining your privacy and letting someone else handle the tenants/issues (no late night knocks on the door!), plus, you'll have a townhome tenant too!
@Bruno Araujo Hi Bruno and thanks!
This is a military town. We are home to the US Army’s largest population.
Rents vary based on area and accommodation but the military installation seems to keep many homes rented.
The property I purchased is a B-/C+. I’m looking to add some modern updates to capitalize on rents.
@Christine Caturano Thanks! I am going to manage my properties this first year. In addition to being a realtor I work full time on the military installation. I think it’s important to know and experience the ins and outs of property management before handing it off.
@Stacey C. Yes, I understand youre not selling.. you're the buyer. I was asking why did the seller decide to sell a property with tenants already in it. Trying to understand peoples different motives to sell.
Congratulations Stacey!! How exciting! I can totally appreciate your response to @Cason Acor about over analyzing and holding yourself back. That's been my issue as well, but no longer...it's time to get out of my own may, take action, and make my pockets bigger!! Thank you for sharing. Everyone's success is very encouraging and motivating. Wishing you continued success!
Congradulations @Stacey C.. I'm curious, do you plan to self-manage or hire a PM. If the former, have you considered whether you want the other tenants to know you are the owner?
Edit: I saw where you said you plan to self-manage. I have found that it can be awkward dealing with tenants while also being their friend/neighbor. You might want to think about setting up a company to work through when dealing with the other tenants.