All Forum Posts by: Artem Lopatchenko

@Rakan Khalid as of this post, you’ll be pretty hard pressed to find 2-4 units in Raleigh itself, they’re very limited and the ones that do sell are either highest and best within 24 hours of posting or sell off market.

Raleigh has a lot going for it, there are multiple colleges, it’s a capital so there are state jobs, downtown is incredible (young talent stays), and RTP has high paying jobs. With all that said, the rent:value numbers have been squeezed quite a bit. The values of the real estate have jumped up quite a bit and rents have not caught up, making it an appreciation play more so than pure cash flow play.

If you’re looking at “Raleigh area” and not just Raleigh, look into some of the towns nearby where migration keeps moving: Angier, Garner, FuQa, and even Johnston County. You may see better rent to values in those areas and possibly lower buy in (some don’t have city taxes, making cash flow more attractive as well), however you’re giving up a little bit of the safety net of the college population that wants to rent and a lot of commuters who want to live closer to RTP.

With the amount of people moving from the north east I believe all areas will grow over the years, it just comes down to the amount of work you’d want to put in, the type of renter you want to cater to, and your business goals.

@Jessie Xu whenever there's water damage the main concern would be the source of the water leak (identifying and fixing) and then remediation of any mold if it's been a long time.  From the looks of it, there is a bathroom on the other side of that wall and the leak is lower down on the wall, is the leak happening right around where the bath tub faucet is maybe?  If that's the case, that could be a fairly simple fix.  

I agree with @Cody Neumann, there is no way to tell for certain as to how bad it is without opening the wall, to me it's less concerning than if the whole wall was damaged and/or nowhere near a water source.  If this is on a second floor it might be prudent to go down to the first to inspect the ceiling for stains, if there's no evidence of water damage below that wall I would say the damage is fairly isolated.   

If you are still during the due diligence period and want an opinion from a water/mold remediation,  feel free to call your local AdvantaClean number (877) 987-6812 is the 24/7.  We're franchised and most of us do free estimates and can give you a price range for what something like this will run, that should help you with your decision.  

 

@Suzanne Player

Paul Tooley at Expert Home Inspections

@Ryan Casady thank you for coordinating this, I'll be there. 

@Account Closed did you end up going after the deal?  

Whenever you have fire damage there is also smoke and water damage to deal with.  While the smoke damage can be a simple fix, it can also require pulling insulation, doing mitigation, and replacing drywall (and unfortunately it's tough to tell until the remediation starts) even in rooms that were not impacted by the fire.  Also be careful with flooring, especially if it's LVP, LVP is great in preventing water from traveling in both directions, so once water manages to get under the planks they need to all come up.

You'll probably need to replace the HVAC ducts and get your HVAC system cleaned to get rid of the odor as well.  Also be sure to check with the fire department on what permits you may need to obtain the certificate of occupancy again.

I had one of my rentals get fire damaged on Apr 8th and I'm still awaiting to even start the reconstruction process, be sure to factor in the crazy long lead time due to construction industry being absolutely... fire hot... right now. 

 Chow, take a look at the beltline expansion (highway 540) plans as well.  Once the road construction is complete, areas such as Garner and Johnston County will become very reasonable commutes for RTP employees.  Also, keep property taxes in mind as some of the areas are being built up at a crazy pace, but don't have to pay the city and county property taxes, making the cash flows a bit more attractive.  

 Definitely helps to have the background as it changes the thinking process.  Best of luck to you as well! 

 Yes I'm running AdvantaClean full time.  Although I'm looking at ways to marry up both the investment side and the expertise that comes with water, fire, mold remediation as well as clean out of hoarding houses.  Which is also the types of properties I'm going to try to focus on, the ones that have the water, odor, mold damage that I can purchase in as-is condition.  Feel free to send me a message and we'll talk more about what I'm looking for. 

I am licensed and in active status, however I wouldn't consider myself as an "actively practicing."   I know enough to know where I can be aggressive and when to run scenarios past my CPA who specializes in taxes.