All Forum Posts by: Jonathan Taylor Smith

@Brent Breault - I make use of Kiavi (formerly Lending Home) for most of my deals, but there are many others to choose from.

@Brian Turner - It is not uncommon that existing tenants who are well below market rent may be suffering in silence because they know the rent is low and they don't want to risk rocking-the-boat and thereby triggering a rent increase by complaining to the original owner. But now that there is a NEW owner AND you are increasing the rent, well then hell... "Why should we remain silent!?" - Did you get an inspection to learn the condition of things prior to purchase?

I work with a client who just bought a multi-unit and the conditions under which the existing residents were living was well below our standards - as was the rent well below market rate. And if we had lead with a rent increase before fixing anything, they would have been rightly upset. Instead, we'll be vacating the units and turning them, fixing and upgrading everything and placing new tenants at increased rents.

@Ryan Rollins...

1. Its a business - treat it as such.

2. Don't let others make their problems, your problems.

3. Have systems - use them (require all to do so).

4. Have standards - enforce them (you get what you tolerate).

5. You can do #1 - #4 while still being a kind and reasonable person.

@Donnie N. - When the payment was finally made, it included all of the past due amount from the prior unpaid months as well as that current month. And I had a hard time getting a straight answer as to what was going on, I think because I only had 1 property in their system and did not know or have direct contact information for the right people at the agency. I ended up having to contact the local HUD rep to get some answers. You can see my original BP Post on the ordeal at: https://www.biggerpockets.com/forums/52/topics/1219497-wake-... - I now make it a requirement that I have email and phone contact details for all the important people at each housing agency I work with and that they know me / my company.

@Latoya Wade - Hi - Welcome to BP! Do you desire to sit only on the transactional income side of Real Estate, or are you also interested in becoming an investor as well? Glad to hear you are trying to get your license, as most who desire to get into wholesaling would have been better off as Realtors - but at least with having your license, you have more options when speaking with potential sellers as to which route (off/on-market) to take. My $0.02 is to use your transactional income to get on the asset owning side as well.

@Mike Kirby - I'd LOVE to be able to purchase at auction here, but NC has a 10-day upset-bid. So "winning" at the auction here means nothing. Anyone (who didn't even go to the original auction) can upbid by 5% within 10 days, which in my experience they tend to do on day 9. The end resulting price is then no bargain - so I've yet to buy anything at auction.

@Drew Mullin - YES, many of my properties come from the MLS (still occasional deals there). But I try to get to the seller before they list with a Realtor. That has resulted in my best deals to date by far.

@Chinedu Okonkwo - Congrats! Are they local to the Triangle or elsewhere? I'll let you know when next @Garrett White and I are planning to play. Would certainly be willing to try Pickleball.

@Bobby Andrews - The appraisal took weeks and was sent back for modifications / corrections twice by the lender, but I eventually got my target valuation without having to do any sort of dispute. In my case the property is on well water that is now shared by both units, but the power is separately metered, as I brought in a new 200amp line for the ADU. I asked permission and then I gave the appraiser sample comps of what 2BR/1.5 bath houses were selling for in the area (for the ADU backing out the land value) and what 3BR/2.5 houses on 1 to 3 acres were selling for. I gave income data for both LTR and STR (airdna). And I broke it out per sqft as to what similar properties were going for. This was a distressed property, so I also gave a VERY detailed listing of everything that went into the rehab. So I provided multiple paths for the appraiser to get to my target valuation and got it. But I was adamant that the property was NOT to be appraised as a duplex. It needed to be as two single family homes on a shared lot or a single family home + independent ADU. There were no duplex comps in the area that would have been anywhere near my target value.

Well, therein lies the problem - as I rarely agree with their stated comps / ARV and rehab estimates. That is why I tend to source most of my own deals.

@Maya Jones - How this can be handled depends largely on the type of property / arrangement of the units and what your lease says. Also, what is the type of noise that is being alleged? Is it walking / running in an up/down type layout where one unit is atop another? Kids? Is it TV / music playing? Is it loud talking or fighting of adults? And what exactly is "late hours" - such as 10PM or 2AM? And is it every day or just weekends or occasionally? Are there any recordings?

Among other things, such details would help me to determine if the reporting party is being reasonable or not. And if the alleged offending party is outside the realm of what would be considered "normal" or expected activity.

Does your lease say anything about noise, nuisance or quiet enjoyment for neighboring residents? Does it mention quiet hours?