All Forum Posts by: Braeden Warg

Looking to setup a bank account for my adu. What banks do you use and why, also do i need a account for rent and then a separate account for security deposit? When i return the security deposit do i have to return the interest accrued? Any information helps thank you.

I'm wanting to protentional purchase a mobile home park using seller finance, however i always find the issue being how do i make it sound more enticing than just getting the asking price in cash. I've tried it on a few owners with single family but they aren't interested. How do i make it intriguing and then show I'm capable of doing what i claim. should i try working with them on their mobile home park showing i can do this type of managing, repairs.  Any information is helpful!!

I'm looking at listing our primary to rent and possible buy another house. however i have never been a landlord, looking for information on how to protect myself and the tenant I've down loaded the NC lease agreement from bigger pockets. i have downloaded and currently reading the landlord tenant rights. What are some key things i need to include into the lease or any additional documents to make this smooth as possible (p.s. i know there will be issues and mistakes made id just like to limit them). 

Here's what i know what to do.

-collect security deposit, as well as first months rent at the lease signing and have a witness for me as well as the tenant have a witness. 

-Sign the lease at the property, do a walk through take photos and videos, show them the gas cut off, water cutoff, the fuse box.

- On the lease have the tenant initial beside important things such as no pets, they are responsible for mowing the lawn, the number for maintenance request, that I only need to notify them 24 hours in advance to come into the property, how long a person who isnt on the lease can stay before they need to be added to the lease as well as a background check ran at the tenants cost, etc.

-keep a spare key on the property you and the tenant only know of. 

-Anyone older than 18 must be on the lease

Reason for thinking about renting the house. Its a 4 bed, 2 1/2 bath, the main house is 3 bed 1 1/2 bath rent 1800 a month, then the adu on the property is a 1 bed 1 bath mid-term rent 1500-2000. i have to include utility's such as water/sewer, trash, electric, internet, gas. That currently is costing us around 300 a month, but the adu isn't being used atm (doing some finishing touches on it). i need to check but with utility's included i think the main house will rent for 2200 a month and the adu 1700-1800 a month. the mortgage is 2200 a month with utility's, pest control, repair money, maintenance money. I'm projecting 3,000 a month but we would gross 900 a month. doesn't seem like a lot however my wife is going back to school and we will lose her income so this amount and buying a smaller house could put is in a safe position to float for the next 2 years, just to add some clarity i don't make a lot of money i make 60k a year averaging 55-60 hours a week. 

Would just like to hear other investors opinions, my goal is to retire my wife and i into self employment and manage our rentals. Thanks for reading.

 Thank you for that. i think we will hold off on purchasing the house. thank you for your opinion.

 they offered us to purchase the house subject to, or do a one year lease option to buy. My wife wants to get into short terms rentals and i know 20% takes a while to build up, just figured we could come in and get our feet wet. i did see we have the potential to profit 6-10k unless we could get it to be competitive with those other two rentals.

 I have the opportunity to buy a family members house down at sunset beach nc, the address is 218 azalea circle sunset beach nc 28468. They do have a mortgage at 2100 a month. From airdna it says 34k a year 50% occupancy with a daily rate of 175 a night. However there are two airbnbs in the area one is doing 52k and the other is 47k. Not sure on what amenities they offer. The house has a garage I could potentially turn into a adu or just make the house bigger, can’t confirm that as I haven’t reached out to the city. Looking to host it myself however I would be starting with zero reviews. Where should I start in finding the tenant laws in nc, how should I setup the Airbnb to be competitive with the others. Any tips or information is appreciated. Thank you

Thank you for the clarification and information.

Just bought a property in cabarrus county and turned out the crawl space doesn’t just need a vapor barrier it needs to be incapsulated, with trenches a sump pump and an industrial dehumidifier. Is 21,000 common for these jobs?