All Forum Posts by: Brandon Vanderford

Here in North Carolina, an association can put restrictions on STRs (most commonly by requiring a minimum lease term). These rules can be enforced by fines, which, if unpaid, can lead to a lien being placed on your property.

If the governing documents for the association do not prohibit STRs, then consider discussing the matter with a lawyer. Sometimes an association *wants* to prohibit STRs, but never legally does so. If this is the case, you might be able to continue operating your STR.

I have several years of experience managing HOAs, and *most* of the time, the amount of money in reserves is a good indicator of the health of an HOA. An HOA with numerous projects but little in the bank will be higher-tension than an association that has demonstrated fiscal responsibility for years. I would suggest that you request info on what the finances of this HOA look like.


HOAs can be a matter of taste. They are a minority, but I have worked with some investors who *only* buy in HOAs. Most townhome associations covers roofs, siding, landscaping, water and sever mains, etc. This takes many of the maintenance variables off the plate of the investor. It is easier to calculate for a $70/month payment than a $7,000 roof replacement. But of course, first make sure that the HOA is healthy.

Renters insurance only costs the tenant approximately $10/month. I require it. 

As others have noted, the landlord benefits because of subrogation. But as a PM,I serve my tenants as well. So making sure that their belongings are insured is important to me. 

The designation is honestly a big part of it. NARPM members are usually serious about property management, in the same way that REALTORS are serious about residential sales.

As a PM, there are some great opportunities for networking and education. But for folks needing a PM, the NARPM designation often weeds out part-time and semi-retired PMs who will not usually provide clients with the best service.

As @Nathan Gesner said, be sure to find a property management company with a good reputation. 

It can be difficult to "stand out" when applying for a job online, particularly if you are new to the workforce and have a limited resume. I would recommend making a list of reputable local management companies, and stopping by their offices to introduce yourself. ESPECIALLY if you are still in school and do not immediately need a job, because you have time to develop those relationships. Property management can be a difficult job, with long hours. It is not for everybody. The great thing is that these factors usually make it easier to get hired. 

Your salary is unlikely to be outstanding, since you are just getting started. But if you are a motivated individual, property management can be a tremendous way to learn the mechanics of real estate investing. 

I agree with John. Investing close to home is almost always the best option when you are first getting started (one exception is if you live in a "million dollar city"). Expand later on, but find your footing in your community. 

Not all cities are the "hot" place to be, of course. But in my opinion, there is almost always a way to make money in real estate, regardless of your location. Being forced to think creatively can help you find your niche.

I usually factor for approximately 10% vacancy. Think of it this way. That is five stays per year, with approximately one week of vacancy between tenants. This is average, in my experience. 

If you are ambitious, you can do better, though. My best year, I was down to approximately 2% vacancy on approximately two dozen MTRs. Do not count on that, though. 

Hey Grayson, I have friends who use PropStream. It is not cheap, but it gets the job done. And depending on your planned use of the info, the investment may very well be worth it. 

https://www.propstream.com/how...

There are several opinions on this. Some landlords provide washers and dryers as a benefit, but they are certainly not required. I have worked with a number of tenants who prefer to bring their own machines, surprisingly. 

Welcome to BiggerPockets, Todd! Sounds like you have done your research, and are in a great position to get started with your investment journey. 

I second the points that @Nathan Gesner makes. 

From what I hear, Charleston is a beautiful city, and I need to make time to visit. I do not know your market, but if the numbers work for a local investment, I would suggest buying your first rental near home. I think that out-of-state investments tend to be easier after you have gained some experience as a landlord, and you will be in a position to better evaluate out-of-state management companies. 

That being said, if you ever have questions about the market in the Raleigh/Durham area, I would be happy to connect. Lots of room for continued growth in both the MTR and LTR markets, in my estimation.