All Forum Posts by: Brandon Vanderford

This might go without saying, but Airbnb is be worth a try. I have had Airbnb reservations that exceeded one year. Sure, the tenant is paying more. But you might be surprised with how many medium-term renters use Airbnb.

I have managed dozens of MTRs in the Raleigh/Durham area over the past four years, and probably 50% of my leases have come through Airbnb.

At the end of the day, many investors would prefer to earn a passive $190/month than deal with marketing, showings, leasing, maintenance calls, vendor relationships, accounting, rent collection, occasional eviction, etc. for $330/month. 

Passive income > active income

Hey Martin, welcome to BiggerPockets! You will find this forum to be a tremendous resource. Opening the threads that interest you and reading the replies is a great way to get inside the mind of fellow real estate investors. And of course, if you are not already listening to the podcast, get started! There is a wealth of knowledge in the podcast archives, and I would encourage you to get started by going through them. Wishing you all the best on your investment journey!

Hi Edwin, this is a great question. During COVID, my team saw only 2-3% of tenants stop paying rent. We managed approximately 450 residential units. And while Durham, NC tends to be a VERY tenant-friendly county (with evictions not resuming until late 2021), we were able to procure rental assistance in the majority of these cases. The majority of nonpayment situations occurred at larger multifamily properties, meaning that owners were less impacted than they might have been had they owned only one or two single family homes. I second the opinion that your family member might have done better with a property manager in this scenario. Things were changing rapidly, and it was difficult for part-time landlords to keep up with the situation. 

I second Danny... if your agent is a member of the NAR, he or she has access to good residential lease templates. Although the templates are fairly generalized, they are thorough. And unless you have specific requirements, the templates are likely to be sufficient for your needs.

Hi Ryan, 

Congrats on going under contract! I have been very pleased with the inspection services offered by Rick Sheldahl. Can recommend his company highly:

https://sheldahlpropertyinspections.com/

It is common for property managers to keep late fees. When a tenant does not pay on time, that tenant is often more difficult to collect rent from. The extra labor falls on your management team. Also worth noting: if you receive your payouts at the end of the month anyway (which is common, in my experience), a late payment is no inconvenience on your side of things. 

When it comes to property management, you can ALWAYS find someone cheaper. But if you have a good relationship and great service from your current team, I would recommend that you stay with them. Good service can cost you a little more, but it is generally worth it. 

Consider expanding your search to Durham, where there are many more duplexes. A bit more affordable than Raleigh, too. Lots of upside remains too, if you ask me. 

I have been a property manager in the Triangle for about four years, so happy to answer any questions that you might have! Feel free to DM. 

Anthony makes a point worth considering, Austin. LA County is NOT an easy market to get started in, and a move to a more typical housing market could be a good option at this stage in your investing journey. 

Welcome to the BiggerPockets community, by the way!

The area is pricier than it used to be, but I would still suggest that you consider north Durham as a location that checks all five of those boxes.