All Forum Posts by: Paul Cox

@joelhollingsworth, this too is my first post and likewise, I have been following the cabal here. I've been torn between the Carolina coast and the mountains of Tennessee. Thanks all for the great info and advice that you all give willingly to all us want to be STR investors

Paul

Roland,

Sounds great...look forward to meeting you

Paul

Welcome Roland,

I am brand new to the NOVA area and just read this morning that Money Magazine voted Reston as one of the best cities to live in.  What's your opinion of the area and congrats on getting to move where you want to.  Also welcome to the BP community, hope to meet you in the future

Paul

Thanks @Wendy Noble and @Robert Leonard for the advice.  I will be reaching out to them and discussing with them some of your recommendations.  Appreciate it 

Paul

Great Dialog here...Thanks for getting it started Tyson and thanks for all the great responses...Learning more everyday!

Paul

Welcome Julia,

I'm a newbie as well and will be moving to your area next month.  Hope we run into each other in the BP circles/meet ups.

Good Luck

Paul

Welcome Jeremy,

Moving to your area next month.  There's a great podcast by Lisa Phillips on investing in homes under 30k.  Hope to see you around the area when we move down.

Good Luck

Paul

Ok BP,

I've got a 5 BR 2200 sf SFH that I've got up for rent on all the usual sites through postlets. I received an email today from an insurance company asking if my place was still for rent. The email went like this:

"I am doing an insurance relocation for a family from ----, NY that is displaced from their home due to a fire in their home and I am trying my best to find them a home that would accommodate a 3 month lease with the option to stay longer. Would this home work for something like that, maybe for a higher rent? Rent would be coming from the insurance company directly, And would be willing to pay $2500. A month for the 3 months and month to month after that."

My response to her was: 

"Yes, it is still available for rent and I also have it on the market to sell. If we were to allow the short term lease, would the tenants be up to allowing the occasional showing by my property manager/realtor?

Also, I normally run background checks on potential tenants, but in this case I would assume that the insurance company is vouching for the tenants?

The house is in the process of being moved out of and will be available for tenant occupancy NLT the 15th of August. Is that doable for your family’s situation?"

I'm asking $1650/mo as it stands right now.  We're not in a high demand market and I have had a few inquiries, but nothing serious over the last 3 weeks that I've had it listed.  

I'm seriously considering it, but I also know that after 3 months, we'll be into the Upstate NY cold and we may have even fewer opportunities.

So I'm asking for thoughts and things to discuss with the insurance agency when I talk with them tomorrow.

Thanks in advance

Paul

Welcome to BP Ethel...this is one great resource for the beginner like you and I. I'm actually moving to the Centreville area next month and am excited to see what that move brings my way. Maybe we'll see each other at a REIA meeting soon. Listen to the podcasts...They will blow your mind with the many ways of getting involved in this. I am moving from a high tax state of NY, but with reasonable home prices to this very hot market. It makes me nervous, but no guts, no glory. Go for it!

Paul

DeAunty,

check out the following link for a Capital BP REI group that meets monthly in the area:

https://www.facebook.com/groups/CapitalBP/

I will be moving to the DC area in July/Aug time frame and have been asking myself a lot of the questions you have on your earlier post. Look forward to meeting you in the future, and welcome to BP

Paul