All Forum Posts by: Christine Glasner

Hi everyone. I wanted to know if anyone has encountered an older home that was cut up into rental units. Here's what I'm looking at.

There is an older home built in 1901 with 2728 sq.ft., 5/3, 2 blocks from the community college. It has been turned into a triplex. I have been inside yet, but I think it is 2 - 2/1 units and 1 - 1/1 unit. It needs ALOT of work, new roof, new flooring (one floor is appox. 8 inches off level). Basically a total rehab. I have not taken a contractor through it. I was hoping maybe someone knew a way to roughly estimate based on square footage and that it is a TOTAL rehab. The current list price is $27k.

Has anyone ever taken a house like and restored it back to a SFR? The nearest comp I can find is one that sold for $129K. As a triplex, there is another older home that was split in similar fashion that is currently listed for $105k and is already rehabbed.

My husband hopes someone fixes it up, but he doesn't want to tackle it. Would any of you approach this a SFR flip or fix and hold for rentals? Or is he right and you wouldn't touch it with a 10 foot pole? Any opinions are appreciated. Thanks!

Way to go! It's great to hear of successful flip in such a small town. It sounds like it didn't need much work. How did you acquire it so cheaply?

HI. It's usually under the county tax assessor's/collector's office. You can search by name, property address, parcel number, etc. Some counties have more user friendly sites than others. If you have trouble finding what you need, you can usually visit the office and someone will help show you how to find it. Hope that helps. Best of Luck!

Hi, thanks. Yes, it was in Statesville. All of our properties are in rather low income areas, but we have good tenants. Statesville has a really market for buy & hold. Flipping opportunities are harder to find. My husband & I just drove by a SFR in a slightly better neighborhood. It's listed at $19,900, is a 3/1 and from we can tell it needs a furnace(stolen), appliances in the kitchen, a fresh coat of paint a quick clean up. It could easily rent for $500, maybe more. There are other in lower neighborhoods as low as $13,500.

Congrats @Dave Hurt ! Welcome to BP. Will you be living in the duplex or renting out both units?

Best of Luck!

Hi @Phil Bick and welcome to BP. I have several rentals, all of which were purchased cheaply in lower income areas. We started this way to get greater cash flow as Troy was talking about. If you screen you tenants carefully, you won't have as many evictions or much property damage. "knock on wood", none of our properties have been trashed since we started doing better background checks, including employment verification, criminal records and calling on references. Pretty much once the tenant knows you are going to call references, the ones that have something to hide don't even bother returning the application.

Best of Luck!

Hi and welcome. There's a lot of good information here for you to learn from and the community is great at answering questions. Don't forget to upload a picture of yourself. It really helps others to connect with you and build credibility.

Hi. Statesville is about an hour north of Charlotte and there are quite a few homes you can find the price point you are looking at. My rentals are currently in the lower income area. All were purchase for under $25k and rents are $350-500. With up to $45k you could pick up something in a nicer area and charge more. There are plenty of people who live here and in Salisbury that commute to Charlotte for work.

Hi @Janice Waggoner . First I would see who is still legally the owner of the house; the lady or the bank. It sounds like the bank may have tried to sell it or auction it and they didn't get what they wanted for it, so are now trying to go back to the previous owner. See what details you can get about attempted sales history. If the bank still owns it

From what I've learned here about making offers, I see the numbers this way:

$125k ARV x 70% = 87,500

87,500 - 20,000(repairs/updates) = $67.500.

I would not offer any more than this. Perhaps start a bit lower to allow for a bit of room for negotiation.

Hope this helps.

Evictions can by tricky. I have had to evict tenants before. Having records of late payments and notifications is a must regardless of where you live. However, the procedures for eviction do vary by state. You may have already been to following site, but I thought it would provide the most accurate information.

http://www.judiciary.state.nj.us/civil/civ-04.htm

Best of luck