All Forum Posts by: Cong Zhao

@Jason Allen I’m looking for one to manage my Airbnb property

Hey @EVAN ERWIN Are you a property manager?

Hey BP, any recommendations on Airbnb management company in Charlotte NC? Thanks!

Hi BP,

I live in Charlotte NC and have a townhouse currently rented to section 8 tenant. Rents are $995 for the past 2 years. I plan to increase rents when renewal next year, but having trouble figuring out what a fair market rent would be. GoSection8.com gives me an average of $1300, but it seems to be way high for this townhouse.

I understand that they will do an inspection and run their comps, but to figure out a good starting point. Should I simply ask housing authority about the fair market rent? Or just increase 3-5%?

Thank you all!

@Stephanie Irto thanks

@Chris Mason thanks Chris, what is a down payment assistance?

Hello BP!

I have a flip in Spartanburg SC, the house just hit market. The best offer so far is a SC State Housing loan, Does state housing require 3 month seasoning like a FHA? It's only been 2 months since I bought the house.

Thank you in advance!

Hello BP!

I have a flip in Spartanburg SC, the house just hit market. The best offer so far is a SC State Housing loan, FHA has some regulations to the house, but I'm not sure about this state housing. Thank you if you could help me out!

1. Does state housing require 3 month seasoning? It’s only been 2 months since I bought the house.

2. The offer is 125k, if appraisal come back at 118k, will lender do the agreed percentage on 125k? Or they will lend the percentage on 118k? If it’s the latter, I think the buyer can’t afford the extra 7k cash at closing to make it 125k.

I bought houses in Charlotte NC with conventional loan. And it happened that appraisal was a few thousand short of contract price, but my lender would match up with contract price. I don't know whether it will work in SC, or if it will work on state housing or FHA.

Thanks again guys!

@Eric S. I agree that Starmount and Montclair South are good neighborhoods you may want to live in, also Sterling, these are some pocket areas near some great and established neighborhoods in South Charlotte, I think they have good potential.

University areas are more affordable. I lived there for 8 years and also bought our first house there in 2014,  my house has appreciated 40% since then. Plenty of decent neighborhoods in University North, Harris Houston, Back Creek Church Road.

Many of my friends would drive a little bit then take light rail to work. And these neighborhoods you all mentioned are easy to rent out, So both South boundary Charlotte and University area would work for you I think.

@Don Harris is an experienced agent, and he is an investor, I know him personally and would definitely recommend. 

@Patrick Menefee

Hey Patrick, I'm facing the same problem, if you farm off market deals, you will find some in Charlotte can achieve 75-80% LTV, within 485 loop. but if you BRRR, most of the time it would break even every month.

if you stick to 1% rule, C class single family or townhouses will be more likely. But hey, you can do different strategies in different market. Based on what you want to achieve.

Want more cash flow on rentals? Surrounding areas will have better numbers. Want to invest in appreciation? The break even BRRR I mentioned in Charlotte might be a good choice, considering cash that you actually need is only 5-7% of ARV after BRRR. Or just flip it if you can get 70% LTV.

Best luck!