All Forum Posts by: Account Closed

The ban on evictions is for tenants affected by Covid who had hardships/income interruptions. So as long as they don't fall under those broad strokes you can evict them. I would consult with a RE attorney and or look at other ways of getting them to move out. Your PM should be explaining how bad it is for them to get future rentals/credit scores if they go the eviction route. Most people are too proud to say they are down and out so I would be pushing your PM to basically tell them it's easier to get something to you in writing that they are moving out on x date, and you are open to working with them. And get a repayment agreement. You should also be looking into the eviction route but try to get them out quick and easy so you can put renters in and save on lawyer/court costs. 

@Kiran K. this should help https://www.nccourts.gov/covid...

@Elijah Householder

The concord and Gastiona areas are good for SFR's currently anything inside the 485 loop is expensive or is geared to full rehab projects with multiple offers being placed on day 1.

Repeating what everyone else says FHA is the way to go. Check the lending limits as they have higher loan limits depending on the area (which can help if you use the trick below). Move into the worst unit in the property and fix it up while you live in it and rinse and repeat with the other units. The fun trick if you have any interest in it. Get your Real estate license in your state and you can represent yourself to recapture the cost of having an agent and have a family member front your commission payment so you can use it as part of the down payment. You get paid at closing so you would only need the money for a few and everyone gets paid back when the property closes. The average commission is between 5-6 percent of the purchase price which is split between buyer and seller agents this can total up after a few or one transaction your a stretching into. You can also have two FHA loans depending if you can meet a few requirements like relocating due to a job property is over 100 miles from the original one and if your family outgrew the proeprty.

Jason is on point with his recommendation of the local apartment association. Right now landlords have limited options as it comes to evictions due to the ban. Has your pm reached out to the tenant to see what it would take for them to return possession of the property and just leave? I would rather have them move out and pay me back in installments under an agreement that nonpayment will result in you pursuing them in court for the full amount. I have done this before with tenants that never can catch up but care about their credit/eviction record. So far everyone paid back (even other family members submitted payment on their behalf to help). Most people will work with you if they understand you are hurting from their actions as well and will try to make it right. 

If not you have to wait it out right now until the end of the ban. 

Hey @Louis McLaughlin! Congrats on taking the first steps in acquiring your first rental property! Charlotte is a great market for investors. The market inside the CLT metro is very competitive and the surrounding suburbs have plenty of deals and a great future outlook for long-term investors. I would recommend taking a look at the Gastiona & Concord area and parts of Statesville alongside the CLT metro as well. 

I just sent you a pm 

We would charge $40 per application and would send a copy of the report if they didn't meet our requirements so they knew what to fix going forward. The CRM took care of the background check and it was from Transunion. Showed credit, criminal history, etc. I would not process more than 2 sets of applications at a time without letting the prospective residents know what place there were (first come first serve policy) or that the fee was nonrefundable. Helps a lot with the process and people never complained about not getting the property or the fee. 

@Selena Williams

Hey I would use a CRM that has those features internally. Most should have the online signing and payment portal. I use appfolio but it’s geared toward larger unit counts/ multiple properties.

I would recommend Appfolio! They are a great company but might be expensive for newer investors with only a couple of units. You can manage everything regarding an SFR and Multifamily property. Work orders, tenant communication, payments, electronic leases and reminders, rental advertising, utility bill back, and tenant screening. Also, vendors can be inputted, paid and all accounting for the portfolio can go into the software. And tenants get a personal login portal. I used it for 700 units ranging from condos to multifamily with on-site managers. You can generate reports regarding the portfolio performance or on a per building basis. The only problem with it was user error.

I would stick to the surrounding suburbs or inside of the Charlotte Metro. With the higher population density and strong job market, you will have more insulation than in the secondary market from any economic changes while experience more long-term benefits that come from being so close to a city center (rental and property appreciation). Denver is still a growing area and a good market for REI investors but it takes a more careful approach with most deals being a value add/renovation plays.