All Forum Posts by: Jon A.

Just explain your situation to them and have them sign a lead based paint disclosure agreement. Can print one up online.

It actually never happened. I was all about it and thought we would move forward. I also spoke to a friend who has been through the exact program that the tenant was representing. I am not exactly sure what happened but the guy just didn’t respond to any phone calls. I heard that he was having his own struggles but I have no idea what actually happened. He was very eager to move forward and then just stopped responding to attempts to communicate. I would certainly entertain the idea again in the future but would definitely keep in mind that there is always a possibility that the house manager or representative may end up having their own addiction issues but that is true of any tenant regardless.  I was told that the houses our very well taken care of and part of the program includes keeping the clients busy at all times so their minds don’t wander. It sounded very disciplined. They do all the yard work and clean as part of their daily chores, etc. but the program charges a substantial amount of money that is paid by insurance companies, so they cram a lot of beds in each room because they are making money with more clients. I felt like at that point everything was negotiable above my normal rental price. Hope that helps . 

I think most investors and builders have moved to the Greenville/Spartanburg area. I am constantly watching properties in Asheville and cash flow is very hard to find. Most landlords in asheville  have been here a long time and bought their homes when no one wanted to live here . Many upgraded or made lateral moves and just never sold their first purchase. 

Yep, that paper mill will drive people away . There are always deals to be had in canton but no one wants live there because of the smell. I know people that have bought there and regretted it. Both of them had a very difficult time selling their properties . 

Just looking at zillow rentals in that area, I think you are low on your rent. Being a landlord is not for everyone but I think you have just purchased your first rental property in a town that is difficult to purchase in. I would do everything I could to keep it. But then again most of us are in the business of being landlords and we WANT to do it. At then end of the day, you are in control, just remember that. Many investors would like to purchase that property as owner occupied and then move into another but simply cannot for various reasons. 

I am not sure where your house is but I currently own a duplex downtown. The upstairs rents for $1100 and is a very small 2/1. The downstairs rents for $1600 and is a 3/2. Depending on your location, you may be a little low on your rent at $1400. I charge $25 per month per pet and that always helps. Everyone in Asheville has a pet of some sort and there really isn't any way around that fact here. I also own a 2/1 in Candler that is next to a trailer park and that one rents for $1000 per month but I feel that is low. I know I could get $1200 but my tenant has been there for years and I don't feel like raising the rent on them at this point in time. People are in a jam trying to rent a house in city limits and they are willing to pay for it. If not, they can move to Weaverville or Waynesville. 

As far as capitol gains goes, I just had a conversation with my accountant last week and she informed me that capitol gains is only 15% if you make over $70k per year. She may be incorrect and/or I may be misquoting her but that alleviated some of my concerns about possible selling a property because we simply don't make that much money. You may want to get talk to an accountant yourself to clarify capitol gains because I had always heard that it was %30 but never actually asked anyone. I would do all I can to keep your property in Asheville if I were in your situation because you are correct. Everyone is moving here and have been for the last 10 years.

Also, for what it's worth, our little 2/1 in West Asheville appraised at $265k this past year and I promise you it is nothing special at 900 Sq ft.

@Zack Heath, can try and add value and refinance is really all you can do but don’t get the shiny object syndrome. Finding any deal is hard enough in this market. With appreciation and equity paying down it may add value to itself quickly enough . 

@Zack Heath, I think you may be surprised how many people are willing to rent a manufactured home given the price of purchasing a home in our area and the demand for rentals in general. I don't personally own one though so I cannot speak from experience. If it is on a piece of land that has utilities and septic, it sounds like a great deal at $30k. If you do go the rental route, I suggest you take people with pets as that seems to be pretty much non negotiable anymore. Best of luck on your endeavor!

I had a small fire in a single family rental that I own several years ago. My insurance company hired the crew to do all the work and was recommended by the adjuster for the insurance company. I felt that they went above and beyond what I expected and did a lot more work than I felt was necessary. I was given price allotments for square footage of flooring and allowed to pick paint colors, etc. Long story short, I just stayed out of their way and let them work . I didn't need a public adjuster at all but honestly didn't even know that was an option. The insurance company did drop me right after doing all the work though, which I found to be strange after they just spent all that money fixing up my house . 

Lots of decks just need just need new decking and rail caps because that is the part most affected by sun and weather. Many times, the whole deck does not need to be replaced as the structural part of them (joists,posts and beams) last much longer. You can tap on them with a hammer and see if they sound hollow or if a screwdriver will sink into them to know how bad they are.