All Forum Posts by: Laura Shinkle

@Darin Mellinger Thank you for catching that!! I am sorry to have confused you @Sam S.. Ignore all NC specific things in that post. 

Hey @Sam S., I'm an agent here in NC so hopefully this will clear up some things. 

1. Yes, you DO need an attorney. NC is an attorney state, so all real estate closings happen with an attorney. That said, you don't need one prior to listing and contract. Typically here, the seller uses the same attorney that the buyer uses unless you'd like to specify a different one. There's pros/cons to each that your agent should go over with you. Attorney fees would just be for doc prep, so should be less than $500.

2. Commission fees. Can range of course because every agent is different. If it's a sub $100k property, I'd say expect 6%-8% depending on the agent (total fees, split between the two agents). Land commissions are usually around 4% for each side. With higher priced land, of course, fees can be discounted. $20k piece of land is very different from a $300k lot. 

3. If there's a manufactured home on it, make sure that it's got clear title and/or paid for. If there is one and it's not livable, I'd have it removed. 

4. Revenue stamps: Taxes

5. If it's a larger lot or having a hard time selling, a survey might be helpful to get it sold. 

6. Offer contract with an agent will be a standard vacant land OTP and they should provide you with a sample copy before you list and go over it all with you so there's no surprises. 

I'd cross Charlotte, NC off your list. I'm not sure what research led you to those cities, but you will have a really hard time finding a multifamily property here, let alone in that price range. It's a great city, lots of investors and growth, but not for that strategy. 

Best of luck!

The biggest things about physically walking through a house are: 

1. Any weird smells that would be hard to get out?

2. Weird/non functional floorplan?

3. Feel for the neighborhood

4. Obvious deficiencies in the house, condition red flags

All those things can be determined by a professional you trust. The more important thing is finding that professional so you feel you can actually trust them. The rest will fall into place and make investing that much easier for you and more passive. 

@Steven Moore do you have any examples of works/projects?

@Molly Paprota all of my out of state investors close without physically walking through a property. If you have an agent that you can trust, then that's gold and all you need. they should be able to tell you if there's a weird smell or weird layout that you can't see from pictures. 

With my clients, I do a video walkthrough, usually 10+ min, and I walk through the home as a renter/someone living there would so you get a feel for the flow. I talk throughout the video about what I'm seeing, condition of the property, any red flags, etc. I also do another video on the outside so you can see the surrounding neighborhood, hear traffic, etc. 

The reason I do a video as opposed to Facetime is just simply people's schedules and service. if you or I don't have great service, the Factime video will be blotchy and not great resolution, negating the whole point of the thing. Plus, with a video, you can go back and watch it as many times as you like. 

I can't speak to the rehab process since most of my clients buy fairly turnkey properties. The ones that have needed rehab, the property manager has been willing to take the project on and oversee it. 

Best of luck!

@Braeden Cobb sorry I'm a bit late to the party on this one. I assume you're on Airbnb, so anyone looking for a longer term housing is likely on that site as well. 

One thing is you could advertise a discount for a longer term tenant (your choice on the length). 

The biggest site for MTR is Furnished Finder. If anyone else has a good site for those rentals, let me know! Take a look at the site and see how you could stand apart from what's on there. Most of the ones in my area have terrible pictures and little details. 

For myself, I personally treat the tenants like a LTR in that I get a background/credit check and have them sign a lease agreement specifying the furnishes included in the home. That is a different process than an Airbnb. Additionally, your state may have specific laws on security deposits, etc. Check those out. 

I don't see why you couldn't advertise on both at the same time, see how that goes. 

As mentioned, I think a lot of investors are going to head that way. Just find a way to make yours stand out, and I think you'll be just fine!

@Mary Ciccarelli sorry I'm late to the party here. I would agree with @David Gonzales to check out the housing available in the area. There's always someone willing to rent for the right price. You won't command the same rent as a room with a private bath, but I'm sure there will be someone willing to do it for the right price, assuming everyone is respectful of the shared space. 

Just because it's a stipend paid by the travel contract company/hospital, it doesn't mean it's irrelevant. There's a lot of traveling healthcare professionals that want to find a place that's cheaper than the stipend so they can pocket the rest, adding to their pay. I can speak from experience because I used to be a traveler in a previous career. 

Do your research on Furnished Finder and there's a FB group, Gypsy Travelers or something like that. See what other rooms with private bathrooms are going for. If you're in a good location near several major hospitals, for the right price someone will rent from you. You'll just need to figure out that price and if it's worth it to you to furnish a room and share your bathroom with someone for that monthly rent. 

Hope this helps, and best of luck in your investing journey!

@Jack Seilus were you able to connect with some folks? 

So the basic laws in NC only require 30 days notice for a year long lease, however most leases for apartments do state in their leases that 60 days notice is required. If she checks her lease, it should state clearly what notice is required. The lease supercedes the law as long as it's not breaking the law. 

When leases go month to month with apartment buildings, they generally charge a ridiculous amount for it. 

Its not right, in my opinion, but it sounds normal for this area.