All Forum Posts by: Richie Thomas

@Matthew McDermott thanks for adding your input.  Glad to hear that your experience with the cap rate in the suburbs was comparable to that of the city proper.  What's your take on the path of progress as Huntsville and Madison start to become pricier?  Is new construction following any one path in particular, or spreading out in all directions?

@Michael S. great insights, thanks.  I visited Huntsville and Madison last year on a real estate scouting trip, but didn't make it as far as Hazel Green.  It seems like buyers are snapping up properties in this development.  How many of those are investors, I can't say.  But your point is well-taken.

@Jeff Henderson thanks for the context, it's reassuring to know that people commute from as far away as TN. :-) 

Thanks @Steve Stinson. I'm budgeting 10% each for property manager and vacancies, and 5% each for CapEx and repairs. We've confirmed with the builder that they'll sell to investors if they go through my realtor, since they have a personal relationship. My realtor/PM says $0.95 to $1.05 per sq. ft. is a reasonable monthly rent for a 4 BR/2 BA property in that area, which (according to the BiggerPockets calculator estimate I did) is enough to cover the monthly payment plus the above costs I mentioned.

I anticipate putting down my deposit and earnest money in the next few days.  Excited to be going from 0 to 1 on my real estate career.  Here's to (hopefully) many more to come!

Hey y'all, I'm an out-of-state investor working with a realtor on my first investment property.  I had initially sent her several listings in Madison proper, but apparently all 3 were already under contract.  She mentioned the market for resale properties is super-hot in Madison right now, and she suggested I check out a certain planned community nearby.   I just checked Google Maps, and apparently the development is in Hazel Green, just off the 431.  I see that makes it about 30 minutes from (for example) Redstone Arsenal, which I know is a major employer.  It's only about 19 min from the big new Facebook Data Center, which doesn't sound too bad to me.  That said, I'm not a local and I'm not sure what commute time most locals are used to.  Would these commute times make my rental unattractive to a local renter?

Also, would y'all agree with my realtor that a new construction home is a viable path forward, considering the competitiveness of the local market?  I do like the idea of buying a home where everything is still under warranty, although the idea of buying something that doesn't exist yet gives me some pause.

I'm getting close to closing on a duplex, and both units are currently occupied and the tenants are month-to-month.  One is a section 8 tenant and the other is not.  During my due diligence phase, one of the things I want to check on is whether I'll be inheriting non-paying tenants.  That would be a deal-breaker for me, obviously.

Does anyone know any resources for checking a property's tenant rent payment status, either specifically with regard to the current CDC eviction moratorium or (even better) in general, i.e. one which would simply show whether a tenant was in arrears for whatever reason (COVID-related or not)?

@Ashley Renders I'm curious, what was the outcome of your offer?  I'm going through a similar situation now.  Every good story needs an ending haha. :-)

I'm considering the purchase of my first investment property (in the Raleigh, NC area), to rent out for medium-term periods (i.e. greater than 30 days but less than 3 months) to nurses and other traveling professionals. Since I'm an out-of-state investor, I'll need a PM to act as my boots-on-the-ground. The marketing and tenant selection would be taken care of by the online housing platform I'll be using, so I mostly need someone to be available in case of tenant emergencies, and to coordinate change-overs in between reservations.

I'm guessing this is outside the job description of a typical property manager, and that most PMs wouldn't be interested? I thought about looking for a short-term rental manager since it might be more in their wheelhouse, but Raleigh has pretty stringent STR laws, including that hosts must live on-site if the rental is less than 30 days, so I'm guessing an STR-specific property manager is not too common in the area. Any recommendations for which type of professional I can use for such a specialty job?

I already posted this in the Raleigh forum as well, but I imagine other people in other regions might have faced and solved a similar problem in the past.

I'm considering the purchase of a property in Raleigh, to rent out for medium-term periods (i.e. greater than 30 days but less than 3 months) to travel nurses.  Since I'm an out-of-state investor, I'll need a PM to act as my boots-on-the-ground.  This would be a furnished rental, and the marketing would be taken care of by the online housing platform I'll be using.  I mostly need someone to be available in case of tenant emergencies, and to coordinate inspections and deep cleanings between reservations.  Any recommendations for who I can use for such a specialty job?

@Rebecca P. that sounds like a drag, sorry to hear that. How are you faring in Madison and elsewhere? Do you find that neighboring towns are much easier to work with?