All Forum Posts by: Rob Orazi

In NC sellers are not required to disclose anything about the condition of the home to buyers. This is a buyer beware state. Buyers spend alot of time on home inspections during due diligence. 

That being said it is a little chicken sh*t of the current owners not move their renter before you take possession making you be the bad guy for keeping security deposit especially since she is going back into one of their properties. I wonder if they charged her a second security deposit? Anyway security deposits are to repair damage caused by the tenant not to repair routine wear and tear items.  My thought is that if the worst thing you find is a leaky sink when you move in let go its not worth chasing. If there is more damage then hold that security deposit and use as applicable by the law. 

All that being said sometime between now and Jan 30 be sure to have a clear understanding of what security deposits are legally allowed to be charged and how to report that to the tenant... It is their money after all.  

The North Carolina Real Estate commission is where to start then a Property manager in NC (which I am in Wake county). Feel free to message me if you have specific questions. But I also went to the commission web site and copied the link to their Renting Residential Real Estate FAQ (see below). 

http://www.ncrec.gov/Brochures/Print/Renting.pdf

Im not sure I have enough to go on around county to county differences I believe for the most part we all play by the same rules. However, there are some municipality differences in how you pay taxes or have to registering your property as a rental. There are also significant differences between vacation rentals and long term rentals. 

No to Ugly. 

When I see those signs one the side of the road here "We buy ugly homes" I feel like they are less professional than the other companies. 

Disclaimer: Never dealt with any of the ugly home companies just my perspective. 

Please don't take Zillow at their zestimate. They have never actually set foot on your property. Do some quick comps yourself or call an agent and give them $50 to give you BPO or $300 for an actual appraisal from an appraiser.  

I don't know the market in Woodbridge VA but after a quick google search looks like this place is within commuting distance to DC. If that's the case I personally would never let it go, ever. I would do my best to keep those tenants long term raise the rent every so often and be sure that the maintenance was done so I could count on this house being a considerable portion of my retirement. Not every place is a great cash flow place some are legit buy and hold and what you are waiting for is the property appreciation. That's what I would do if Woodbridge is a commuter town to DC if it isn't I might cash out the equity and appreciation.

The best way to meet with them at this point is however you are most comfortable do it. Because it has to be done and done quickly. So decide how you feel you can get it done the quickest. Simple and fast at this point just rip the band aid off. 

Here in Raleigh rent of $1300 a month is not uncommon. Ive seen rent in this area from $550 to over $2000 a month and I'm sure there are some higher and lower than what I have experienced. 

Location certainly helps drive the price of the rental as well as condition of the as well as any pluses that may be offered with the rent. There is a science to finding renters for sure. Some one earlier state high wage and high credit score people usually find themselves houses. The few times Ive had this type of renter they only stayed a year. They were on assignment with their job in the area and would be moving on to the next town after 12 months. Those work out great rent is always on time and the place is well kept. But I strongly feel there is a great tenant market just below the highest credit scores that is completely missed by lenders. Too much money down and inflated interest rates put these hard working responsible folks in a situation where getting into a nice place to live is only going to happen via renting. 

Hello all. I'm working to build my managed property portfolio. I have built my pricing strategy and service menu. I have been sending out letter, postcards and calendars to absentee owners in my area (Wake County, NC) I have a fairly basic but professional website and I'm writing a white paper to use as an email address hook. I'm a member of the Kiwanis club which I consider my weekly networking event (and I more importantly get to help do some good in the community). 

Is there anything else I can add to my list of activities? Are there other targets I should attempt?  Do you have any other suggestions about finding folks who need really awesome (at least I think I will be) property manager? 

Thanks in advance.

Go interview with as many companies as possible. See who you fit with. Talk to as many agents as possible see how well they like their current company. My personal opinion is find the one that understands what new agents need the most and stay with them a year or two. 

They are fun to watch not educational material. But I still enjoy watching them.

If you are not comfortable renting to low income tenants then you should stay away from buying properties in low income areas. Thats my opinion. You should have a strategy for your investing A B or C type properties in A B or C type neighborhoods. They all have their pros and cons A housing in an A neighborhood likely will only have the same tenants for one year then you have to find someone else to live in your rental. Section 8 housing folks may stay 5 or 10 years and the govt ensures that you get your rent.  If you feel that that housing market is high risk with low or hard to get to rewards then you should find a properties in a different area that are less risky. And the good new is there are plenty of them.