All Forum Posts by: Stephanie Knight

Hey Leslie, 

I ended up on RentRedi. I was having a problem and they actually have real people to talk to!! How refreshing is that. He gave me a great demo and helped me through what I thought was clunky; but is now working fine. Being Bigger Pockets, it costs all of $1 to list basic (rentredi and one other). If you want to expand to zillow and two others; it is $1.47 per day.

Can you share your ad for the property?

I recently had a good experience with Sunnydale Electric for a home I was looking to purchase. It had a problem that I wanted to confirm wasn't bigger than a blown GFCI. They were recommended to me by my real estate agent. Popped out there the next day and checked it out. 919-909-4736.

Hey Ryan,

Are these meetups regular, as in the second thursday of the month? I would like to get them on my calendar to connect with Raleigh investors.

Stephanie

Been thinking about this for a bit and wanted to get additional thoughts on it. 

A live in flip requires moving (which I am not interested in doing), but has an advantage of a slow burn to get the property to what you want. What about a tenant live in flip (TLIF). I am purchasing a property that needs some work but not a ton of it. I intend to get a tenant quickly into the property, and think this is doable (though the time of year is working against me). During the time that I am marketing the property, I will be doing some of the more cosmetic work that I can knock out pretty quick. No problem there. BUT, I don't want to lose out on rent for 2-3 months while I complete the rest of the work which would include: 

1) a new front deck (replacing an older worn structure with a couple of flaws that are long term concerns; but still functional and safe now)-there remains an alternate entrance for tenants to use during this time.

2) bathroom rehabs (2); both small rehabs but ones that today I'm not ready to get into due to limited availability of my time this fall

3) kitchen cabinets and counter, sink rehab

:These are all things that as a standard LIF, would be fairly easy to work around (kitchen being the obvious most intrusive).  For a TLIF, I intend to let the tenant know these are coming and also offer some reduced rent during those times, so as to make it more palatable for them. For instance. One bath at a time; could be knocked out in a day, with a couple day for tile setting, etc. before use. So that wouldn't require a significant reduced rent. The front deck could be a problem for the tenant if they work from home; so maybe some concessions for that few days of work so they can work out of another location due to noise, and the kitchen; that might be a few nights in a hotel for them. 

Has anyone also done this and what has been your experience? I would appreciate your thoughts and amount of concessions you might offer. Rent will be $1850 in the Raleigh, NC market.

Great info all. I appreciate the reviews and tips as I'm never afraid to learn something new; and this is ALL new!

I have an accepted offer and need to get insurance now. It will be a long term rental. I have reached out to several firms and the first one came back with a very high cost. I didn't give them much to work with other than the address, and my purchase price. I really didn't know what to ask for. I can live with a higher deductible, but I need to understand how much coverage makes sense.

Some info. Fuquay Varina, NC (not coastal). Single Family 3/2 Home; property valuation per county at 267 (likely a little high). House is 20 years old (and I will be replacing the roof).

Insurer quoted (with limits shown) below. Would like some opinions on these limits of coverage. Thanks for taking a look and offering thoughts. I need to nail down insurance this week. 

Replacement value of 267K (this seems high given that the land is probably 80K)

Personal Property 3K (appliances)

Bed Bug Infestation (do i have to/should I have that?) 5K

HOA Fines Coverages (there is no HOA; this can be removed) 1K

Limited Theft 3K

Ordinance or Law 26.7K (?? do I have to/should I have that?)

Vandalism or Malicious Mischief 267K (????? what is this)

Water Backup and sump overflow (10K)

Premises Liability 1MM per occurrence 2 MM aggregate (this seems high; but then again I carry an umbrella on my own home; so maybe this is right given I can't control who goes in and out of the rental besides my tenant)

Medical Payments 1000 per person/25000 per occurrencee

I just read your post and have been using this with no problem. Then went in to run a deal and had same issue. Seems it defaulted to 0 year loan versus 30. Normally I see it default to 30 yr so don't even review that slot. See if that is the same problem you are seeing.

Looking for referrals for a lawyer to assist with getting me started, reviewing leases and giving me a primer on NC specifics. Really would like a referral from a successful investor in the area so that I can establish this relationship now, early in my jump into real estate, with an eye toward the future should (when...) things get complicated and further legal assistance is necessary.

Thanks for the help.