All Forum Posts by: Wes M.

Hi all, thanks for the helpful responses. I typically like to list a property for rent 60 days prior to the lease ending for the current tenant. This inevitably results in some overlap and my preference is to not lose a months rent in the process. If I were to wait until the tenant vacates then it is possible I could lose up to two months rent during turnover. We do reserve funds for vacancy, but I would prefer to keep those in reserves if possible. 

I will add a clause in new leases for showings however. 

@Chris Seveney Thank you. I am actively utilizing the open house method.

I'm curious if anyone has any preferred methods for handling showings while an existing tenant is still in place. We have two properties that we are leasing up at the moment and coordinating showings with potential tenants while the existing tenant is still in place is becoming problematic. Thanks in advance for any pro tips!

Wes

Hey Daniel, 

Shoot me a PM and I'll be happy to chat. Just know that not only with their be flood regulations, but you likely be subject to zoning restrictions depending on the location of the glamping site. In general, any permanent structure will require elevation above the base flood elevation identified on the FEMA flood map. And no structures can be placed in the the Floodway.

Wes

 There is no publicly available data to determine if and when a property has been flooded. In general, your best bet is to find someone with local knowledge of the area to determine if an area has ever experienced any storm related flooding. Nuisance flooding is another thing entirely. 

I would use this map/data prepared by NC Emergency Management Floodplain Division to find areas that are located outside of the 100-year flood zone:

https://fris.nc.gov/fris/Home....

I am located in southeast NC, and there are areas on the island proper of Kure Beach, Carolina Beach, and Oak Island that are not subject to the 100-year flood zone. In the OBX, there are a fair number of locations that are also out of the flood zone as well. But I'm not entirely familiar with storm history.

Shoot me a PM if you have questions about anything specific in southeastern NC. We have a vacation rental in Oak Island that is not in the flood zone, but still a 2-minute walk to the beach. 

 Hey Joshua, 

Welcome to the area! If it were me, I would focus my investments on the market with the most long-term potential. If that happens to be the WV market, then I would go there. Here in southeastern NC we are projected to add about 30 people a day for the next 30 years. If you already have a roommate, then you are likely accustomed to that living situation. I would look for a 3 or 4 bedroom house in a good location and put 5% down and rent the other rooms. Anything in Wilmington proper from midtown towards the beach would be my preference. We've got a small portfolio of long-term rentals here in town and we manage them ourselves. Happy to pass on any tips.  

Best of luck. Feel free to shoot me a message.

Pets are included per response from broker. 

Hey Esther, 

Talk to NC Farm Bureau. I would look at adding a $1M umbrella policy as well. Send me a DM if you would like my contact. 

 We use Zillow to list properties, screen tenants, and collect payments. It works well for us. 

That's' great. Just be sure to keep some of the cash flow for maintenance and repair issues - in addition to future vacancies. On a newer unit like that, you probably can reserve 10% of rents for repair and vacancy expenses. You may also need to replace furnishings which can eat into your cash flow. Great work getting the deal!