Charlotte Property Management Companies

What is Considered Normal Wear and Tear? Charlotte Property Management

 

Normal wear and tear is a subject that comes up every time a tenant moves out of a property. We have learned that if you communicate the normal wear and tear definition up front with tenants and owners, life is easier for all parties. [Read more…]

Why Owners Choose Carolina Living Real Estate – Charlotte Property Management


At Carolina Living Real Estate, we manage single family homes in the Charlotte area, from points north to Lake Norman, points south to Lake Wylie and Valentine, and points east to Kannapolis and Concord. Today, I want to tell you a little bit about our company and share what I think are some of the benefits to working with us. These points are based on feedback we’ve received from current owners and owners who have come to us from other property management companies.

Property Management Charlotte: Communication

Communication is something we’ve been praised for providing and something that clients from other companies have complained about not receiving. A lot of owners said they never heard from their property managers. We believe strongly in communicating up front. If you set expectations, you create a smooth situation for everyone. A good example is wear and tear on your property. We communicate expectations to both owners and tenants, and have documentation to support that communication. This is critical and eliminates a battle at the end of at tenancy with security deposits.

Property Management Charlotte: Maintenance Procedures and Costs

Many larger companies dispatch their maintenance people without talking to you about what’s needed, and you don’t hear about problems or expenses until the end of the month. We talk to you first, in case you have your own solution you’d like to try. When something needs to be repaired or replaced at your home, we want to create a good situation for owners and tenants. This helps our relationship. We can work with warranty companies or explore any avenues and options that you request. Providing good maintenance comes down to communication and the amount of money it costs to take care of repairs. We don’t charge you when we send people out. You pay only for what the repairs cost.

Property Management Charlotte: Leasing Fees

We do not charge an exorbitant amount to find you a tenant. You’ll see leasing fees of half a month’s rent with other management companies. The most you’ll be charged with us is 20 percent, and that pays for an external company bringing us a tenant if that’s how we locate a qualified renter.

We aren’t a large company. We manage about 100 homes, and that benefits you because we are closely involved with you and your property and everything that goes on there. We work hard.

Communication, maintenance, and your money are important things to take care of for you. We’d love to tell you more about our Charlotte property management services, so please contact us at Carolina Living Real Estate.

Why Should You Buy a Charlotte Rental Property with a Loan? Charlotte Property Management Advice

Buying Charlotte Rental Property with a Loan? Carolina Living Real Estate Property Management Advice

Are you an investor evaluating whether to buy Charlotte Investment Property with cash?  Is that even an option for you?  Buying the right Charlotte investment home with a loan makes a lot of sense too. That’s because you’re buying an appreciating asset that grows in value over time while a tenant pays your mortgage. The return on that investment can be very good.

Down Payments and Rental Income

Let’s look at an example.,Consider a home priced at $200,000. An investor looking for a mortgage will most likely need to put down 25 percent of the purchase price. That’s $50,000 for the down payment, leaving you with a mortgage loan of $150,000. The Principal, Interest, Taxes and Insurance monthly payment will run in the neighborhood of $1,050 a month. Choosing the right property with our assistance will allow the rent you earn on that property will easily cover those costs.   With our deal analyzer we can walk through these costs and potential rents to ensure that you are positioning yourself for success.

Appreciation Estimates

Even more exciting than what you earn in rent is what you are earning for the future. If the property in this example appreciates at three percent per annually, the home would have an estimated value of $231,000 after five years. That’s an appreciation of $31,000.  This gain compared to the original $50,000 investment you made equates to a 62 percent return on investment. We invite you to find a better return with any investment vehicle.  It’s also worth noting that the three percent appreciation rate is very conservative. Last year, values grew at better than 5 percent. In our market, there’s usually an annual gain of four percent or higher.

Carolina Living Real Estate Property Management

If you’re thinking about buying investment property or you already own some then please consider joining the Carolina Living Real Estate Property Management family. Call us today to learn why over 90% of our clients are Referrals from past and current customers. You’ll be glad you did.

Note:  If you own multiple properties as us about negotiating our rate to manage your portfolio.

Property Condition DOES Matter – Charlotte Property Management

Does Property Condition Matter? – Charlotte Property Management Experience says:

Some rental owners are what we call accidental landlords who end up renting a property because they couldn’t sell it for one of numerous reasons. In these situations, money is often an issue. Even on a budget, it’s important ready the home for another family to move in as a rental.

Charlotte Property Management: Make it Look Nice

We have found that many of the owners in these situations know of cosmetic issues but they don’t want to spend the money to fix them. The most common issues are carpet stains and wall marks. Frequently there are other items that need attention that the need attention but it did not bother the owner while living there.  However, most likely it will bother a prospective tenant. Too often, these owners don’t want to spend the money to address these issues, and they want to rent the property as-is. It may seem like you’re saving money with this approach, but the reality is that its not.

Charlotte Property Management: Everyone wants a quality Tenant 

The reality is that Property Condition and quality tenants go hand in hand. Think this through carefully. You want to consider the tenant who would be willing to rent the property in as-is condition. It’s not likely that they have good standards themselves or they will have the mindset that the owner does not care so why should they. Our Charlotte landlord advice is simple: deliver a product in great shape to get the highest possible rent and quality tenants. The investment you make on those cosmetic repairs will be well worth the money and the time.

Charlotte Property Management: Holding Tenants Accountable

We require the tenant to return the property in the same condition it was delivered to them, and we hold them accountable, as we should. So it’s important to do the right thing and present a property that the tenant is proud to call home. If you want to get the home returned to you in excellent condition, you need to make sure the home you hand over to the tenant is in excellent condition.  We have even created a document to be signed by all parties that are specific about what is and what isn’t normal wear and tear.

 

Do Owners Need To Fix That Appliance? Charlotte Property Management

We get asked all the time by our owners if they are required to fix certain appliances. The ones most asked about are washer and dryers,  garbage disposals and refrigerators.

According to the North Carolina Landlord Tenants Rights Brochure, the Secretary of State defines this part of Landlord Responsibilities the following way:

“Maintain in good and safe working order and promptly repair all electrical, plumbing, sanitary, heating, ventilating, air conditioning, and other facilities and appliances supplied or required to be supplied by him provided that notification of needed repairs is made to the landlord in writing by the tenant except in emergency situations. “

The key to the above statement is what we highlighted.    Some of our investor clients have chosen to remove things like garbage disposals because they tend to go bad and/or get clogged.    Obviously, if you do not supply one you don’t have to fix it.   However, you need to keep in mind that to get the homes rented, you need to supply some things that tenants typically do not have.   These include microwaves, refrigerators and  HVAC systems.

The other thing we get asked is this.  Can we supply the appliances and then put in the lease, “Supplied but not supported or fixed”.   The easy answer is that we can try.  However, if a tenant questions it and takes it to court, the above statement from the attorney general will most likely take precedence.

Hopefully this helps.   If you are looking for a fair knowledgeable Charlotte Property Management company, ask us for help!

What Exactly IS Normal Wear and Tear – Charlotte Property Management

So, Here it is!  The question we get asked the most from our owners!   Even the definition leaves us dizzy!  Websters:

 “The loss, injury, or stress to which something is subjected by or in the course of use; especially normal depreciation.”

However, what is normal depreciation to the owner may not be to the tenant.    Even though we are in Charlotte NC, Texas may have defined it in a better way:

“…deterioration that results from the intended use of a dwelling…but term does not include deterioration that results from negligence, carelessness, accident or abuse of the premises, equipment or personal property by the tenant, by a member of the tenant’s household or by a guest of the tenant.”

One of the best ways to look at this is evaluation the most asked about real world examples:

Landlord Responsibility Tenant Responsibility
A few small nail holes, chips, smudges, dents, scrapes, or cracks in the walls Gaping holes in walls from abuse, accidents, or neglect. Unapproved paint colors or unprofessional paint jobs. Dozens of nail holes which need patching and repainting.
Carpet faded or worn thin from walking Holes, stains, or burns in carpet. Food stains, urine stains, and leaky fish tanks.
Faded Paint Water damage on wall from hanging plants or constant rubbing of furniture.
Scuffed varnish on wood floors from regular use Chipped or gouged wood floors, or excessive scraps from pet nails

Those are just some of the most FAQ’s.   We recently had a situation where the tenant attempted to fix the nail holes and scuff marks themselves and did touch up paint.  On one had they did try to make things right.  On the other hand, the touch up paint did not match and and actually made it harder to fix.  This one had owners worried that the tenant would dispute their holding some of the funds but at the end of the day, it went beyond what was normal.

We have found that for tenants that try to do the right thing should always communicate before trying anything.   At the end of the day, however, tenants really know when they the damage is excessive but it does not prevent them from complaining about it.

Contact us, we can help with this stuff!  We do the research and have real world examples on how magistrates might rule!

 

 

Charlotte Property Management Eases The Pain For Landlords

Whether your looking for Lake Norman Property Management or Charlotte Property Management, the fears are all the same.  Landlords today whether they are investors  or not are just trying to increase the bottom line. Most non investor landlords today fall into two categories.

1. They realize they are upside down and do not want to sell their home and have to bring a big wad of cash with them.

2. They have equity in their home but have spent too much of their own time and money not get compensated for their efforts and investment.

In both scenarios, the owners have tremendous fear in allowing someone else to live in their home. This is where Carolina Living  comes in.

We sit down with everyone one of our homeowners before they rent and we explain the process and more importantly we set expectations. Most people can handle most things whey they are prepared in advance.

In our experience, the first 30-60 days are the hardest for the landlord. We spend time explaining why this is the case.

We talk to our homeowners about insurance, our handyman services and we give advice on how to mitigate some of the fears.

In this market, many companies/agents have dived in this business but have no experience to prepare homeowners for what happens and what we can do as a team to allow them to sleep at night!

We do are best to try and prepare you for what is to come. This makes everyone’s lives a little easier.

We also work with numerous Charlotte area Investors.   We manage portfolio of homes and are more than willing to negotiate our fees based on multiple properties.  We have been told by multiple investors that what they like best about us is our size ( small to medium with about 100 homes under management) and our willingness to tailor our services to their needs.   The larger companies may have very strict procedures in place but that does not always work for every investor.   To discuss our services further, please call us with no obligation at 704-755-5308.

Another Reason To Hire Carolina Living Real Estate

We realize that some people are more comfortable hiring the very large property management companies around Charlotte.   As they say,  ‘You can’t win them all’.  Admittedly the large companies have large staffs and very stringent procedures in place.   However, there is a side of this that we have learned does not turn out ask expected.   Recently we had an owner contact us about managing their Cornelius townhome because it has sat vacant for 4 months.   The location of this home and vacancy was very baffling because the average time on the market for Carolina Living Real Estate is less than 30 days for this area.

Adding insult to injury, they company this owner hired charged her $75 a month to manage a vacant home.   I am not sure what services are offered for this but we feel this is very excessive.  They management fee she signed up for was also 10%.

The argument for smaller companies is the personal treatment you receive.  The above mentioned property rented in 12 days by Carolina Living Real Estate.   I was told that the property was advertised in the wrong neighborhood by the previous company which we have not confirmed.  However, with smaller companies ( we manage 90-100 homes) we are not trying to keep up with hundreds ( sometimes thousands) of properties.   We can give more attention.

Here is a list of things we know make a difference.

  1. We do not charge you to manage a vacant property.   If we need to go change filters etc., we will ask to be reimbursed for that but we don’t have a monthly fee.
  2. We do not charge you to find a tenant.   Our fee to find a tenant is $100.00 depending on who finds ( our firm or another ), can be less than the normal amount.   This is why we are more motivated to find a tenant.   We do not make money ( like others ) until we get a qualified tenant.
  3. We charge an 8% mgmt. fee.

Those is a small portion of the reasons to at least inquire about Carolina Living Real Estate and Property Management.

 

Landlords – Tired Of Dealing With Your Home Around Charlotte

DISCOVER HOW A LEASE-OPTION CAN WORK FOR YOU!

 

Compliments of Roby Robertson

Have you ever had bad renters? Late Payments? Damage to your property? Land lording has never been fun, especially when you have a nice home with bad tenants.

Have you ever tried to sell a home and it seemed as though nobody was interested in it? The Realtor couldn’t sell it after they convinced you to list your home. You thought about renting it, but realized that wouldn’t work due to Land lording headaches. You must leave town and the home sits vacant.

Your home sits vacant and you have no hope of it selling. You will probably make three or even four mortgage payments. Your insurance company could cancel your homeowner’s policy if the home sits for 30 days or more. (Read your policy!) Your home sits there with no bites and you think about reducing the price to sell it quickly. You know you need to do something NOW! Here’s the solution: Lease-Option.

WHAT IS A LEASE-OPTION?

 

LEASE + PURCHASE OFFER = LEASE-OPTION AGREEMENT

Definition:

A Lease-Option is simply a lease agreement combined with a purchase contract, which gives the new tenant/buyer the right to purchase your home under specific terms.

LETS LOOK AT A LEASE-OPTION EXAMPLE…

Here’s an example that we have actually done. The seller wants $135,000, rent of $1150 per month with a rent credit of $200, and a term of 2 years.

Sales Price: $135,000                            Monthly Rent: $1150

Rent Credit: $200 Each Month                         Term: 2 Years

(Rent credit is only a paper credit. It is deducted from the purchase price.)

Usually there will be a monthly rent credit of 15%-25% of the rent. This credit is applied to the purchase price ONLY! So if the new buyer buys in 1 year, they would have a total of $200 x 12 months (1 year) = $2400. Subtract the $2400 from the total sales price of $135,000.

$135,000 – $2400 = $132,600

(This is the new purchase price)

(Rent credits are a great incentive for buyers to always pay you on time or they do not receive a credit for that month.)

What’s The Point?

You may be asking yourself, “What’s the point of this real estate lesson?” Well, first we are not Realtors; we are a group of private investors that specialize in Leasing, Buying, Fixing, Marketing, and Selling Houses.

We offer a unique Lease-Option plan that will fit your needs. We will Lease-Option your home from you at an agreed price and terms. We will find a suitable tenant/buyer that we will qualify, to live in your home. When our tenant/buyer is ready to buy, we will help them get financing to buy your home. We will then buy the house from you and the new buyer will buy the house from us. Our price is higher than what we bought it from you. This is a WIN/WIN situation.

SELLER BENEFITS:

  • Build Equity every month
  • No long vacancies
  • Safer than conventional rentals, better quality tenants
  • No management headaches
  • Receive full asking price
  • Receive non-refundable down-payment
  • No or little maintenance costs or repairs
  • Tax benefits

Why Don’t I Just List It With A Realtor?

It won’t hurt you to list your home unless it doesn’t sell or all you get is low ball offers.  If you are more comfortable with a Realtor,  I can help.  I am also a Realtor working with many investors.   I treat things differently than most Realtors and I am happy to discuss those differences with you.

However, if  we all agree that the Lease-Option is the best option for selling your home,  we take it seriously. We treat your home as if it was ours. We are constantly thinking of ways to move your house faster, so you can get on with your life.

What If The Tenant/Buyer Tears Up My Home?

Well, there is no guarantee that the tenant will not damage your home. But under our agreement, if that happened, we would repair it at our expense. Our goal is to find a buyer that will be able to qualify for a loan. It has been our experience that Lease-Option buyers treat the home as if it was their own, so damages are rarely a problem.

What About A Property Manager?

A property manager will charge you around 10% of the monthly rent. Sometimes you will need to follow up on property managers to make sure they’re doing their job. Anytime there are repairs needed, the property manager will call a repairman to fix the problem at your expense. Not only are you losing 10% every month but also you will be paying all repair costs.

 

Call Roby Robertson Now! 704-755-5308

Website  – www.CarolinasHomeSolutions.com

Thinking of Investing In Real Estate Around Charlotte?

Want to succeed in real estate? Make sure you read this blog post to learn how to do it! If you’re ready to invest in real estate in Charlotte and surrounding areas, here are 3 tips for success…

Ready to invest in real estate in Charlotte? Here are 3 tips for success…

Tip #1. Read Everything!

Whether online or at your local bookstore or library, there is a wealth of information about real estate investing. Look for both how-to books as well as stories of others who have invested in real estate.

Read between the lines by stopping every 2-3 pages, pretending that you are that person in the story, and identifying what challenges you would have and how you would be successful in that situation. Our brains are muscles, so the more we exercise them and think about ‘what if’ scenarios, the more creative we become.

Our brains are muscles, so the more we exercise them and think about ‘what if’ scenarios, the more creative we become.  There are a plethora of websites.   Check out Bigger Pockets.  It is a great resource for Real Estate Investors.

Tip #2. Analyse the Data

Spend time every week figuring out the gross and net profit on 5 – 10 (or more) properties. The more practice that you have making calculations, the faster you will become. Research has shown that people need between 5,000 – 10,000 hours (3-5 years) to become an expert at something.

To become successful when investing in real estate, you need to become good at many different areas but if you are not getting a great deal when you buy based on the numbers, then you will not be successful.   See Tip #3 but partner with experts that can help analyze your return whether it be buy and hold, flip or other creative approaches.

Tip #3. Have Circle of Support

Inner circle – There will always be people around you who say, ‘you don’t have the ability to do that’, or ‘that is too risky’, or ‘you can’t do that here’. What you are looking for are 2-3 close friends or family who will encourage you as you move forward. Your inner circle should also include one or more real estate mentors.

You need a real estate mentor but you may also need a life coach to help you strengthen your mindset and self-confidence.

Outer circle – Those you met in person in your city or town or through books, seminars, and/or online who also invest in real estate, who will support, encourage, and offer guidance. These people will not be involved on a daily or weekly basis in your investing but they will be available as you need them.

In addition, you need to know some professionals who are familiar with real estate. You don’t go to a dentist to fix a broken arm, nor should you go to a lawyer who rarely or never is involved with real estate investments. Gather a database of real estate lawyers, real estate agents, accountants, tax planners.

You will be using their services regularly in the years to come so you want to know their level of expertise and if you can work with them on a regular basis.

Or consider this when you’re going to invest in real estate…

You’ve just read 3 tips to help you invest in real estate.  However, maybe it all seems overwhelming. Well, one suggestion is to work with a wholesaler who has already done a lot of this work for you. And that’s what we do here at Carolinas Home Solutions! We can help you skip a lot of these steps and start investing right away!

We’d love to help you find a great property that works for your situation. Simply Contact Us Here or call our office 704-755-5308.