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Do Owners Need To Fix That Appliance? Charlotte Property Management

May 30, 2017 by

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!

Filed Under: Property Management Tips Tagged With: , , , ,

What Exactly IS Normal Wear and Tear – Charlotte Property Management

May 9, 2017 by

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!

 

 

Filed Under: Charlotte Property Management, Property Management Tips Tagged With: , ,

Charlotte Property Management Eases The Pain For Landlords

April 13, 2017 by

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.

Filed Under: Property Management Tips Tagged With: , ,

Another Reason To Hire Carolina Living Real Estate

March 23, 2017 by

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.

 

Filed Under: Property Management Tips Tagged With: , ,

Landlords – Tired Of Dealing With Your Home Around Charlotte

February 16, 2017 by

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

Filed Under: Property Management Tips Tagged With: ,

Thinking of Investing In Real Estate Around Charlotte?

February 13, 2017 by

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.

Filed Under: Charlotte Property Management, Lake Norman Property Management, Property Management Tips Tagged With: , , ,

We Have The Solution For Your Property Needs Around Charlotte

January 11, 2017 by

Carolina Living Property Management is now a part of a solution provider that can assist anyone with any of their Real Estate Needs.

If you are tired of managing your property but want to continue with the income, we offer a turn key management solution that is low mgmt. but high quality service.   You can read other posts on this website and learn more about us or you can call us at:  704-755-5308

If you are tired of owning real estate property and want a real quick fix, We announce Carolinas Property Solutions. We will offer fast fair solutions with purchasing your home.

If you prefer to work with a Charlotte | Lake Norman area Realtor, you can talk to Roby Robertson.  He has been very successful in selling homes all around Lake Norman and Charlotte.   Call him at 704-594-3014.

Lastly,  if you need a place to rent or are looking to find a rent to own opportunity,  we offer this solution to many of our clients.   You can learn more at Carolinas Home Solutions Rent To Own Program.

We are proud to offer any solution you may need to your most important assets around Charlotte.

Filed Under: Property Management Tips Tagged With: , , ,

The Surprising Truth Of Being A Landlord In Charlotte

December 23, 2016 by

Do you own a rental property in Charlotte or the Lake Norman area? Make sure you know the surprising truth of being a landlord in Charlotte and Lake Norman because it’s not always what you think it’s going to be…

truth about being a landlordWe at Carolina Living Property Management offer a wide range of Solutions for you!

Owning a rental property seems like a great idea. You buy it cheap, you find a tenant, and then you profit from the rental income while you manage the property… how hard could it be?

Problem is, it’s often much harder than people realize and you may find (as many landlords do) the surprising truth of being a landlord in Charlotte: You give up your personal life – no more private time, no more vacations, no more weekend getaways… all because you’re so busy as a landlord.  This is where we come in as your Charlotte Property Manager.  We are turn key property managers freeing up your time to enjoy life!

There’s the work required

Owning a rental will keep you busy. There’s the work required to find the property, then to fix it up, then to find a tenant, then to answer the phone from them every time they call. Even if they call late at night because the toilet is overflowing, you have to take their call and deal with it. That means: no more vacations, either, because what will happen if the toilet overflows while you’re in a different country?

There’s the time

Some landlords try to own a rental property while they have another job but many discover that it’s just as time-consuming… it’s like having a second full-time job! Between chasing down your tenants to fixing things around the house, it’s one thing after another and you may simply not have time to work at your other job… and that’s with ONE rental property. Landlords who own two or more are even busier.

There’s the cost

Rental properties aren’t cheap. Sure you get some rental income from the tenant but you also have to take care of the property, fix it up, make upgrades, and repair it if the tenants trash it when they leave. In other words, the costs add up and the financial rewards of owning a rental property may not be there for you.

There’s the stress

When you add up all of those things so far, it equals STRESS! You’ve got so much to juggle with the rental property, and you worry about it constantly, and perhaps you even fear opening the mail because you may find bad news in the next envelope. That’s no way to live.

If you own a rental property and want to get rid of it, this is where we can also help. We buy properties (even frustrating rental properties that have damage or bad tenants you can’t get rid of). Can we make you an offer on yours?

Click here now and fill out the form or call our office at 704-755-5308 and we’ll make you a fair offer today

Filed Under: Charlotte Property Management, Property Management Tips Tagged With: , ,

How Does Rent To Own Homes Work in Charlotte?

November 27, 2016 by

Rent to own a house is also called lease to own house (or a whole slew of other phrases… like “lease option”, etc.).

So how does rent to own homes work in Charlotte and other parts of NC?

How Does A Rent To Own Home Agreement Work?

It is kind of similar to a car lease.

In this kind of arrangement, the renter rents a house from the owner of the house and pays monthly rental fees for living in the house. After a given period of time, negotiated up front, the renter can decide to purchase the house at a price that the renter and owner of the house agreed upon at the start of the rent to own agreement.

Of the monthly rent paid to the owner, a fraction can sometimes go towards down payment of the house depending on the local laws and guidelines. Sometimes applying part of the monthly rent to the purchase price is now against the law because of a law passed by Congress called the Dodd Frank Law.

The Rent To Own Contract Agreement – How It Works Here In Charlotte

The contract the buyer and seller draw up should be very clear. You should understand the nature and terms of the contract properly before signing it.  Make sure you ask the seller lots of questions if you’re not clear about anything at all.

This arrangement has got advantages for both sellers and buyers alike… but also some huge benefits. So understand both the pros and cons so you can make a great decision for you and your family.

The Financial Parts Of The Rent To Own Agreement

First, the seller has to set the purchase price and monthly rent for the house.

The Monthly Rent

The purchase price is usually retail value for the house in today’s market.  The monthly rent is usually a bit higher with a rent to own / lease option agreement than if you were to just rent a house normally.

Why?

Because you’re paying for the ability to purchase that house at the end of the agreement and you’re locking that house down so others can’t purchase or rent it during the entire term of the agreement.

The Purchase Price

The agreed and signed price and rent is settled and locked during the entire rental period of time, which is usually between one and three years.

The agreed price doesn’t change during the agreement based on market prices in Charlotte, whether they rise or fall.  That’s one of the big benefits of buying a house here in Charlotte with a rent to own… that you can lock in to buy a house at a price today… and not have to buy the house for 1 – 3 years… and that purchase price won’t go up over those years.

 

The Option Fee / Upfront Payment

There is an option fee that the buyer pays the seller. It is a set amount of money payable to the seller by the buyer before you move into the house. This amount can really vary based on who you’re working with and the house price… but a rule of thumb is usually 1-5% of the total house purchase price is what you can expect to pay upfront to enter the agreement… and this payment is usually non-refundable if you decide to NOT buy the house at the end of the agreement.

This option of buying a house in Charlotte with a rent to own agreement is very good for buyers who would otherwise be unable to purchase a house or whose credit score wouldn’t meet the required threshold for a mortgage.

For sellers like us, the rent to own opens up the potential “buyers pool” so we can help more people get into great homes.

For buyers, it lets you work toward home ownership and have that sense of pride you feel when you own a home.

The End Of The Rent To Own Agreement… What Happens?

Of course the idea of getting into a rent to own home in Charlotte NC is that during the rental term… you improve your credit and financial stability so you can get a normal home loan at a bank.

So during that whole period… you should be really working to improve your credit… save up money… and work with a local Charlotte mortgage broker or bank to get pre-qualified BEFORE the rent to own agreement expires.

At the end of the rental period, you as the tenant / buyer have the choice to either buy the house at the price in the agreement… or you can walk away and not buy the house just like a normal rental house.

If you choose not to buy the house, no biggie at all.  You can move out of the house and onto another house… or under special circumstances you may be able to update the rent to own agreement to give you a bit more time to get qualified for a bank loan to buy the house.

With our local Charlotte Rent To Own Program our ultimate goal is to help you reach your goal of home ownership. So we can be flexible often times if you need an extra few months to get things lined up financially and with the bank to close on the house.

Just like in any other way of buying a house in Charlotte, there are mutual pros and cons for both the buyer and seller.

So just do your research… keep browsing this website and check out our Frequently Asked Questions page… or give us a call anytime at  704 451 7051 or shoot us an email on our Contact page to chat with us and our local rent to own program.

Last… have you found the [market_city] rent to own house that’s perfect for you yet?  If not, join our Early Property Alert List below to get email alerts quickly when we have new rent to own houses in the Charlotte NC area available.

Sign up today for help around Charlotte, NC Here >>

Filed Under: Property Management Tips Tagged With: ,

4 Costs Associated With Rental Property Charlotte

November 6, 2016 by

Carolina Living Real Estate has lots of experience advising investors with the purchase of Rental Property in and around Charlotte. If you’re thinking about investing in rental property, you’re probably doing your due diligence to make sure it’s right for you. Likely, one step in that due diligence is figuring out what expenses you’ll pay. Smart! To help you, we’ve created this list of 4 costs associated with rental property in Charlotte…

When it comes to investing in rental properties, it’s easy to think of the cash flowing income. But remember that your profit doesn’t come from the gross rent but what’s left over after your expenses. For that reason, here are 4 costs associated with rental property in Charlotte that you should be aware of…

4 Costs Associated With Rental Property In Charlotte and the Surrounding Areas.

#1. Taxes And Fees

One of the costs you’ll have is the property tax you’ll pay, which could include property tax, school tax, municipal taxes, waste and recycling tax, HOA fees, as well as any potential income tax on your rental income. We can’t give you an exact amount that you’ll pay (it depends on a number of factors) but you should be aware of what the taxes will be.

#2. Insurance

Rental property is an asset and you’ll want to make sure that you and your asset is protected. For that reason, you should insure it. Make sure you insure the property and structure against damage (such as fire), as well as have some liability insurance in case your tenant or a visitor hurts themselves. Your tenant should also have insurance on their belongings.  Your Charlotte property manager can assist with ensuring the tenant has the adequate insurance.

#3. Upkeep

Another cost, which may be harder to estimate ahead of time, is upkeep costs. This includes things like the costs to maintain and repair the furnace, hot water tank, roof, and the plumbing and electrical systems in the house. Upkeep costs would be incurred whether you live in the house or your rent it out, and they’re important to ensure that your rental property is a nice place to live.

#4. Time

This last cost might surprise you but it’s the cost of owning a rental and dealing with tenants. You’ll need to spend some time finding a tenant, doing a background check, making sure they pay their rent on time, and occasionally checking on the property. And, since “time is money”, there is a cost implication to you. It can be minimized, though, with an investment into a good property and Carolina Living Property management team.

Summary

Before you let this list scare you away, remember: every investment has costs… whether it’s the transaction fees or management fees charged by your stockbroker or mutual fund manager, or whether it’s these 4 costs associated with rental property in Charlotte. What’s important for you to decide is whether the benefits far outweigh the costs. And when it comes to rental property, we believe they do.

Want to see what rental properties we have available in our inventory? We’d love to show you. Click here now and fill out the form to get access or call Roby at 704 451 7051 and we’ll make sure to get a list of our latest rental property inventory over to you right away.

Filed Under: Charlotte Property Management, Lake Norman Property Management, Property Management Tips Tagged With: , ,
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