All Forum Posts by: Andrew K.

All,

Seeking recommendations for local Fayetteville area banks to refinance a BRRR property. Anyone have any good (or bad) experiences? What LTVs have you seen (e.g. 70-80%)?

  I'm open to using a private money lender, however I also see intrinsic value in establishing a relationship with a local bank.  

Interested parties can message me directly for additional details, as required. I'm happy to share!  

Any input is appreciated!  Thanks.

-Andrew 

@Kirsten Ostby, I feel for you! My PM also had a heck of a time finding a roofer to fix a leaking skylight in one of my places. Apparently they all still have plenty of roofing work left over from the hurricane, and insurance jobs pay better...

If the guy I have ends up doing good work, I’ll pass on his info. Jury is still out on him.

Best of luck!

-Andrew

@Rick Pozos beat me to it, I was going to ask the same thing!

@Jordan Williams, congrats on the deal and thanks for sharing! Could I ask, where did you source the note originally? Any note buying due diligence tips/lessons learned from this experiment you can share?

 Certainly a unique set of circumstances, however good on you for applying yourself and closing the deal. Can’t wait to see what you share next. 

-Andrew

@Dominic Franco welcome to BP!

After selling the house, will you focus 100% on Charlotte? Or are you considering investing in Fayetteville also?

I ask because you find that your money will go further in the Fort Bragg area. Just something to consider.

Best of luck!

-Andrew

@Angie Visintainer welcome to BP! I’m sure you’ll enjoy the community and learn a ton in the process.

Fayetteville sure is gaining a lot of interest. Pretty cool to see the place gain some notoriety.

There is pretty decent amount of Fayetteville focused investors on BP now. I’m sure you’ll have more jump in to welcome you.

I just left Fayetteville last summer, but spent about 9 years of my career there. Feel free to let me know if I can help in any way.

Best of luck to you!

-Andrew

@Ramon Klaharn have you checked out BP's state specific leases?  You can find them here: 

https://www.biggerpockets.com/landlord-forms

Hope that helps.

-Andrew

@Mauricio Ramos, I’m interested also. I’m new to the area, so not much help on venue selection. I’ll be sure to share if I come across a good option. 

 I think the format you outlined works to get started. Quick “formal” portion at the beginning and use the bulk of the time for actual networking.  

 Thanks for making the effort!

-Andrew

@Justin Fraser, very cool that you and Matt are willing to meet with local investors. What a great opportunity for folks to broaden their network and skillset. 

 I'm sure the event will be great, I just wish I was still local and could attend! 

-Andrew

  A single data point doesn't make a trend, however I wanted to provide an example in the market @Matt Greer pointed out; Fayetteville, NC. 

These are ball-park figures for my 2 bed / 2 bath townhouse:

Purchase: $30k and change (was a VA foreclosure)

Rehab, fee, utilities, etc: $20k

Rent: $800/mo

  I actually just raised the rent from $750 in DEC 2018.  My property manager (who is awesome!!) said this property received strong demand, largely because quality rentals (clean, energy efficient, and updated) are not readily available in this price range.  Much of the rentals at the $700-800 price point are dated, dirty, and poorly managed.  

The phrase "needle in a haystack" comes to mind, but I bought this place off the MLS. 1% or better deals are out there, I recommend picking a market, building your team, and focus your efforts. The key is to get started.

  Best of luck in 2019!

-Andrew

All,

Even if you don't invest in short-term rentals here in San Antonio, TX, you may be interested in following how the city is addressing this REI niche. This link will take you to the city's codes & ordinances page: https://www.sanantonio.gov/DSD/Resources/Codes#154541585-codesordinances

If you do invest here, the city is hosting another discussion regarding the proposals on 19 January 2019. You can register to attend the event via this link: https://events.r20.constantcontact.com/register/eventReg?oeidk=a07efzy8vyvcd6abee7&oseq=&c=&ch=

Is anyone out there following these changes? If so, have you made any adjustments to your business?

I’d love to add a short-term rental to my portfolio, but I’ll wait for San Antonio to fully implement the changes.

Hope this info helps those investing in the niche.

Have a prosperous 2019!

-Andrew