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All Forum Posts by: Jack Tucker

Jack Tucker has started 58 posts and replied 244 times.

Post: Tiny House in Athens, GA - Would BRRRR or Airbnb Work?

Jack TuckerPosted
  • Real Estate Investor, Flipper, PM, vacation rental, Wholesaler
  • Athens, GA
  • Posts 260
  • Votes 210

@Jane Wish

AirBNB is not viable right now.  I have a couple of vacation rentals on campus and a 600 sqft 2 bedroom near downtown in Athens. Unfortunately, the CoronApocalypse has cancelled every single booking until further notice.  One strategy @Ethan Atkinson should consider scaling up our automation and making off-market Low offers via the Airbnb platform right now.  We should work on that with our tech group.  I know I'm not the only AirBNB owner feeling the pain and  KNOW these folks see no end in sight with zero income and would consider some fast cash.  

Post: Just got a gas / convenience store under contract - help!

Jack TuckerPosted
  • Real Estate Investor, Flipper, PM, vacation rental, Wholesaler
  • Athens, GA
  • Posts 260
  • Votes 210

College town of Athens GA

Same side of the road and around the corner from a large trailer park.

A good bit of development coming into this corridor.
Healthy and growing traffic count Owner wants to retire but willing to continue operating and pay rent back for 1 year at $5k/month.

Plus 2 other separate spaces that could be rented out for 1000-1500/month extra.

Price includes business plus real property

Was listed for $1.2 Million in 2006.

Independently appraised in 2013 for $725k Real estate is tax assessed at $550k. Typically the assessed value is way under
Under contract and in diligence.

2 acres of commercial general, with only 1 acre being used.

Not sure if this is a good deal or not.

Do you know anything about these?

With whom should I talk ?

Thanks,

Jack

Post: Off market gas station offered at 12 cap in growth area ?

Jack TuckerPosted
  • Real Estate Investor, Flipper, PM, vacation rental, Wholesaler
  • Athens, GA
  • Posts 260
  • Votes 210

part of the revenue is the attached convenience store. 

I don't think he knows what he's got... but frankly - at this point - neither do I.  However my investor superpowers are tingling. My gut says there's a good bit of meat on this bone. 

Thanks, Jack 

Post: Off market gas station offered at 12 cap in growth area ?

Jack TuckerPosted
  • Real Estate Investor, Flipper, PM, vacation rental, Wholesaler
  • Athens, GA
  • Posts 260
  • Votes 210

No experience with this asset class. I'm good with multi family but this is a different animal.

Athens GA

Mom and Pop Owner ready to retire wants to sell real property and his business. No current franchise. 2016 tax returns show a fully burdened claimed 87k NOI. This is what he paid taxes on so not sure what the "real" profit pocketed if you catch my drift.

He's willing to let it go at a 12 cap for $725k. Was on market in 2006 for 1.2 million. Seems like a heck of a deal. What diligence do I need to do here?

Help! Thanks in advance. 

Post: Ernest monies

Jack TuckerPosted
  • Real Estate Investor, Flipper, PM, vacation rental, Wholesaler
  • Athens, GA
  • Posts 260
  • Votes 210

We buy dozens in the southeast and $500 - $1000 is sufficient unless we are taking down commercial properties or 10+ unit multifamily deals.

Post: Collossal Cashflow - College Cash Cow Condos - $3,950/mon @ $265k

Jack TuckerPosted
  • Real Estate Investor, Flipper, PM, vacation rental, Wholesaler
  • Athens, GA
  • Posts 260
  • Votes 210

For those that love their Alliteration with a big scoop of Cashflow

12% Cap anyone?  College rentals anyone?  Potential Vacation Rental... 

Located in Athens GA home of UGA. Five Points Area

One 5 bed 3 bath unit with over 2500 sqft that rents at $1250 (this should be higher between $1400-1650) and Two 4 bed 2 bath units rented at $1,350 each.  

I just sold a comp to the 5/3 at $139k. These units are offered at a discount and cashflow like champs.  These units are in great shape.  

We are willing to assign, but if we don't I'm happy to put it in our portfolio alongside our other condos that are in the same University campus area.

Yes, my company is willing to professionally manage these units at 12% of standard collections or 30% of vacation rental revenues.  We will also happily refer you to other PMs in town.

Send me an email for more info and Proforma.  First cash buyer wins !

Post: Deal Analysis Training - Athens, GA

Jack TuckerPosted
  • Real Estate Investor, Flipper, PM, vacation rental, Wholesaler
  • Athens, GA
  • Posts 260
  • Votes 210

@Jason D.

@Joseph Hoot

In answer to your questions about hood. 

Post: Deal Analysis Training - Athens, GA

Jack TuckerPosted
  • Real Estate Investor, Flipper, PM, vacation rental, Wholesaler
  • Athens, GA
  • Posts 260
  • Votes 210

Tallassee is a C class property at best. Many investors have been tempted on the west side of Athens only to find that the costs and tenant class were not in the spreadsheet assumptions. We own and self manage over 100 units and NOT ONE is on the west side. that's not an accident. Anything I get under contract over there I assign because there are some areas I just refuse to hold. For example I just assigned a $650 per month rented townhome for just $25k on the west side. The investor should do fine but he's getting a steep discount. 

Be sure to talk to owners that have made plenty of those mistakes and still thrived with value-add investing. Ethan has brought me plenty of buyers for my wholesale deals. If you want to see them directly or get advice about different areas and if all those assumed numbers are "real" just shoot me a PM. When you are the biggest wholesaler in Athens you must be able to peg not just ARV but costs, NOI and the going cap rate by neighborhood.

Post: Looking at a Quad in Georgia

Jack TuckerPosted
  • Real Estate Investor, Flipper, PM, vacation rental, Wholesaler
  • Athens, GA
  • Posts 260
  • Votes 210

For example two 4 bed 2 bath condos next door to each other rented for $1350 each. $2700 per month rent and offered at $180k. 

I have another condo that's 5 bed 3 bath with upgraded kitchen and baths with market rent at 1250 to 1400  can let fly for $85k

Hurry before I change my mind and keep it as vacation rental. We currently manage one I wholesaler recently. Can make great money with these larger units in Athens. 

Post: Building a rental portfolio: Start small?

Jack TuckerPosted
  • Real Estate Investor, Flipper, PM, vacation rental, Wholesaler
  • Athens, GA
  • Posts 260
  • Votes 210

I have also found there to be a lot of value in condos. For example, I have 3 rather large condos currently rented at $1350+1350+1250= $3950 per month that I could let go to a cash buyer for only $270k.   The Pro-Formas show a 12 cap rate On that one.  Vacation rental for even more.  I have another package in a neighborhood that's a slight step up that rents for $4950 that I can let go at $400k. These are  below market value and off-market deals, but if you spend the money on direct mail and hunt as hard as my company does,  there is value  in Athens in  The condo  asset class.