All Forum Posts by: Stan Butler

Hey @Shawn Stinnettyou might as well pound sand if you want to find deals on FMLS in those two counties.  They are very few and very far in between.  I see the investor frezny in metro Atlanta being at or near what it was in 2005-2006.  People are paying ridiculous prices for homes at the courthouse steps and for listed properties that are even slightly distressed.

Hi @Amy E. given that you hold title in your LLC, the terms you outlined are in line with what I see from portfolio lenders. The 20 year amortization seems to be standard and the rates seem to fall in the conforming + 1.5 to 2% range. The 5 year balloon seems to vary from lender to lender.

Hey @Adam A. you are not going to find Hard Money at those terms.  The hard money lenders I know are not interested in making 6% with a point, while only having their money out for 6 months.  You can definitely find those terms with rehab loans using portfolio lenders.  Just visit your local community banks and talk to the right people.

The process is very fast here, one of the quickest in the nation. We are a non-judicial state so very rarely is there a NOD recorded. The property only needs to be advertised in the county paper of record for 4 weeks before the auction. So we are generally talking about a window of 28-32 days....

We had one home that was not intended to be a college rental, but that ended up being our clientele.  The pros are that you can get a premium rent because each tenant is only worried about the cost of their room.  So where we might only get $1,100 for a 3/2 from a family, we were getting around $1,300 from 3 students.  The negative is the turnover, even more so than the wear and tear.  Over the 4 years that we owned the property, we never had a group of tenants stay longer than 1 year.  Most of them live on campus their first 2 years and then look to live off campus.  The other problem is that your window for finding new tenants is very short (2 months).  We ended up selling this property and buying another one in a more family desirable area.

Thanks for sharing @Timothy Gleason!

We plan to buy a vacation condo in the next few years and "lightly" update it and rent it out for 10 years.  Then we plan to fully renovate it and make it a 2nd home for family and friends only.  We have no expectations of cash flow during the 10 years, we just want to allow people to pay down our mortgage.

Welcome @Eddie Atkinson

We have several rentals in that area and its a great place to invest.

Hi @Andrew Lackey and welcome to BP.  I am in your backyard.  Shoot me a PM if you want to connect sometime...

Hey @Donna Mc  I primarily buy in your target market so I hope you are successful.  There are very few people that seem to work those areas, probably due to the higher price points.  Let me know if I can help....

Good information from @Todd Whiddon above.  I have heard good things about Quantum Bank as well.  I have also had good luck with Hamilton State Bank, SouthCrest Bank, South State Bank and Renasant Bank.  It is definitely all about relationships with these smaller banks so dont think you can just rush in and get it done.  They want to take the time to evaluate you as a borrower, but once you prove yourself it opens up a lot more opportunities.