All Forum Posts by: Doug B.

@Tein Hlwaa

6 months is the minimum for Fannie/Freddie loans which generally have the best terms. Portfolio loans can do with less seasoning time but you will pay for it with a slightly/moderately higher rate.

If you paid cash you have another option called “Delayed Financing” that will allow you to pull out purchase price plus closing costs. They will not allow additional fund for renovations or forced appreciation(Fannie/Freddie product). You can do this without a time restriction but you will leave equity tied up in property.

I personally would wait for the 6 months unless you needed the cash right away.

if you are in the metro Atlanta area, this is a must attend event.  Great networking without the sales pitches!

@Kyle J. This is the best answer and this is how I approach.

@Anthony Finger Try very small local banks. Not sure about Texas but I have heard PenFed, TD Bank and Figure offer HELOCS on certain types of rental properties if you have enough equity and credit score/income.

@Mikhail Abbott

I would consider letting them pay for it as long as it doesn’t add more maintenance and you approve materials/plan. For example, a wood platform would require staining and board repairs over time. Where pavers/stone are no more maintenance than the concrete patio.

@Nancy Bachety

We offer an early check in for a fee. Depending on if it is off or peak season the fee is normally between 50% to 100% of the maid service that they already paid. So during the peak season they are paying double the cleaning fee.

Our normal checkin is 4pm but the early can let them in around 12. The biggest issue with the early check in is it can rush the maids which leads to guests not being satisfied with the cleaning. We definitely don’t advertise early checkin as we want to make it an exception process versus the norm.

@Jeff Z.

I would recommend reading the GA Landlord/Tenant guide. The link is below.

https://www.dca.ga.gov/sites/default/files/georgia_landlord-tenant_handbook.pdf

You can be charged up to 3 times what was wrongly withheld plus court costs. If you have less than 10 rentals then the rules are not as strict and the judge probably wouldn’t charge the extra. I would still recommend following the stated procedures even if you have less than 10.

In regards to the move in/out checklists, the move out checklist is meaningless in the courts eyes without the move in checklist/pictures. Who is to say the property was not like that when tenant moved in. When you do the move in checklist you are also supposed to document things that are already broken to make the before/after condition comparison very clear.

At the end of the day the courts are generally tenant friendly and you are seen more as a business. If you follow the procedures and have the correct documentation you are generally fine. If you cut corners you are putting yourself in a bad spot.

@Jeff Z.

I would just consider this a lesson learned. A couple of things to keep in mind.

1) You need move in pictures to show condition at move in to prove damage. I would not let someone move in without it being in move in condition as painting/repairs are subjective.

2) If you deduct from the security deposit and lose the case in court, you have to pay double the amount you deducted plus legal fees. Without move in pictures you are starting in the hole.

@Darren Koenenn

I currently own a STR in west Panama City Beach. This area and Inlet beach are very active and prices have accelerated in the last few years(Inlet might be a little overheated). I am a fan of inlet beach and insurance is better than some other areas due to the elevation. The key for STR homes is to have a water view and where you are located in regards to the beach access. Access to a pool also helps with rentals. Generally gross revenue in the area is about 5% of the home value. Beach front condos in PCB tend to trend closer to 10%.

You should also look up the legal battles in Walton county around what is public vs private beach access.

@Lorraine Patterson make sure you have spoken with a local lender. Most condo complexes that rent well are considered “condotels” and larger banks will not finance these properties as they cannot package as Fannie Mae/Freddie MAC loans. I own a condo down there and I can’t tell you how many times I hear other owners that tried to refinance with their bank and it almost always falls through. Same thing when they try to purchase an additional condo. Things changed after the housing bust.