All Forum Posts by: Doug B.

Amy,

Vison Bank provided them and has been bought by Centennial Bank

www.my100bank.com

You can also check with Kristen.  She has been able to offer them in the past.

https://www.kristenblossman.com/

Doug

I am a currently investor in the North Metro Atlanta area that is looking to expand my current rental portfolio. I am debating on which local REI club best fits my investment profile. I only invest in the North Metro Atlanta area and want a group that has good online tools and the ability to search for deals online. I am leaning towards GAREIA but I wanted to get opinions from others that also invest in the the North Metro Atlanta area. A lot of the deals that I see are for the south part of town and do not fit my investing profile. Feel free to share your opinions.

Atlanta Real Estate Investors Alliance (AtlantaREIA) – link
Georgia Real Estate Investors Association (GAREIA) – link
North Georgia REIA – link
North Metro Real Estate Investors Association – link

Justin, I am on the west side closer to pier park. I can send the complex through a private message. I supplement with Southern Resorts but still advertise on VRBO. There is also Best Beach Getaways and Pandhandle Getaways. I was lucky to get a 30year fixed due to a Fannie Me temporary exemption that only existed on two complexes from Fort Walton to Panama City when I purchased. That exemption has expired. Most complexes are condo hotels since so many are rented. This generally limits you to local lending that have slightly higher rates and only offer 1, 3,5,7,10 year arms that reset at the same interval. Doug

Justin, I have one in PCB. Below are a few ways to do a back of the napkin calculation to see if further analysis is worth it. I would recommend calling a mgmt company if you want to pursue one. Ask for actual revenue over the last two years for a unit at that complex and make sure they do not include the tax as that is not really revenue for you. Many or property mgmt companies inflate the numbers if you ask for projections and will try to include the tax. Annual revenue averages about 15 times a summer time week for a good complex.(The summer usually has about 8-10 peak weeks). You need to account for credit card processing fees, linen pulls, chair service, and Kaba lock costs. I would estimate about 10%. If you revenue is higher it might be a little lower. Mgmt fees vary any where from 15-35% depending on level of service. Furnishings are going to be about 1% of purchase price. Things will break more with a short term rental and A/C units last 10 years or less with the salt air and renters. I would expect the Summit to rent more like a hotel and likely would have less full week rentals. It is also close to the clubs and will attract college spring breakers.