All Forum Posts by: Brent K.

Joshua, 

As other have said I believe a posting of the listing would be helpful in drafting feedback.

With that said if it is the property, I believe it is based on my limited research……

What is the profile of your target prospective tenant? I ask because the property's location looks to be in a residential community approx.. 10 miles from the beach and not within walkability for shopping/entertainment in Panama City. I am unfamiliar with the Panama City market but my first guess would be Airbnb/STR users would pay a premium to be closer to the beach.

Did the seller provide documentation regarding STR Gross Income (100K)? And if so how does it compare? If you closed in June 2022 what were 2021 numbers for July- November and at what occupancy?

What is the PM’s response on why you are not at the same #’s?

As other's have said photos are important and I think the PM company is doing you a disservice in listing photos and description. They appear to be using some identical photos to the MLS listing from months ago even though your furniture has changed. I would expect more from my PM.

One recommendation I would make would be to try and have some consistency within the bedroom design or theme the property. From the listing photos all the bedrooms have different color bed skirting (red, beige, blue, brown, etc.), different color/patterned rugs, and different color/type of furniture, etc. For a STR beach location people often prefer a beach theme house vs standard furniture/coloring etc.

Additionally, I would remove the desk lamps for the bathroom photos.

Overall, I think it would help the listing you tried to present a more consistent theme to the home.

Again, I think you would get a better response from other and helpful ideas if you posted the Airbnb listing to get their feedback.

Andy,

A thread you may find useful about this topic is 

https://www.biggerpockets.com/... 

If you still have additional questions please post.

I would be interested in reviewing your comps on how you determined your ARV.

Closings prior to your purchase (Jan 2022) in the immediate area for similar aged homes/style etc. were

12/21/2021 - $355,000 for 1.300 sf– 4 Bed, 3 Bath (Converted Garage Space)

11/29/2021 - $310,000 for 1,309 sf – 3 Bed, 2 Bath

12/3/2021 - $285,000 for 1,125 sf – 3 Bed, 1 Bath

11/10/2021 - $270,000 for 1,125 sf 3 Bed, 1 Bath

Did you heavily weigh value for the unfinished basement in your ARV?

Why is the appraisal bad in your opinion?

Based on what I see homes of similar age, square footage, bed/bath counts, etc. are actively for sale at $329,990 (1,152 sqf), $319,000 (1,114 sft), $314,000 (1,080 sf). - (Didn't do a huge deep dive to compare interior qualities)

Regarding the home specifically.

What was the reasoning on not updating the orange tile in the bathroom?

In a 1.5 bathroom house the full bath I imagine is a major selling point for prospective buyers.

Same general question on why did you paint the wood paneling vs adding new drywall?

With your permission I will post the listing for others to review as I think it may be helpful in them crafting feedback.

John,

I am not a lawyer but I think you need to get one asap. My background is alittle in the real estate research area. From the fact you listed before. I know the following.

1) The company you dealt with has been involved with the property since 2009.

2) There is a "sale" recorded GSCCCA with the property after your date of purchase.

3) The property is currently listed as active within the Atlanta MLS system (FMLS). Listed as being rehabbed in 2010.

4) The was a public recording of NOTICE OF FORECLOSURE OF RIGHT TO REDEEM that was to expire the date after you closed.

5) The company you are dealing with address is listed with a real estate litigation.

If you need any more info please PM me or ask me to put the info out there other people can verify what I have found.

Respectfully,

  A guy who used to live in atlanta.

BK

Morris,

For Georgia it may be useful to contact the attorney associated with the foreclosing entity.

1st you would need to check the legal organs that announce that a property was going to be foreclosed on. Below is a website the contains all the counties papers that publish the notice in Georgia. Once there you select the paper and search for where the foreclosures are listed.

http://www.georgiapublicnotice.com/pages/legal_organs

You mentioned Gwinnett county for example. Their paper is the Gwinnett Daily Post. Under the marketplace tab on the front page is the dropdown for "Legal Ads". Click on link and it will take you to another page where you select option #950 "Foreclosures". From there select the case/property that is being foreclosed on. That case will contain all the information about the borrower, lender, property, etc., etc. At the very end you should find the contact info for the attorney handling the foreclosure. Just give him or her a call a day to two after the auction and they should be able to confirm if it was indeed sold and in some cases how much the amount was. This method would be faster than the waiting for the public records to update their databases. Below is a link of what the announcement looks like.

http://secure.adpay.com/clicknbuyliners.aspx?p=2205&itemid=2729670&networkview=False&catid=950&pcatid=LEGAL&region=2205

Hope this helps.

http://web.co.dekalb.ga.us/dk_police/pol-crimetrac.html