All Forum Posts by: Dylan H.

@Josh Gardere Like most zip codes in Savannah, 31405 has good and bad areas. You've got Ardsley park which is one of the most expensive and desirable locations just south of victory in that midtown area of 31405. Then you have very sketchy areas with $30k houses to the west of that, so it really depends. I would highly recommend 31404, solid transitional zip code with lots of neighborhoods that are seeing great change and foreseeable appreciation (let alone the fact that I believe 31404 appreciated 16% this past year). Feel free to shoot me a PM with the addresses you're looking at and I can give you a more in depth description of the area. That being said, street view in Savannah is pretty accurate as far as what you see is what you get.

@John Roberts Most attorneys will not give you a contract due to liability issues, just grab the generic Georgia Realtors contract that has an assignable clause. I wouldn't bother an attorney until you have a deal under contract just because they won't take you seriously because everybody and their mother wants to be a wholesaler. Get a deal under contract, then PM me and I'll give you some rockstar attorneys that will be more than happy to help you out.

@Austin DeVore I would highly recommend reaching out to the team at Trophy Point Realty Group in Savannah. A bunch of agents that are in the trenches investing themselves and are currently helping long distance investors as well. They are truly a one stop shop for investors and the place to go.

@Kimberly Lyon I haven't used who I'm recommending personally but a lot of investors in Savannah love Anthony D'Aguillo with Seaport Real Estate Group. Best of luck!

Listen to at least the first 300 episodes of the OG BiggerPockets podcast in order, you'll have all the education you need, then you'll know what you really want, and what direction to head.

@Kenneth Stelmack Hey Kenneth! I bought when I moved to Pcola to house hack and turn into a long term rental, glad I did it and would do it over again even at the current market prices. Just like @Matt Jones said, be ready for a fight when you start slinging offers, anything decent that you're going to want to buy is going to go to "highest and best." I think even about 18 months ago when I bought my place there we had like 5 offers at highest and best and still paid over asking (luckily it appraised for what I offered). On that note, my Fiance was putting in offers in Pcola for another place and even though we had a super strong over asking price offer they went with someone else due to the worry that the appraisal would come in low (For VA you can't buy a property if the appraisal is below your offer, conventional you can just bring that extra cash to the closing table if you want but VA wont allow it, so you're kind of at a disadvantage now if you plan on going VA). I would say you pretty much have two solid options for where I would recommend buying, either between the back gate and Perdido, or East Hill area. Back gate is super far and inconvenient to get to Downtown or Pensacola beach, on the flip side you're 5 minutes from Base and 10 min max to the NFO squadron parking lot and 5-10 minutes from Perdido which in my opinion is a better beach (more low key less party vibes, easier parking at Johnson's beach national park (free for military). If I could go back I think I would choose East Hill even so, downtown is where all the action is, good food, etc, Pensacola Beach is still close and great. But the caviat there is East Hill is probably the most sought after area to buy in Pensacola, so you're looking at $2-300/sqft, so crazy prices, and could very easily get out of your affordability for anything decent. Back gate you'll have a lot of your typical 3/2 type homes that are going for closer to $140/sqft currently, think like 1500-1600 sqft type of stuff with fenced yards for ~$210kish.

Long story short would definitely try and get something if you can. Take advantage of the 2 of the last 5 years tax and depreciation recapture rule. Maybe sell after 5 years of ownership, cash out and roll it into something with a better return. Tons of flight students are buying houses thinking they can just rent to flight students by the room or whatever for above market rents, and it's really over saturated (I know because that's what I'm doing). Would expect to basically break even on rent, not going to find a 1% rule deal in PCola for a long term rental. But yeah long term you can't go wrong really.

@Matthew Holland Hey Matthew! Yeah the Savannah market is crazy for both single families and multi family stuff. You just probably aren't going to find any good deals on the market, and honestly even off market is super competitive. No really such thing as a 70% rule flip in Savannah just because people are paying 75-80%. Look up the Savannah Real Estate Investors facebook group, there are a couple of active ones. Lots of wholesalers in those, a few quality ones, but even the wholesalers are keeping most deals for themselves these days, because they can take title themselves and get top dollar on the market. Honestly for good deals these days, especially multifamily in Savannah, you need to be marketing yourself so you're the only one, or one of few making an offer.

@Cole Beauchemin PIG is the place to be like Patrick said. Single family will be a lot easier to find, and even for the multi stuff that does come available they aren't in the best areas of Pensacola or where I would personally want to live. That being said, if you're comfortable with it and find a good one I would go for it vice the single family. The single family market is also on fire in Pcola, so be ready for anything to go to best and highest. Just as a personal opinion, I bought a single family to house hack while I was there, glad I did it, does great, but it seems like that pool of renting to flight students is getting pretty saturated. If you go single family I would run numbers as just a market rate rental, not what you can get by the room to flight students.

@Bradley G Fagg Someone may have said this, but areas that had high vacation rental demand before covid like my market of Savannah has definitely seen a more competitive rental market with a lot more supply (kind of, only in specific areas of town that were popular short term rental areas). At the beginning of covid this made a lot of airbnb type rentals try for longer term tenants. Also, there were a lot of college student rentals in our downtown area where the school still hasn't come back, so that also caused a surplus of supply. Still, certain areas of the city there's lots of demand, less supply, and rising prices, but downtown still has too many options so renters are much more picky, thus prices are dropped some.

@Gabriel Miritello Look for the Savannah real estate investors facebook page's. You'll find all the contacts you need for REI world. Not a whole lot of turn key stuff will be found in those groups, mostly wholesale stuff that need pretty heavy rehabs, but can find realtors that are pretty solid as well active in there.