All Forum Posts by: Edi C.

Thanks for your response, its really appreciated! I came up with the idea after visiting GA for the first time, but I wanted to test it with some opinions. 

I assume there might be a reason behind that amount of properties in market and these prices.

Hi, 

I’m curious about low-priced properties in small towns in Georgia. Some of these towns even appears in websites as “Most beautiful towns in Georgia” and, as an indicator, I see some Airbnb offer there. I'm talking about Dublin, Brunswick, Rome, Valdosta, Lagrange, Thomasville, etc... Better towns, higher prices. 

I’ve been doing some research and I see houses in very bad condition, needing a full structural rehab most likely. Others are just old, not updated for long, some broken stuff inside and no inhabited. Substantial amount of labor can be done by myself, needing a local handyman for some help here and there. I’m aware that a non-cosmetic trouble may arise when rehabbing. But overall project and costs doesn’t seem overwhelming.

With some research deals can be closed at 16-22K. Low tax assessment, low insurance, low closing costs. I assume an extra 20K rehabbing and finishing things up. All cash. Then, rent the unit and refi to conventional to pull the initial cash amount and maybe there's room to go for an extra 10-15k (not optimistic with the appraisal though). Numbers seems to work fine. Usually comp properties in good shape are listed somewhere between 65-80K. As I mention, depending on location, condition, current owner, etc... it widely varies. But looking for a scenario like this.


BUT some of these properties are stuck in MLS for a long time. Is there enough market demand or I'll end up with a paid&rehabbed home for me to vacation in?

Am I missing something? Any advice?

Thanks!

@Gilian Gegawin Thanks Gilian!

Now what I'm doing is waiting, following the rules. But I posted it to see if there were any experiences on this.

@Kim Meredith Hampton Nothing states Owner Occupancy for HOA. The only Owner Occupancy needed was the 1st year for the lender (which is okay). Yes, tenant has to be approved and it takes about 3 weeks - or a few days or a week with a rush application -.

@Bob Razler Yes, it's in HOA rules and not in the Deed.

Hi folks,

I don't know if there's any way to approach this and solve it: 

- Condo purchased. I was living there the 1st year but I'm no longer there. 

- HOA states a 2-year non-lease term. As of now, 9 months to end it up.

- Best scenario would be to void this restriction and lease the unit now (instead of waiting for months).

Any idea? 

Thanks, 

EDI

 Thanks a lot! I understand. 

Hi! 

So if I have a property and I would like to purchase another that's going to be NOT as an investment loan (less than 20down) do I need to change any on the other mortgage?

So... let´s say I move to another apartment and I find tennants for this one starting the next month. Given the market prices, the unit is going to give me a mothly profit higher that $100 (let´s say without any contingencies). 

Then, should I change something from PR to Investment? What about the mortgage, that was approved in terms of primary residence? 

I don´t know if it´s an issue or not but I would really appreciate further explanation!

 Thanks!

Thanks! Yes, I've already attended some DREIA meetings hosted here in Miami. Really interesting conferences and networking.