All Forum Posts by: Erin Wamsley

Quote from @Dylan Lersch:

Im a new investor and I've been running some calculations with the BP calculator and I think I have found some good deals but I do not have the best credit right now (middle 600s) and I do not have the proper funds id be comfortable with, with buying a investment property to try and BRRRR or just upgrade a few items. Should I try to save more money and improve my credit for a better rate or try to get creative financing for my possible investment. Thank you in advance. ( Also I'm in the middle of BRRR book so I'm feeling motivated )

Besides what has already been mentioned, another good reason to wait before starting this venture is that interest rates will probably be going down soon. 

Quote from @Forest Wu:

Hi folks, hope that you're doing well. Kicking off a discussion to see if people have ideas of where to invest in 2024. Because of high interest rates (as well as soaring insurance premiums), I think cashflow is near impossible to achieve for long-term rentals. Best strategy is to look into rougher neighborhoods, get creative with financing or find off-markets. 

That being said, I still find these cities interesting:

Detroit, Michigan

Charlotte, North Carolina

Cleveland, Ohio
Indianapolis, Indiana

Birmingham, Alabama

Any other ideas? Let's set some goals and crush it!

Greenville, SC.

The major boom here is over, but the population of our small city is still growing, and I think home prices in certain areas on the edge of the most gentrified downtown neighborhoods will still rise moderately over the next 5 years. Meanwhile, I think positive cash flow on rentals is definitely possible here (I am just a small time landlord, but have done well on 3 SFH) -- Soaring property taxes are a problem that has hurt our cash flow recently, but costs here are overall still low compared to many cities, while the rental market is extremely tight due to high demand/rents very high.

I self-manage an AirBnb and find it quite easy with their platform... With automated scheduling and messaging tools, it pretty much runs itself. I find their fees reasonable, and in 3 years have never run into the kind of "horror story" scenarios that people complain about online. You or someone definitely have to be readily available to deal with any problems, but after the first few months you should have enough of the initial kinks worked out so that guests rarely contact you during their stay.

Quote from @John Underwood:

QC deeds are easier and I just type them up myself. 

Using one doesn't diminish the underlying GW deed.

I guess my question is: What exactly makes a QC deed easier? Amount of paperwork?/Need for an attorney?/Not having to document any title research?

Erin

I am looking to transfer title of a few rental properties to an LLC. It seems like investors most commonly use a quit claim deed for this. Why? I would have minimal concern over using a quit claim deed since I know the titles are clear... but why not just do a warranty deed anyways? What is the drawback of using a warranty deed? In my case, in South Carolina, it seems like the cost would be the same, and this is not especially time-sensitive.

So what is the advantage of doing quit claim vs. warranty deed?

I feel like I am missing something... please enlighten me!

Erin