All Forum Posts by: Gil Happy

Hello,

I am looking for a leasing agent / realtor who is interested in showing my rental home in Chandler to potential tenants. Here is a little information about my situation to help you decide if it would be a good fit:

- I self-manage my rental (I have other rentals) and have done it for many years, so I won't need help with screening or finding tenants; only to do a handful of showings.

- The monthly rent will be approximately $3500 / month.

If you are interested, please feel free to reach out to me directly with any questions you might have.

Thanks in advance!

 Hi, thanks for this... Yes, that info seems to be inline with what others have mentioned.

@George Despotopoulos Thank you for this info 👍

@Andrew Postell That seems too high that in 2019 that 54% of all residential transactions were cash... I'm guessing this doesn't factor in those that have refinanced after closing and bringing this 54% rate down.  You are right, I didn't think that people might be doing a 1031 exchange on this property.  

Thanks for this... that certainly make sense.  

Hello,

I have a question for any mortgage lenders / bankers out there related to financing. I was having a discussion with someone and I was telling them how I recently submitted 40k over list price an on a single family home that was listed at 800k.

Long story short, I lost to an all cash offer. Since the home has not closed yet (and I don't know the offer), for the sake of argument, let's assume it was a full price offer of 800 that was accepted.

I was saying what kind of person would pay 800k cash for a property when interest rates are so low, when instead you could put your money into the market, etc for a higher return than current mortgage rates. Here is what they explained that some of these cash offer are doing and I'm needing clarification if this is accurate and if it is possible:

- You can get a loan from your investment brokerage for up to 50% of your investments (not sure if this was IRA or traditional account). So let's say you had 1.6 million in your brokerage account, you could get a loan of 800k from your brokerage account at 5%; he's saying a 'bridge loan'

- Then the seller has accepted this 'all cash' offer. Once you close and move in to the new home, you refinance your home with a regular / traditional mortgage (I'm assuming 30 years) and then put the 800k back into your brokerage account. Does this make sense or even possible? When he says re-finance, it is actually a refinance, or is it called something else? Are these 'mortgages' at regular single family rates? Would the bank give you a 'mortgage' for 800k, or is it subject to appraisal?

Any comments are greatly appreciated!

Thanks

Hello,

I have a question about STR (short term rentals) in Sarasota, namely Siesta Key. I have read that it is mostly a 30 night minimum, but then I see there are some areas (and rentals) that are legally permitted for a 7 night minimum.

Does anyone know how or why these homes are able to rent legally for a minimum of 7 nights? Is it a particular area of Siesta Key? Is it something that was grandfathered in? Or even a particular zoning type / area, e.g. RMF (Residential Multifamily) where these homes are located, etc?

Thanks in advance!

Thanks for this.... median household income is 27k / year and median property value is around 85k, so the median home prices are roughly 3x median income.

Hello,

I have come across an interesting real estate investment opportunity that I'm thinking about entertaining - it is a number of duplexes (less than 15) all on the same street in a small town in Georgia. Currently each of the units are renting at $350 / month, but with a full renovation (a couple of the units have already been renovated), they generate $550 / month. After calculating the NPV with, or without the updates, the return is excellent.

Here are some details about the town:

- median household income = 27k / year

- median property value = 85k

- population around 9000

- approximately 1.5 hours away from Atlanta

I currently have a couple of rentals generating between the $2000 - $3000 / month and I have had excellent luck finding quality tenants (by performing credit & background checks along with salary verification), great contractors, and self-managing each of my properties (and one is half way across the country).

Does anyone have any thoughts or comments on what it would like to own and manage a block of duplexes on a street in a lower income town? What type of tenants do these types of properties attract in terms of credit / background checks? Do they generally keep things in good shape, or are there maintenance requests at all hours of the night?

Thanks in advance!

Thank you so much for the great info......  You are very right about conducting research through Craigslist in terms of level of interest for leasing the pads, etc.  I know further up into the hills, some wells cost 20k to drill, so hopefully if additional wells are needed, it will be much cheaper since the land it not too far up the side of the mountains.