All Forum Posts by: Greg Lees

Investment Info:

Single-family residence buy & hold investment in Fripp Island.

Purchase price: $409,000
Cash invested: $105,000

3 Bedroom, 2.5 Bath, 2 one car attached garages, Central air and heat, weekly vacation rental

What made you interested in investing in this type of deal?

I’ve always been interested in vacation rentals. I had to build enough long term rentals to help me with holding costs if there were any vacancies.

How did you find this deal and how did you negotiate it?

My realtor helped me find it

How did you finance this deal?

25% down.

How did you add value to the deal?

Paint, new dishwasher, steam cleaned carpets, furnished entire home, and bought a golf cart that’s also available for rent

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes. Real Estate Agent Jared Romero, Carla Ashley with Midland Mortgage Co, Matt Green with Matt’s Painting, and J.C. with Tidewatch Vacations.

Investment Info:

Single-family residence buy & hold investment in Ridgeland.

Purchase price: $191,400
Cash invested: $38,500

New construction, 3 bedroom, 2 bath, 2 car attached garage. Central heat and air conditioner.

What made you interested in investing in this type of deal?

My realtor recommended it to me

How did you find this deal and how did you negotiate it?

My realtor helped me find it and negotiate it

How did you finance this deal?

I paid cash for it out of my HELOC, and refinanced after 6 months of renting the property

How did you add value to the deal?

New refrigerator, new washer and dryer, window treatments, and ceiling fans

What was the outcome?

Great investment for my first Investment property

Lessons learned? Challenges?

Buy the house in your personal name and flip into your LLC after refinancing.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jared Romero and Annette Bryant with Bay Street Realty

Carla Ashley with Midland Mortgage Co

Mark Bryant with Bryant Brokers

Investment Info:

Single-family residence buy & hold investment in Beaufort.

Purchase price: $250,000
Cash invested: $70,500

3 bedrooms, 2 1/2 baths, two story beautiful home.

What made you interested in investing in this type of deal?

Beautiful neighborhood and home located just a few blocks away from Naval Hospital Beaufort, SC

How did you find this deal and how did you negotiate it?

My realtor sent me the MLS listings for the area, and I negotiated through my realtor

How did you finance this deal?

25% cash down, the balance I financed

How did you add value to the deal?

Had the interior of the home repainted, new carpets, new washer and dryer. I had the trees and bushes trimmed back away from the house.

What was the outcome?

4 days after closing I had new tenants move in.

Lessons learned? Challenges?

It was a challenge getting the house turned in 3 days. Definitely a team effort.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jared Romero with Bay Street Realty

Carla Ashley at Midland Mortgage Co

Mark Bryant with Bryant Brokers

Thanks,@Eric Berman ! I appreciate it! I did manage to refinance through Midland Mortgage Corporation out of Coulmbia, SC. I got a 3.5% interest rate on my refinance. I just put my second rental property under contract. This one is in Beaufort, over by the Naval Hospital, and I was approved for the financing again by Midland Mortgage. That should be 3.5% as well. 

I really appreciate your help!

Greg

Just got a quote on a loan for a refinance on my rental property. I went through Quicken Loans which sent me to Rocket Mortgage. Like Eric, I'm going to have to do a quit-claim out of my LLC into my name to close. 30 year fixed rate mortgage just over 4%. They're saying I cannot flip it back into my LLC after closing, though. What's the story with this? I'm being told it's due to Federal lending regulations?

In Jasper County, the tax rate is 4% for Owner Occupied vs 6% for Non-Owner Occupied

I’m still waiting on my tax bill from Jasper County. I’m told that my taxes will be about $1500 a year

6%

Thanks, Corby! I have a Navy buddy of mine that lives out by you in Caldwell, ID

Rent is $1600/month. Cash flow $1175/month until I refinance to pay off the HELOC. I used conservative figures calculating the refinancing. Low end calculated cash flow will be about $412 a month.