All Forum Posts by: Holly Barrett

I'm all about cash flow, so for me I would probably buy a couple of multifamily properties in Chattanooga area. OR I would buy two single family properties that need renovations and BRRRR. I'd stick w/LTR for now. I have both and the costs involved w/STR have gotten to be so high, it's a lot to bite off for your first time. Of course all of this depends upon your goals! :) If you can find an STR with 4+ rooms in Dahlonega, student housing is needed there, that could be a good option as well. For LTR I like Northwest GA / Chattanooga area personally. Unless you can find a multi-fam in North GA, rentals are greatly needed all across rural North GA.

What do you guys think about the DOJ attempting to dictate the way realtors get paid?

Hey Laura! I am up here in the area :) I also run the North GA STR Alliance Facebook Group. My cell is 678-614-5641 happy to discuss further!

Hey Savvy Investors and long-term wealth gurus. I've got a fun question for you.

What would you do with $200,000 to 10x cash flow & long-term wealth?

If you want to shower me w/advice on my specific scenario:
2x Duplexes
4% Mortgage Rates / Very small loans
Mixture of LTR/MTR/STR
Active Income (not very passive)
Net Income around $24,000 in totality (however my books are a mess and am currently working with someone to CLEAN THEM UP so I can get a clearer picture)

Would you a) hold; b) sell and open a franchise or other business venture ? car wash ? storage ? any ideas ?; c) invest in passive multi-family REIT type situation; d) stocks (or take a chunk of the $200K at least); e) some crypto

I'll report back when my books get cleaned up for more clarity. 

Love to hear your thoughts and really curious if you could have $200,000 cash in hand, what would you do w/it right now??? This market is WEIRD! So maybe waiting till after election to make any moves would make sense as well. 

I'm definitely going to try and make it to this one!

do you work remote or commute? What part of ATL? If you have to be in town I would see if you can find something to buy max $200k with an FHA. If you can go further out to USDA zones you could buy up to $300k on a USDA loan. Just get yourself in the game and own the roof over your head with a monthly mortgage you can afford comfortably, anything beyond that rent the other rooms out if there are any. Don't overthink it and get in where you fit in.

 My recommendation is Kelly and Wayne Thomason (501) 627-3331 for Realtors - Tell them Holly sent you :) 
I still work with them and they know the city in and out, we bought years ago and they still keep me updated on deals I should look at. Love them.

Local PM - join the facebook group for hosts there, there are a few active PM's on there I see - I don't work with anyone so I can't vouch. 

https://www.cityhs.net/1265/Short-term-Rental-Information 
The cap for city of Hot Springs rentals has been met. So you can buy a commercial zoned prop or one w/ an existing license to qualify - otherwise you'll want to look outside of city limits. 

Anyone else using REI HUB? I think it's set up the best for STR, but I am getting the sense that I am missing things, or I didn't set it up properly.
Curious if anyone is using REI HUB, but also paying for a bookkeeper to handle it for them? The bookkeepers I've gotten quotes for are $$$ and the contracted overseas bookkeepers that are less expensive perhaps rush through and aren't really thoroughly organizing? 

I'm just worried we are showing too much income and not confident the expenses are allocating properly for taxes.

Love to hear your setups - we have 2 Dupexes and One comercial unit - 2 STR's, 1 LTR, and The commercial rental. NOI around $40K (or so sayeth REI Hub ;)

So I have to share this situation with others, I don't want it to happen to you!

In March of 2020 I sold a rental.

Prior to that I had tenants there. I had also set up landlord accounts w/water and electric. These were so that should someone move out and there was a lapse b/w tenants, the utilties would not be shut off. 

Unfortunately I didn't think about this existing when I sold the property. 

Fast forward to Summer of 2023. The property owners never opened a landlord account. So mine was still lingering. When they had tenants leave, no one moved back in for 6mo. My landlord account was triggered and I started getting auto drafted for bills! 

I finally caught on to this in Fall 2023. Month or so of going back and forth with the utility companies pleading my case. 

One of them finally refunded a portion. The rest they were threatening to send me to collections, so I ponied up.

Tracked down current owners. Ugly divorce, pointing fingers at each other. No one will repay me. 

Personally I find this totally immoral to allow a stranger to pay YOUR bills, even if it was my error for not officially shutting off that landlord account, but my opinon on morality didn't sway them. I'm out $470. Could have been worse. Thank goodness I caught on to it at all!

So moral of the story. Don't do those landlord accounts. Not worth it. 

Anyone else have underwriters question them on this Freddie Mac 3 month minimum occupancy requirement for Second Home Loans? Their guidelines say "Must be available 'preferably' over half of the year for personal use"...well I guess they can go walk around their property even if the guests are there ;) Fannie's guidelines are more vague so maybe that's the way to go with these. Any lenders have thoughts on this?