All Forum Posts by: Ivan Shalavuta

@Jeff Bush Congrats and welcome to Savannah! I moved from Atlanta few year ago and fell in love with Savannah and its real estate market.

@Jen Alden Wilmington Island don’t have high Home Owners Association fees (most of the neighborhoods) which means your payment fully dedicated to interest, principle, taxes, insurance. To find a tenant who will cover your monthly payment and then some is a great idea. You can always rent something smaller for half the price.

It’s not always easy to find a tenant who will rent long term home like that, but does not mean it’s impossible.

Selling you property (even if you can sell for higher price) is not always the best idea sine you lived there less than two years. You may end up paying not only realtors fee but taxes on capital gains.

Also, consider monthly HOA on Hilton Head. They're are great one or two bedroom condos within $150-200k steps from the beach. What really cuts into your STVR profits is $400-600 monthly HOA.

PM me if you need any recommendations for property managers in the area.

@Dylan H. Are you looking for multi-family to invest or house hack?

Answering that simple question everything else will become easier to determine like: financing, price range, location, condition, etc.

@Lawrence Snipe I live in Savannah and invest here as well. Let me know if you have any questions.

Dylan, what kind of investing is your group doing? If fix & flip, I have few great contacts to share that can help with paint, carpentry or roofing. 

Also I'm looking for someone who does floor and tile.

Thanks!

In a lot of cases condemned houses are owned by regular people, some times LLCs or trusts. This information is available on the county websites (property records). You can look up name, address (could be different than condemned property) and when they purchased or date of ownership transfer. 

Keep in mind that sometimes it may take up to a year to update owners information on the record. 

Investment Info:

Single-family residence fix & flip investment in Savannah.

Purchase price: $111,788
Cash invested: $14,000
Sale price: $160,000

Purchased as primary residence, updated during living in it. Tax free profit as long as it was a primary residence for at least 2 years.

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

Moving into the city and was searching for underpriced, outdated homes. Which gives an opportunity of adding value by updating the property.

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

City Auction Sale, listed on local MLS.

How did you finance this deal?

FHA Loan

How did you add value to the deal?

New floor, paint, HVAC and bathroom remodel.

What was the outcome?

Close to $30,000 tax free income.

Lessons learned? Challenges?

It's not pleasant to live in the property you updating at the same time. Having 2 years time frame you can work on the house in your spare time and still get it done (depending on upgrades).