All Forum Posts by: Jason C.

@Brandi J. 

Good morning Brandi,

From my research, Macon’s ranging average is about $77-$83/square foot. That’s helped me in my recent purchases to give a ball park idea but if you’re going to rehab the house to above average, you probably can go higher. Also, i usually check the Bibb tax assessors website for current and past assessed values at: http://www.co.bibb.ga.us/TaxAs...

Click on "Search Records" then "Property Record Cards" and plug in the address and you'll get some valuable information. I also check MLS daily so I might know which house you're referring to, if you want to PM me the address I could ask my realtor if she can help with comps. Thanks and good luck!!

Hey David, I PM’ed you. Keep in touch.

@Mark Safrin, Thank you, I’ll keep in touch.

@Mark Safrin, gotcha! From what I've searched HML seem short term for flips and such. I'll keep looking and possibly find a longer term one. All these suggestions are great, thanks for the advice. I'm assuming HML is for "Hard Money Loan" not "Home Mortgage Loan"?

Thank you @Mark Safrin! Sounds like you're speaking of a second mortgage? I have considered that option as well, seems like the easier option since i can't get a HELOC. Plan on speaking to financing tomorrow and will bring up that option.

Thank you @Steve Weinstein! I was actually just talking about that option as we speak. I’d hate to lose those properties but might have to to scale up.

Hello BP!

Here's my situation, any advice or assistance would help tremendously. Thank you! So I've been investing in tenant occupied SFH for just short of 10 years; I took a 2 year hiatus due to a job change and lack of funds but am now ready to begin purchasing again. I've used the old tried and true technique of working at my full time job, saving for a down payment, making a purchase, rinse and repeat. I'm shifting my focus to multi family units ranging from dublexes to 10 plexes. I've found a few multis that will work but am having trouble coming up with a larger down payment assuming its 25%.

I don't have enough equity in my primary for a HELOC but do have two SFH investment properties that are paid off free and clear. I attempted a HELOC on one of them but was turned down due to having more than 4 properties. I then started asking about a second mortgage on the same property and my finance team suggested a business line of credit.

I've read a lot on BP about different loan options but wanted to present my situation specifically and ask for any suggestions. 

1. I plan on buying with a conventional loan and am wondering if they will accept a BLOC to be used for a down payment?
2. Would I need to "write myself a check" from that LOC and let is season in my account for a few months?
3. Any financial institutions that will loan in GA that will do investment property HELOCs without the 4 property limit? (None of my local banks/credit unions will do it. Huntington, PedFed, etc not in my area. Another BP member did mention Navy Federal)
4. Any out of the box/money moving techniques that have worked for you?
5. Looked into hard money options on BP but they're very short term, anyone have experience?
6. Private money is an idea but with my network, I don't have that option unless there are BP members out there?

I appreciate any help given, seems to be a lot of similar topics on BP and I didn't want to re-ask the same question. Scaling up seems to be a challenge unless you work your tail off for years and save $100K for a substantial down payment for a larger multi family. I'm recently exploring other alternatives to the old fashioned idea of work, save, buy, rinse and repeat. I know there's a way to make this happen, investors are out there everyday getting creative. Thanks for the help BP and good luck to everyone on their journey for financial freedom.

Thanks, I'll be in and out of town starting in January as well. Contact me on biggerpockets.com when you're coming around and I'll help with more details.

I understand this map might be a little vague considering you're an out of town investor but this is the 31204 map. Most North areas above Vineville Avenue are single family and multi family units ranging from 50K - 200K (Class A). To the East around Mercer University is just getting into downtown, this area is older with Class B housing but tucked in areas of newly remodeled areas for students back in the Class A range. South in the map is Class B - C areas. All still profitable rental areas just different demographics. Just depends on what tenant occupied market you are interested in, hope this helps.

Macon, Ga 31204

There is definite potential for $100/door in Macon, Ga. Anything off of the Riverside Drive area in 31204 is great single and multi family areas. If you travel farther south down Riverside Drive, you end up in downtown where you will find larger older homes that have been renovated/remodeled to multiple studio/2 bed room apartments.  The 1% to 1.5% rule is easily achievable in the 31204 area.