All Forum Posts by: Jade S.

While working on the landscaping at my most recent SFH acquisition in a solid Class B neighborhood, I was approached by the homeowners of another SFH four doors down about buying their house! However, their timeframe for a sale and/or move is about 6-8 months out. Additionally, I wanted to increase my capital reserves for a few months before buying the new property. Given the potential timeframe, what options would you experienced investors potentially consider in a scenario such as this? They don't want to utilize real estate agency in order to save money on paying commissions, although I wouid still utilize my real estate attorney to conduct the contract review and close.

Thanks!

I agree with what  @Chris Majors stated above. Columbia County price points are higher, and the "low hanging" easy finds are mostly in the past. I own townhomes and a SFH in the Grovetown area, which is in the sweet spot of growth in the southwestern Columbia County area. As discussed in the media, the growth of Ft Gordon (Cyber Command) and other industries adding jobs in Richmond and Columbia Counties is making for a tighter rental market currently. I haven't found the multifamily offerings (duplexes and up) to be as predominant in Columbia County.

Ease of maintenance is why I like townhouses that are fee simple with minimal HOAs. The two I own have rented out quickly, but the HOAs are reasonable and I can obtain financing like a detached SFH. They might not quite have the appreciation of many SFHs, but many of the other aspects more than make up for that. Maybe a good "middle ground" option vs a condo.

@Carol Venolia

It seems to me after reading multiple online news articles from California recently that rents have become a huge *political* issue for activists in the state.  Given the almost socialist mentality expressed in the opinions that I see, I suspect you are catching blowback by folks who probably believe you should be allowing rents for $100/month, onerous rent controls, and insane landlord requirements intended to make it harder to get non-paying tenants out.  

Good luck with getting good tenants into your properties, and if you are using Facebook, just delete the sanctimonious bloviating that those detractors are posting.

@Rob Beland

Fantastic points, and creating a relationship with my local lender was a priority prior to the acquisition of my first two rental townhomes (as well as working with them now on my third rental property currently under contract).  Not to mention the occasional lunch with my mortgage guy!

I swore off the Big Banks in 2009 when, as a Chase mortgage customer looking to move to Georgia for a job relocation and looking into a new mortgage loan, was told by Chase "Oh, why don't you call Quicken Loans" (Translation: Drop Dead).  All that with a perfect mortgage payment history, great credit score and income.  Screw 'em!

No doubt...Grovetown seems poised for continued growth in the next several years, with several commercial enterprises announcing plans for retail outlets.  My two townhouse rental properties in Grovetown rented out within days of listing this summer, with multiple applicants.

Another potential factor: the proposed Ft Gordon gate west of Robinson Ave in Grovetown.  This could potentially lead to yet more growth in southwestern Columbia County.  

I closed on a VA REO townhouse back in late June. It was the second VA property I had ever bid upon, and snagged it at a 11% discount to the appraised value as a buy and hold rental. The townhouse needed very little work and was practically "turnkey". The contract process took about two weeks, and involved a "highest and best" situation due to another offer. As others have said, read all the contract language carefully as the VA has their own contract template. You should have time to get an inspection of the property done after the offer is accepted, but it will likely be an "AS IS" situation. Additionally, ask the listing agent to have the darn thing de-winterized if possible to inspect the plumbing (we were able to accomplish that). Good luck!

I agree with @Aaron Knoll...I wouldn't be running around with my hair on fire about a "crash" just yet.  The sell off over the past couple of market sessions was quite ordered, and we really haven't had any significant correction to speak of in a couple of years.  Stocks *have* been a bit ahead of themselves, but we are not neck deep in cataclysmic economic news.  But some areas around the globe are not in optimal shape.  As for the US...this is more like the most lazy & tepid economic recovery we known in our lifetimes.

@Thomas Williamson How much multifamily construction is going on in the area? I wonder if that isn't beginning to be a factor as well.  It makes me wonder if your property is a "canary in the coal mine" for rental demand, or it it just highly location dependent in the ATL metro area.

Karen...you are in essence conducting due diligence by gathering as much information as possible.  That's a smart business approach.  But it won't stop some out there from referring to real estate investors as "predators".  Just go on Yahoo and read articles about how rental rates have risen across the nation...to many absurdly uneducated posters in the comment sections, landlords are nothing more than mini-Gordon Gekkos.