All Forum Posts by: Jim Glover

@Micah Redden That’s great, we should touch base sometime soon

@John Teachout. That’s great, I grew up in Thomaston and my mom still lives there. That was a great place to grow up! Would love to catch up one day and hear about what you are seeing down there.

@Kaustubh Johri  Fortunately I am able to buy with cash.  I should probably be refinancing some in the future, but right now I like the cash flow of owning them outright.

@John Teachout I agree the prices are still OK for growth as a homeowner, but not great for rental ratio or my flipping goals. I am always ready and only make cash offers, but I am also disciplined enough to stay out of trouble. I am amazed when I find out the contract price on some properties. I say all the time “they are either smarter than me, or dumber than me - I’m not sure which?” I’ve bought one great rental (Monroe) this year and closing on a flip(Tucker) on Mar 1. Trying get ahead of the crowd a little further out in NE GA, but prices are crazy there too. What area are you focusing on?

@Kaustubh Johri. I have houses in Gwinnett, Barrow and Walton Counties. Gwinnett rent rate is great and you will never have a problem finding a good tenant, but the taxes have increased at a much faster rate. I am focusing more on counties a little farther out for new properties, I think the chance for greater appreciation is better as more people continue to move to more suburban areas. All that said finding any properties at a good price is terribly difficult at the moment. The institutional buyers are all over this area and they will always pay much more than a small investor. Good luck!

I don’t really like this idea, but I am looking for something to differentiate my offer from the competition. Here in GA it’s a bit insane right now, and everyone who is associated with real estate has became an “investor”! I get postcards every day on my 10 rentals and everyone in my family (me, wife and kids) gets calls every week. Also all of the big players are targeting my area hard and buying heavily. My thought is that on a few nice targets I offer to buy the house, then give them 3 months to rent back until they find a place to move. I know there are many reasons why this is not smart, but my thought is if they at least call me back I can make an educated decision about how I move forward. In a perfect world I would never actually rent to anyone, but I get to be the one they contact about selling! So I guess it is more of a tactic to get called back, and only in a perfect situation would I ever actually rent the home back to someone. What are your thoughts on this approach?

@Dan Galvan sounds like you have a great model. You have gotten me a lot more interested in possibly pursuing a flip with a mobile home on land. I have been tracking some when I see them hit Zillow and they seem to get to contract pretty quickly. I think I have been setting my goals a bit too high and I have been a little hesitant since it is different than what I have done on the past. Let us know how your current deal works out and good luck!

@Nick Tenge Well done vinyl siding and eves, or all brick with vinyl eves is a big money saver on future maintenance! Being near the front of the neighborhood is better - less chance to have to drive by poorly maintained homes! Simple yard with no trees close to the house also saves on maintenance.

Hey Dan - I have a very similar situation here in GA.  I just retired from the corporate world and have 10 SFH rented, but trying to add more cash flow since I just left a nice income.   It is nearly impossible to find a home to buy here at the moment, but I have found several mobile homes on property that could provide good cash flow.   This would be a much different model for me, and as mentioned I would be missing the appreciation that I have experienced with my current homes.   That said the numbers seem to work very well.  I am coming to the same conclusion that owner financing might be the way to go on this type of property.   Interested to see what more experienced users have to add here!

Agreed!  I do screen pretty closely, but in general people are the problem, not the pets.  I only recently started charging pet rent vs just a pet deposit.  I wish I had started that sooner!