All Forum Posts by: J. Mitchell Bernier

@Seth Heck As someone who graduated with a degree in Finance as well, I chose the lending side as a way to learn more about REI. I listened to BiggerPockets throughout college and I now work as community bank AVP/lender, which gives me the ability to UW deals for other investors and learn different strategies. I also am now an Investor as well. For someone starting out try to get into commercial or residential UW role to learn how to analyze deals and properties, then work your way into Lender role. Then it gives you a chance to meet other investors, hear their strategies, and build relationships along the way. Plus there are so many financial institutions finding a starting position is easy.

@Greg Gaudet Yes I am looking at buy and hold, and actually I do own 3 small units already in GA. Sorry I thought I typed that out, but mainly as someone who has studied finance for such a longtime I am looking at it as a way to diversify. Be across multiple areas so that if one area has economic troubles or catastrophic changes you have properties in other places doing well. I maybe overthinking that, but the mindset of stock investing is still in my mind.

I am new to BP, and long distance investing seems like a good way to start. My main question is where are most of y’all getting your data to find good places to invest? I’m looking for places that have population growth, multiple industries with total population under 300k. Where are some good places to go to find data points to narrow in on an area?

@Jonn Vidal you need to get the congregation numbers. Lots of churches don’t file taxes but banks will look at the number of members and estimate out per member what the church receives. But a community bank is your best bet, your larger institutions will need atleast 250 members.

@Caroline Pratt honestly I have never had this problem before, but I would charge a portion of that security deposit for sure. $1500 sounds like a lot for that even though the replacement would be much more. I think 300 is completely fair

@Cheryl Wilson I live in Albany and I am currently working on my first rental deal in town. 31705 is mainly comprised of south east Albany. The area was hit hard by a tornado in early 2017 and there some properties that are still damaged so comps are pretty low, which is good if you are buying, even so I would plan for very little if any appreciation going foreward. The city is pouring a lot of money into downtown revitalization but the city has a long history of crime. So with all that being said if your looking I would not want anything under a 12% Cap rate and 2% rent rule. The one I am working on now is 3% and a 20% cap but is lowest income area.

@Myles Cardenas I lived in Valdosta for 7 years and I am very familiar with city. 31601 is almost entirely on the south side of town, up through downtown. Most of your residential units are lower income but there are some pockets of better income. Downtown is making a resurgence so if you are looking north of downtown there might be an opportunity there. I have a great real estate agent there who is also an investor and is actually is helping me close my first deal right now. Feel free to message me for more information.

@Josiah Kay Gotcha. Yeah that makes more sense. Thanks for the feedback.

I’m looking at my first 3 unit deal and all the number work out and they are all occupied with renters. Do most of the BP followers get inspections done as well? These are C- properties by the way

I am looking to purchase my first rental property in and around where I live, which is rural South Georgia. I am analyzing current listings and assuming zero appreciation. Should I be focused on a 2% rent rule or is 1.5% enough? Looking at a max price of 65k.