All Forum Posts by: Joshua Austin

Hard to say without knowing more Mary. I think it's definitely an opportunity for another price negation. I would definitely get a termite company in there to take a look as well as a qualified contractor. Let me know if you need some folks in Savannah and I can send you some contacts. Just PM me. Best of Luck!

I agree with the above. It’s certainly a greater responsibility once you take on an investors money. If you have the money to cover the downpayment but you want to use Other people money (OPM) then I have structured this in various ways. Here is an example:

Fine a local bank who does construction loans. Checkout my website for local ones to Savannah, GA area. (It's in my bio) The local bank will finance the 80% of purchase as well as all of the renovation costs (up to 80% of ARV). Then, you find a debt partner (private lender) to finance the 20% with a second position note. Typical terms for this vary based on experience and economy but this is probably 1-2 points and 7-10% interest.

@Jayson Robinson Georgia just posted that they have received federal funds for backpaid rents. I am not sure the details of it but I would google it.

For tenants who have been behind on rent in the past we have sent them to local organizations such as churches or other nonprofits for assistance.

@Melanie Wilkinson There are several ways you could skin this cat. I live in Effingham county also and we have a couple of dozen rentals in the area. Let me know if you would ever want to hop on a zoom call. I am happy to connect with you and your husband. Without knowing more I would definitely consider a cash out refi and keep that place as a rental but of course that all depends on your current financial situation.

@Benedict Feole All of the above are good comments. I own 12 condos in a community in Savannah, GA and I tell all of my clients to definitely beware of Condominiums but don't write them off completely. I am on the board for my HOA and our company manages the entire complex which means I know where and how the money is being spent and we have a healthy community with healthy reserves. No special assessments in 30 years.

Another thing that was mentioned above is you want to be sure the rentals in the complex are not over the threshold that would prevent owners from financing. I believe it is 50% of the community must be owner occupied. That would be a terrible thing to discover after you closed on the place and a newbie agent may not know to ask that question.

As a graphic designer and investor I was always looking for solid apparel to wear in order to tell the world I am an investor. My hopes were that this would lead to conversations, networking, and ultimately more deals. Unfortunately there is a lot of garbage designs out there. So I started designing my own. I would love to hear from others about ideas for shirts. www.REHustler.com

We manage close to 300 properties and have been in business for 30+ years. Give us a buzz! Frank Moore & Company.

I have a sleeve and I am a realtor.

Your Realtor is your connector. The number one determining factor/quality revolves around how well he/she is connected. How well are they connected to the market, connected to contractors, connected to other investors, and connected to opportunities? These connections will speak to all of the other important characteristics you look for. If they are a Go-Giver, possess integrity, responsive, competent, etc you will know it based on their connections and how well those connections manifest themselves.

@Nathan G. We manage about 250 SFH in the Savannah area and we only have 1 tenant that couldn't pay and is going on a payment plan.