All Forum Posts by: Julie Gates

I use my HELOC as cash all the time. It's a great way to get an edge on other buyers if you can make all cash offers. I simply withdraw the money on closing day and then pay it back with a cash out refi. My advice on the purchase is to figure out which one is the best deal. Look at your rent numbers and rehab costs closely.

Last thing: When in doubt, buy both.

Don't buy without knowing the LTR rent numbers as well (unless you're in a true vacation market). Always have multiple exit strategies.

Smart and I completely agree. Like minded professionals sharing a home such as tech professionals or travel nurses could be a great subset for sure. Just reading the responses to the original post showed me that unless the group is very specific, I'm not super interested in the rent by the room model.

I am an STR property manager based in Savannah, GA. I understand that renting by the room is great income. However, I also understand the cost to me and my staff when there is guest drama. We do everything in our power to minimize this by dummy proofing the home and giving the guests tons of information. However, the rent by the bedroom situation is one I have avoided. Leaving out any gender issues, you have potential complaints about cleanliness and smells and noises and a thousand other things. I would much rather purchase a smaller home, tailored for solo travelers or families or purchase a large home for groups traveling together. I'm just not sure that the money that would come from renting by the room would be worth it.

I am starting to build in Savannah, GA. I have several lots that aren't cash flowing. My theory is that it will never get cheaper to build than it is right now. I don't see labor getting cheaper, and I definitely don't see materials getting cheaper.

Thank you, I would appreciate the info.

Do you know of a great agent in GA who works with landlords. I have several LLC's, all under one LLC. I would love one policy, but could do one policy for each LLC covering the properties inside, just whatever works best. I feel that I'm overpaying buying each policy individually.

I'm curious to know your thoughts on the Mauricio Umansky lawsuits. He is a celebrity real estate agent in the LA area. He is being sued for purchasing a deal (maybe two, it's hard to tell) and then reselling it at double the price. The client is alleging that as his agent, Umansky misrepresented the value in order to profit from the sale personally. I can post a link to the story, but I'm not sure if it's allowed.

I have multiple STR's and I have a personal assistant. She helps with my other businesses as well, but she makes it possible for me to be away and still keep things moving. I have automated everything I can, but when there is a maintenance issue, I just really don't want to waste my time scheduling. She is a great second set of eyes on my listings and also helps me find and set up properties. It's nice having someone to help me out and I don't have to feel like I'm asking for a favor. She helps me build furniture, clean bathrooms, whatever I'm doing, she's there. Good luck.

@Mark Fries Thank you, I was thinking the same. It's tough to find deals on the MLS anyway, although I try to make my own deals.