All Forum Posts by: Danny J.

I have a house that I've been using as an airbnb and had some questions about the market if anyone has some insight.

Thanks!

Edit: In particular, wanted to know about LTR potential and growth potential of the area in general. I'm not too familiar with the area and wanted to pick the brains of someone who knows more. Thanks!

Thank you for the reply! I'll definitely give them a call.

Hi

I'll be closing on a house to use mainly as a short term vacation rental and wanted some insurance suggestions. Cost definitely would be a factor but I'd like to know which company has the best bang for the buck.

Also, I was wondering if a LLC was necessary or would the insurance liability coverage be enough? Would a personal umbrella policy help or is there something else I can add to it? Has anyone had any experience needing the insurance coverage plus extra? Has anyone been sued? I'd like to hear about any experiences if that's ok.

Thank you!

Appreciate it!

Hello! I appreciate the response and suggestion, I'll reach out to them today. If you'd like me to say you referred me please DM me a name or anything you'd like so that she may know. 

How has Warner Robins been through the pandemic if you don't mind me asking? And if you were there even before then, how was it? I have a few properties in Macon but its been quite saturated lately so I'm trying to branch out. But as I mentioned, I'm still new and admittedly ask lots of annoying questions of my PM. My PM in Macon has been great but unfortunately they charge extra to go out to WR. 

Thank you!

Hi I'm looking to invest in Warner Robins and was hoping to get some recommendations for a good property manager. I have a few properties but I'm still very new so I have a lot of questions and need guidance so hopefully someone who's fairly easy to reach and patient with an out of state investor.

Also a good agent and attorney would be nice too but my main concern is a PM.

Thanks!

@Canesha Edwards

Thanks for the response! Yea I'm trying to see if I can find a private lender but I'm worried about the refinance part. How long would a process take so that I'd be able to pay it back, especially if its multiple properties? 

The properties are in Macon. 

Thanks!

Theres 3 properties out in Georgia going as a package for $42,000 from a wholesaler. The properties aren't in the best of shape nor are they in a great area but they are in livable conditions, occupied, and producing about $1200-1300 a month all together. 

Based on the numbers, its positively cash flowing and an overall decent deal so I'd like to jump on it. Problem is I only have about 10-15k to work with. BB&T bank is willing to give me a loan but they want all 3 properties on a separate contract which means I have to pay about 15k in closing costs alone. 

I've called like 30 banks and credit unions all over to see if they'd be willing to do it as one loan but either they don't do that or their minimums are like 60k per property. 

I was thinking maybe I can get a hard money deal then refinance asap? But I'm not even sure anyone will do it at 42k. However, if I do, how long does the refinancing process usually take and how much does it cost approximately? Do banks even refinance multiple properties at once? 

Seller isn't willing to do a finance deal....how would you go about this? Or should I just walk away? 

Thank you

@Wayne Brooks Thanks for the response! So that person is willing to put in 3k down and I assume pay a larger amount monthly than renting it regularly. So even if after a year or two he/she doesn't want to buy it, technically wouldn't it be a win for me? I'm under the impression these kinds of deals means I get to keep the money regardless of what happens at the end? 

Thanks!

Edit: The purpose of this post is to find out if anyone has done it or know any downsides to doing this if my assumptions above are correct. Or are my assumptions wrong?

An agent from an area I'm looking at reached out to me saying theres someone looking to rent to own a property and she asked if I'm open to it. The person is apparently looking to spend about 50-60k total but can only afford about 3k down. The person is willing to put that down then pay it all off in about 5 years.  The agent said I'd probably be able to make around 10k or so. In other words, I'll buy the house for 40-50k and that person will pay the 50-60k within those 5 years. 

Now the problem is I don't have a property there but am looking. The agent knows this. Anyone have any experience in this? Is this worth it? Can it be a scam of sorts?  Any advice or suggestions? Or should I just totally avoid it? 

Thank you