All Forum Posts by: Karl Sperl

Hi Jane,

I don't personally own any AirBnBs, but I've heard that airDNA.com and mashvisor.com are good resources for analytics in the area (you might know about them already). I think the STRVs (under 30 days) are limited to the Historic and Victorian districts (with the STRV certificate). Starland I think you can do STRVs with owner occupied units. Otherwise I think you need to do 30+ days like you mentioned in Savannah. I think there are exceptions for commercial zoned properties. Again, I don't own any AirBnBs so it's best to look at the city website for all of this (which to me is a confusing read). https://www.savannahga.gov/147...

City taxes for Savannah are higher than surrounding areas. For the millage rates: https://www.chathamcountyga.go...

Insurance: When I was shopping around for insurance on my home/rental units last year, I found Country Financial was the lowest by a good bit. and they were pretty easy to communicate with.

Utilities: not really sure if Savannah utilities are high or low compared to other cities since this is the first place I've owned a home 😂. My electrics (through GA Power) kinda high since I have an older home and the water/garbage is billed every other month. There's a bunch of random rebates through GA Power which might be worth checking out for home improvement stuff.

Welcome Marshall!

I'm working as a mechanical engineer currently and getting started in real estate myself. I've been in the area for about a year and a half now and just bought my first property (househack) earlier this year. If you're on Facebook, you should join the Savannah Real Estate Investors Page for info on what other investors are doing in the area. Feel free to reach out to me if you want to connect! Also, I'd recommend connecting with Pat, he's got good insight on the area!

Hello BP Community,

Currently looking to buy my first home and get into buy and hold REI. Preferably I would like to purchase a multifamily home (or home with carriage) and househack, but supply of multifamilies I could afford seems to be low. If I couldn't find a multifamily before my current apt lease ends (end of July) I would be fine buying a SFH that could cash flow when I move out. SFH I would prefer at least a 2b/2b or 3b/2b so I could AirBnB while living there.

I'm pretty open to considering most of the Savannah area. Currently looked into Avondale area, south of dt, and Windsor Park. So far scanning the MLS it has been difficult finding listings that could meet the 1% rent to purchase price rule. Also, running the numbers further to check if properties can cash flow after considering taxes, insurances, capex, repairs, vacancies etc.

I would be financing using an FHA or low down payment conventional loan. Looking to buy with as little money down as possible. I have an agent and mortgage broker I have been working with to your a few properties and get approval for financing.

Any advice if there's areas that I could be missing where I could find the type of property I'm looking for? Or advice for a new buy and hold investor in general? 

Thanks!

Hello BP Community.

I'm going buy my first home in the next few months. I am currently renting, but looking to buy a multifamily and househack to get started in REI.

Currently I have 1 checking and 1 savings account through my main bank, and 1 savings account in a high interest savings online bank (where I keep the money I plan on paying for my home purchase costs).

I am wondering what the best method is for banking/accounting for a rental property. Scanning through other forums it looks like many people open 1 checking and 2 savings accounts (1 for security deposit and 1 for cap ex/repair). Any opinions on this? Also I was wondering if many of you prefer to setup the savings accounts in a higher interest online bank (like Goldman Sachs Marcus). What is the best way to setup your banking to scale in the future?

I wanted to ask the BP Community first before consulting a local CPA.

Any insight is greatly appreciated. Thank you!

Hello BiggerPockets Community,

I'm Karl, and I moved to Savannah, GA last June for my first full time job. Currently renting an apartment (lease ends in July), but I am looking to to buy my first home in the next few months. Read Ultimate Beginners Guide, Rental Property Investing, and currently reading Estimating Rehab Costs, but I think its time to figure things out first hand. Preferably would like to buy a multi family and house hack, but if I can't find the right deal on a multi family I would like to buy a SFR that I could AirBnB while living there (and cash flow once I move out). I'm about to start the process of looking for mortgage brokers and community banks to see the lending options available in the area. My goal is to build a portfolio of rental properties and become financially free sometime in the future (10, 15 years? I'll re evaluate at some point). Looking forward to connecting with the BP community and updating on future deals!