All Forum Posts by: Kelly Johnson

Pet deposit is separate from a regular security deposit for me. I think most pet owners expect that. 

 A 2 bedroom would definitely suffice for a nurse. I currently have some military guys in there so a 3 bedroom is perfect for them and they could care less that they are sharing a bathroom. I get $1875 and once they move out I am upping the rent a little, maybe $1950. I will look for 2 bedrooms in the future b/c I think I can get closer to a hospital if I look for something smaller. 

@Jonathan Hong, what if only part of your pet deposit was non-refundable? Inevitably you have to clean a little different if they have a pet so that costs money but if they haven't destroyed something then $300 is a little steep. Maybe $100 non-fundable and $200 refundable. 

I have a MTR in an area that has a lot of travel nurses and considered this in the beginning, marketed it as both available by the room and as a whole unit. Mine is a 3/1.5. My first bookings were all for the whole unit so eventually I just gave up marketing as by the room b/c it's easier on my to do whole unit. I think if you had a dedicated bathroom for each bedroom this wouldn't be a big deal but sharing a bathroom space with a stranger would be awkward to me. 

@Avrom W. Smith, I am a local Columbus, GA agent and investor as well. Would love to meet up and see how I can help you in your RE journey. 

I agree with verification of funds that would cover 2 months of rent. There's a large demand for nurses in Columbus so I don't think she would wait long to find a job as long as the reciprocation comes through quickly. If you're in the market to expand your rental portfolio give me a shout, I'm a local Columbus agent. 

This is in Columbus, GA which fits the profile of a city that could use mid-term rentals. I've definitely seen the supply of them increase in the last two years. Columbus is a military town (Ft. Moore) with a big industry base. I am full-time real estate if anyone is interested in working together to look for potential properties that would work well as a mid-term rental, or any type of strategy for that matter. 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $82,000
Cash invested: $82,000

3/2 small home in a desirable area that went up for online auction as a foreclosure.

What made you interested in investing in this type of deal?

I had sold a home across the street a year ago and knew this home fit the same description and would likely have a much larger ARV compared to purchase price. It was going to leave me a lot of room for error on my first fix and flip.

How did you find this deal and how did you negotiate it?

Advertised on an MLS that is not common in the area so the only people who really knew about it were a few investors that were somewhat familiar with the area. No negotiation, just available at time of online auction and knew the comps beforehand.

How did you finance this deal?

HELOC on my own residence

How did you add value to the deal?

Remodeled primary bathroom with all tile shower, replaced toilets, redid all flooring, painted interior and exterior, all new kitchen cabinets.

What was the outcome?

Knew someone who wanted to buy it but couldn't just yet, rented it to him for a year and will close in just a few weeks.

Lessons learned? Challenges?

My sales price may have been a little low since I didn't have it available on the open market to invite competition. However, I was able to lower capital gains taxes and cover all expenses for holding it for the year and knew the tenant has a vested interest in keeping the property up.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

no

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $137,000
Cash invested: $85,000

3/1.5 1960's ranch home in an urban area that had already undergone some updating prior to purchasing.

What made you interested in investing in this type of deal?

Had just started my journey as a real estate agent and wanted to find another property to add to my portfolio that would generate more income or have ability to appreciate faster than my other 2 properties.

How did you find this deal and how did you negotiate it?

Zillow for sale by owner. Offered a little less than list price to start with after it had been on market for a few weeks and then negotiated price down a little after it was under contract by accepting money towards purchase price in leiu of repairs.

How did you finance this deal?

About 40% down in cash plus a HELOC on my primary home.

How did you add value to the deal?

Home had already been renovated where kitchen and one bath had upgrades plus a carport had been enclosed. I have been using it as a mid-term rental and currently have military guys in renting by the room.

What was the outcome?

It has been a good cash flow property with little vacancy.

Lessons learned? Challenges?

Challenge is decorating to appeal to either gender

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No, I was licensed at the time of purchase though