All Forum Posts by: Kelly Williams

@John Turner, thanks for the response.  Elijay is a beautiful place.  The mountains in North Georgia and Eastern Tennessee are a great place to visit.  Unfortunately I do not anything about the market there.  

I  I have just begun researching investing in a vacation rental. Can anyone point me in the direction of information regarding operating expenses for vacation rental?   Are there any simple rules of thumb to evaluate deals on vacation rentals similar to the 50% rule or the 2% rule? I am assuming these are not useful for vacation rentals due to the extreme difference in operating costs.

   If it helps, the properties I will be researching our single-family beach. Thanks in advance for any guidance.

Does anyone have any experience waiting to do necessary repairs to a home to utilize as a negation tactic?

 For example:   I recently sold a single family home.  I was aware that the roof needed replacement, and in preparation to put it on the market, I replaced the roof.  After receiving an offer, the buyers tequested to have numerous smaller issues taken care of after the inspection.  In hindsight, if I didn't replace the roof beforehand, I believe that would have been the only item that they would have requested fixing (because it is such s big ticket item).  

     I am asking because I am about to sell another property that needs a new septic system.  Should I wait to replace it?  Or get it over with and go ahead and do it?  Thanks!

     I need help structuring a partnership for a deal.  A family member is moving out of her home and into an apartment.    The home is ideal for a flip (I have thoroughly evaluated the numbers).  

      She owns the home outright and is willing to put up the money for the flip.  She doesn't however want to do ANY of the work.  This is where I come in.  Essentially she puts up the house and funds, and I do the work.  How can we structure this deal?  Should she pay me as a GC?  Any other ideas?  Thanks!

Thanks for all of the responses!  Huge Help!

How do I know if I need permits for my rehab?  I am doing a simple, mostly cosmetic rehab of a property and will be doing much of the work on my own.  I have not been able to find this info on my city's govt website.  The property is located in Athens, Ga if that helps

I plan on replacing the sink vanities and toilets in the bathroom without changing the layout.  The kitchen will involve painting cabinets, replacing counter tops, replacing the sink (same location), laying new flooring, and replacing the appliances.  The only major change would be removing a wall oven and replacing with cabinets, and putting a oven range where there is currently a cook-top in the counter top. 

I will be having an electrician doing some electrical work as well.  I assume this will require a permit.  Is this my responsibility or will the electrician be able to obtain the permit for me? 

Thanks @Bill Gulley  This is exactly the info I was looking for.  I guess Im not so much concerned about building credit as much as being able to refi in 5 years.  Thanks for all of the help.

Can someone give me some insight into seller financed deals as far as loan servicing goes?  Do seller financed deals get serviced through a bank or another financial institution?  I am curious how payments on an owner financed sale will show on credit reports.  

I ask because I am negotiating an owner financed sale, and will purchase the property through an LLC. I would like to build credit with the LLC to reefinance in the future. Thanks!

Is it possible for an LLC to obtain a mortgage without a personal backing? It is my understanding that if the LLC has good credit and a history of financial dealings then it can. How long of a history and how much financial business would suffice?

I ask because I am looking to purchase a single family home with owner financing. We are discussing a balloon mortgage for the financing. I would like to purchase the property with an LLC, and refinance in 5 years through a bank.

    No need to discuss the personal backing as far as the owner financing.  The owner (a family member) is aware of the risks, but is interested in helping me expand my business.

Thanks for all of the input.  I did fail to mention that this property is a single family home, with a detached building that has 2 apartments.  Wold this have any change to the policy seeing that is not a one building triplex?