All Forum Posts by: Lorien Breece

I know this is an old post, but I came across a yurt on 4 acres in NC (just an MLS listing), and while this camping/STR is not a space I'm in or plan to go into soon, I am interested in what people are doing with this type of property. Someone scoop it up and I'll outfit you some cute little yurt rentals, lol!

https://www.zillow.com/homedet...

Aside from income tax, the actual occupancy taxes vary by municipalities. Some of the North Georgia/NC towns have laws already in place (for instance, Franklin, NC, a border town, has a 3% occupancy tax). If they don't already have this in place, they will probably be adding it at some point in the future, so I'd factor this into any decision. 

Would love to do any renovations/furnishing/setting up of STR's in the area (without having to run the business afterwards!)

Echoing they are both good areas to visit - Helen is more kitch and touristy, a lot of camping/hiking around, Blue Ridge is a more serene stay-at-your-airbnb and relax area. 

I do design and renos and would love to get into setting up AirBNB properties for investors (investing in those assets myself just isn't my jam right now), but I'm great at the space planning, cosmetic renos and furnishing!

If they're a solid piece, some sort of rectangle, you can probably get a few bucks quickly off Facebook Marketplace or Craigslist, I've had people take them to make tables, bars, outdoor kitchens. Kitchen special configurations and sink cutouts are harder to move, but I've sold a few and if all else fails, list for free and someone will certainly at least take them away for you and you can hope they'll be repurposed! However, if they're large, the likelihood they will break in removal or transport is pretty high. I've had to smash a few up and toss them in the dumpster, which hurts to see!

I'm trying to determine if now is a terrible time to buy a fix and flip, or if it's just going to get worse if I wait...any advice or insight or fortune telling for the future of the Georgia market?

Thanks, @Bonnie Griffin Kaake, I spent every minute I didn't have my kids (and plenty with them along side me, they love demo!) at this house trying for a quick summer listing and with lots of caffeine, knocked it out. Learned a lot of lessons that will help me be much more efficient in the future. 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $230,000
Cash invested: $35,000
Sale price: $335,050

Home flip working with inheritor to bring the house from current value up to a much healthier sale price. Included cleanout of a lifetime of possessions, full floor to ceiling renovations in every room of the house. For this one, I made a point to do all of the work myself (with help from a few tradespeople for electrical, plumbing, and drywall) in order to make sure I COULD do all of the work.

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

The perfect opportunity came along at the perfect time when an out of state family friend approached me to update his parent's home for resale. I had been dying to do my first flip, and this one was a home run. Brought the appraised/sale price up

over $100K.

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

A family friend inherited this home. He lived out of state, and the previous owners were what I'd lovingly call hoarders. Rather than sell for bottom dollar, I tackled the project from start to finish, cleanout to sale, and we split the net gain from as-is appraisal to final sale price. I was less interested in negotiating favorable terms than in having the experience at this point, but it worked out very well for both of us in the end.

How did you finance this deal?

The home was owned by the inheritor, we split renovation cost (which was a super deal for him, as this did not include my super intense labor), and then split the gains.

How did you add value to the deal?

Managing the project and doing most of the work myself. I treated this an a learning experience to ensure that I could do all of the work myself when needed, and to learn which portions to definitely outs

ource next time. I also handled the staging and listing of the house with my local realtor.

What was the outcome?

Over a $70K net gain in a few short months with a successful sale and a beautiful house.

Lessons learned? Challenges?

My major trades are great, but in my renovation business, it's so common to have "a guy" not show up...so I wanted to make sure that I could fill in from every angle where needed, from installing cabinets to landscaping. I also got valuable insight into which DIY projects are not worth it to me to DIY. For example, I installed LVP flooring throughout the home and it looks great but took me forever. My flooring guys would have knocked it out in a day and a half for a reasonable price.

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

Amanda Warren, Keller Williams, was there every step of the way.