All Forum Posts by: Mike Ojo

Thank guys. @John Warren do you have a limit on size of pet or every size is allowed.

What's been your practice as a landlord? I personally don't mind a tenant having their pets live in the property but I'm also concenerd about the potential cost of having pets. What's been your experience? thanks.

Well that answers it. Thanks guys!

We have first property on conventional loan, and already looking at second property to buy. Is it adviseable to go through the same lender for a conventional loan? For those who have been through this road, how did you go about it?

Thanks in advance.

I've been looking at single family in Newnan GA more particularly  30265 zip code. My numbers look good when I calculate purchase price and potential rent rate in the area. That said, I'm not too familair with Newnan. I've been there a few times recently and I see lots of new construction/development happening in this zip code.

If you a re a current landlord investing in southern GA, do you currently own anyproperties in Newnan? if so how is the house rental market there? thank you.

@Kevin Polite appreciate the advice. Thank you.

Just doing some calculations here. In applying for a loan, how many years of income is looked at or averaged? I ask because in the last 3 years, one year was a loss of income. First and last year both positive net income. Do loan officers look at your most recent income alone, meaning last year, or last 2 years. Or will they look up to 3 years? Also for a business owner, does your gross income play any factor or only the net income is looked at? please advise. Thanks.

Copy that Katie, Thank you. I ended up passing on the property. It sold for $25,500 and I was only willing to to pay $17k for it.

@ Michael Hastings thanks. The property does need a lot of work but nothing too crazy as the bones and foundation of the house is still very much in great shape, so is the roof. The house was owned and occupied by an older gentleman who recently passed. It has been abandoned for almost 2 year now. Last sold for around $27k in the current condition. The undesirable aspects is the work that needs to go into it, and perhaps the location since its in what you'll consider a remote area. That said, it is walking distance to the lake/river which gets a lot of traffic. Same river takes you up to Savannah and much further. I was in the area this past weekend and the little time I spent outside, I counted at least 8 different trucks with boats coming in.

I will talk to a local realtor. Thank you!

Hello,

I recently came across an opportunity in Newington GA. It's a single family property that can potentially be turned into a vacation rental. Although I'm not so familiar with this area and it is very far out. The property is very close to the lake, and literally 5 minutes walk to the river that gets a lot of boat activity. It's also close to hunting fields. So those 2 things are primary motivators. Below are my basic numbers. Please let me know what you think. And if you have any investments in this area or close by, your take is very much appreciated. Thank you.

Sale price = $17,000

Rehab = $30,000 - $40,000

ARV = $79,000