All Forum Posts by: Chris Licavoli

Hello Dustin

I was wondering if you know if Fannin county limits the number of STRs to 5% of total housing units similar to Union county? 

thank you

I can see it going either direction here as an expression of what is happening with the US Dollar creation.  The Fed clearly signaled last week that inflation and potentially hyperinflation is acceptable to them in order or defeat the forces of global depression.  This is why gold, stocks, food and everything else is rising in USD value even in the face of the Covid economic shocks and job loss.  Real estate prices will continue to rise in this scenario as interest rates go to zero or negative. However, if the market eventually sniffs out that they are pushing on string and money printing has become ineffective, the debt bomb finally goes off, interest rates spike to double digits, and housing prices will crater.  For now, the game of musical chairs continues...

Atlanta area is great.  All the growth seems to be going north into the mountains.  Its competitive for investors but in absolute terms, cheaper than Chicago.  There is net migration here and job growth (before COVID-19 that is). I would get the heck out of Illinois.  Its a poorly run democrat state that will likely declare bankruptcy soon resulting in pension haircuts and massive tax increases in an attempt to socialize the financial pain.  Georgia has its issues as well, but if you were to rank the states in terms of bankruptcy potential, Illinois has to be near the top. 

Click here for Zillow Ad

Rent for $800 to $900.  Turn key management available. 

Amazing value! This move-in ready 2 bedroom/1.5 bath all-brick Thunderbolt condo has just been renovated, featuring: New Roof, New HVAC, New flooring throughout, New interior paint, New lighting fixtures, New Stainless Steel kitchen appliances and New counter tops, sink and faucet in kitchen, New vanities, mirrors and toilets in baths, New ceiling fans & carpet in bedrooms, updated landscaping and fence around the private courtyard. Excellent proximity to midtown, downtown, and the islands! This unit is quiet and secluded - far from the traffic noise of Victory Drive. For a small $40/MO condo fee, you have no yard work to consume your weekend hours! Enjoy the peace of mind a renovated home offers for a budget-friendly price in a very convenient location! With river-front dining, Starbucks, Chick-fil-A, Krispy Kreme, Target, Home Depot, Kroger literally 2 minutes away, you will be amazed how serenely tucked away this oak-draped home feels! Someone will get a great deal- why not you?

We just sold 926 Millstream Ct in Savannah GA.  This was a probate property we purchased from the local Homevestors wholesaler.  The property was abandoned for 3 years as it went through probate court.  We purchased it from the 2 heirs to the owner.  The house was loaded with junk and step one was to hold a huge estate sale and throw-out party.  The numbers were as follows: Purchase price $75,000, Repair Budget $52,000 consisting of new windows, roof, AC, appliances, flooring, vanities, paint, fixtures, lighting, landscaping etc.  Selling, holding, interest, concessions was about $22,000. Final selling price was $180,000.  Total in to out time on this project was 131 days and the big surprise was enduring the wrath of Hurricane Mathew.  Fortunately we dodged any major damage from the storm.  In the end we booked a 20% net profit (on total expenses) which including paying our private lender interest and profit sharing of nearly $8000 on the invested funds (purchase price plus a majority of the renovation costs). The market in Savannah remains robust with unemployment below 5%.  We have 3 more projects currently underway and/or looking for funding partners.  I will post the results of those as we finish them.

10% APR available on investment of $35,000 to $50,000 starting 11/30/2106. Property is located at 3 Keystone Dr, Savannah GA 31419. All brick 3 bed 2 bath starter home. Total loan to value of less than 75% . You can see multiple photos at the following link. Pro-forma available upon request.

https://goo.gl/photos/judmA7NEyjHozopd8

Time is of the essence for this 2 bed 1.5 bath all brick town home in midtown Savannah on world famous Victory Drive!. This area is undergoing renaissance with the addition of Whole Foods, Floor and Decor and many other new shopping destinations just 1 block away. Attached is the pro-forma showing that you can own this for $64,000 all in. We will invest an additional $6,000 to make it rental ready and do all the work for you and get it rentedand placed with a quality property manager. It should cash flow at 8% cash on cash net ROI if you pay all cash for it. Expect $750 gross rent and $428 in free cash flow per month after expenses. ARV will be about $75,000 to $80,000 so you will also get starting capital gain equity right off the bat. This is a no brainer but will only be available until the end of this week. $2000 earnest money required.

https://www.biggerpockets.com/calculators/shared/85875/b1c38af3-9d47-4d1c-aeb1-52b44fa1c218

Yes it is 10% APR. What we found is that money is a commodity and there is an ocean of it out there. Right now it doesn't take a super high rate to compete with bonds. I hope it lasts!

Just a quick note of thanks to our private lending on this deal near Savannah GA.  This gentleman invested in a bridge loan of $55K.  We used this money to help purchase, renovate, and lease out -the property.  He was protected by all the usual deed and mortgage paperwork as the primary loan holder and we invested our own cash for the remainder of the $93K total investment. We are pivoting- into a Fannie Mae mortgage now  and paid off the bridge loan. We paid out a total interest of nearly $2,000 on the bridge loan over 128 days of use.  In today's world of zero or negative interest rates, that is a home run.  If you are interested in participating in this passive asset backed type of lending just message me!

Best Regards

Hello BP

Today I'd like to share a recent closing we did this summer in mid town Savannah GA bread and butter entry level home. I purchased this house by bidding on it through HUD Homestore. It was old and SUPER NASTY on the inside including termite damage. The roof was so old that most asphalt shingles were down to just the base fiberglass base material.

Purchased 4/15 2016 for $61,278.  It had 3 beds 1 bath, a living room, family room, dining room and kitchen.  1474 sq ft total area.  Total repairs came to $45,000 that's $28.00 psf.  The changes we made included adding a 2nd bathroom by carving out space in one of the bedrooms and converting the family room to a 4th bedroom by adding a closet.  In the kitchen there was no space for a dishwasher.  We solved this by converting a coat closet in the living room which backed up to the kitchen, into kitchen floor space where we put the fridge and then moved the stove to the old fridge spot, then put the new dishwasher in the old stove spot and topped it all off with granite.  In the end we made a 4/2 out of a 3/1 which was a good investment.  

Other renovations included new roof, appliances, AC, flooring, lighting, paint, conversion of 100 amp glass fuse panel to 200 amp thermal CBs and the elimination of gas lines. 

We had this back on the market on 6/14/2016 and under contract in 7 days. Unfortunately the property was in a flood zone which added about $100 a month unexpectedly to the cost of ownership for the first buyer who failed to qualify.  Our 2nd buyer closed on 8/22/2016 for a total of 129 days end to end for us.  Final sales price was $138,000 and after all expenses we netted only $15,488.  Did I mention the new appliances and AC got stolen so we had to buy those twice?  Yep!  Lesson learned...we purchased a SimpliSafe home security system that we can now move from project to project and has only $15 a month in monitoring fees.  We won't make that mistake again!

Our private investors pocketed 10% APR over the 129 period

Best Regards

Chris Licavoli