All Forum Posts by: Patrick Enright

Hi All!

I am looking at purchasing my first vacation rental, most likely in the Florida panhandle area, and was looking for some guidance on findings properties. I have done off-market residential properties before, and am curious where are most people sourcing deals from? Is it best to search on zillow/redfin/etc.? Or are there resources similar to residential out there that wholesale vacation rentals? 

Additionally what tools are you using to run numbers? I have used the BP one and curious how the numbers compare to actual numbers for short-term rentals.

Any insight is much appreciated as I dive deeper into this space!

**Attention Atlanta Wholesalers/Off-Market Providers:** I am a local cash buyer looking for buy and holds as well as fix and flip properties. I am generally looking inside the perimeter as well as north and east of the perimeter. I can close quickly and look forward to getting on your mailing list. You can message me on here or at [email protected]. Thank you!

Thats an interesting idea as well @Joe Cassandra, I will explore that as an option thank you.

Is this available in the Atlanta, GA area?

I am looking for a lender that can do a cash out refinance on this property and can do a 75% LTV. I have a rental property in Atlanta, GA that the ARV is around $60K on and would be looking to do the refinance on that. I have excellent credit as well if that helps.

Thanks for the insight @Nick Fitzpatrick. Hoping to reach out to some of the credit unions and banks local to Dekalb tomorrow and see what the options look like then. I hoping since it is an investment property and it would be a refinance on a ~75% LTV it may be different than low income borrowers, but we will see. Let me know if you stumble across any names in your emails.

@Kurt Smith We went with a private lender to get hard money for the purchase, but now looking for a lender that we can refinance to get a more conventional and pay off the hard money since it is at a much higher interest rate. I will also be looking into REIAs in the area as well. Thanks!

Hi Everyone,

I am closing on a property soon in the Stone Mountain area. It is a condo that should appraise in the ~60K range. My partner and I have reached out to a few larger/national banks in the area and they do not have an option to do a cash out re-fi for a property of that low of value. Has anyone had success refinancing properties in the price range?

Going to start called the local credit unions and local banks when they open Monday, but was looking to see if we can eliminate time calling around if anyone has experience with this. 

Thanks in advance!

@Jay Ragland It will just be this one property for now. Potentially more in the future but no plans for that currently.

Thank you both for the replies, very helpful!

Hope everyone in the BP community is doing well and staying safe out there!

I am a new investor in the Atlanta area that recently got a solid deal from a wholesaler in our area. I plan on purchasing this property through a LLC that I set up and the sale contract reflects that. I also have a 50/50 Partner (close friend) on the deal that I plan on adding to my LLC as a member and executing an operating agreement to define the 50/50 split, contributions, profit/loss, etc.

Is there any other legal documents that other investors recommend to file/fill out? Want to be sure we are both covered in case something happens to the other or in case of legal disputes with property expenses or profits. This will be a buy and hold property that will be rented out for the foreseeable years to come.

Any help is great appreciated. Thank you in advance!