All Forum Posts by: Philip Joseph

Check you DM.  

Welcome David.  I have several rentals in Warner Robins and I also flip.  Reach out if you have any questions about the area.

Cajun

So if you are lucky enough to get a $100k appraisal then as others have already said, you are looking at $75k loan. DSCR loans are also pretty expensive. Current rates are mid 7s, you will pay at least 2 points and origination fees between $1.5k - $2.5k. You will end up leaving a good amount of cash in the deal (~$45k). But, if it is stabilized, you can start concentrating on saving for your next property. As Dave Greene always preach, you need to have a steady source of income while you grown your portfolio. The $200-$300 cash flow will not cut it. Well not until you have 20-30 of them. And a little lesson for future rehabs, always fix the roof first, as a leaky roof will cost more in rework.

Cajun

@Chris Brown welcome to BP! I do all my investing in Middle GA, about 30-45 min south of you. First thing, learn as much as you can and figure out your goals and buy box. If you are interested in Middle GA after figuring out your buy box then feel free to reach out. My strength is the Rehab, rent and refinance part of BRRRR. I rely on wholesalers, MLS, other investors and word of mouth for my deals.

Cajun

yes, there's a macon REI and middle GA REI FB group. Wholesalers post there regularly and lots of contractor recommendations.

 I flipped 3 properties near Macon (closer to Warner Robins) last year and all made between $35k - $60k.  I find most of my deals through wholesalers.  If you decide on Macon, make sure you talk to others who flip in the area, as there parts of Macon that is good for flips and others that is only good for rentals. 

Cajun

 Well if they make a quality product and build in a good location, then they will have no problem selling.  

Cheers, Cajun

If you are interested, we have an REI meetup every couple weeks for lunch. I can send you the info.

 Are these the Wyngate homes (WCH)?  I'm guessing they are as they've been building like crazy and delaying some of my own work...We use the same contractors. Not sure you will make any money as a rental with the current interest, county property tax and insurance rates, but run the numbers and make your own educated decision.  Warner Robins also has 3 new luxury apartments and another group building an entire build-to-rent subdivision.  The secret is out on Warner Robins. lol

This post popped up in my notifications because you mentioned Macon.  I am an investor in Macon and the surrounding areas, but I also help other investors.  I've done complete ground up rehabs to simple paint and floors.  

I think $600k can get you in the game in Macon for 6-10 units, but anything more and you are looking at a huge value add that will not cash flow on day one.  And even at 10 units, you will probably have to stabilize the property, which will likely take time and money.  Once stabilized, it should cash flow well.  For Macon, you will need to hold it at least 10-15 years to see some real equity growth.  But, if you can hold that long, you should be able to double your investment.  Savannah will likely be more expensive, but will also appreciate more.  

If you decide to buy in the Macon area and need help with the rehab, shoot me a message. 

Cajun