All Forum Posts by: Phillip Henry

Hello BP!

There is a house in my area (Athens, GA) listed at a very reasonable price, especially considering the number of rooms (7bed/2bath).  The house appears to be in decent shape and is listed at $135k.  Allegedly, it had a recent renter at $1200 / month.  With the proximity to UGA campus, I could see it working well as a rental for some college guys.

It has been listed over 200 days, which is either concerning or exciting, depending on how you look at it. It is right across the street from a trailer park.  Typically I would avoid this outright, but Brandon talks about investing in trailer parks all the time, and the guys are always talking about seeing problems as opportunities.

Is this a bad idea, or a hidden opportunity? What are y'all's experience & and advice?

-PH

Thanks for the feedback, everyone!  It has all been very helpful.  

Another route that I am considering is keeping my eyes peeled for a second house with an in-law suite or basement apartment. Once we live in our current house for a year, we can use an FHA loan to purchase the new place, move into the upstairs and rent out the basement as well as both "units" at our current house. The basement could help with the mortgage on house number 2 and house number 1 would be cash flowing... saving up for the next one.

What are y'all's thoughts on that method as opposed to just looking for a pure investment property?  The only downside I can see is having to move.

Hello everyone!  My wife and I live in Athens, GA and just bought our first house last year.  It has a basement apartment which has helped us save up some money (YAY for house-hacking!) and now we are looking to purchase our first pure investment property (single family rental).

Here is my question... Should I BRRRR the first one or go the more conventional route with traditional financing? The built in equity and velocity of money is very appealing with BRRRR, but the process sounds much more involved, especially for the first time around. We would also need to delay purchasing the property until we can save more money. To avoid getting in over our heads, the other option I am considering is purchasing a less distressed property with more minor repairs, but we would have to borrow money to purchase and start saving for the next one from scratch instead of leveraging this purchase towards the next one.

What are your thoughts and experiences? Are these the only 2 options?  

Additionally, I am looking for ways to find good deals outside of our Real Estate Agent and Zillow / MLS. Do any of y'all have experience with purchasing through tax sales or other creative methods? (GA is a hybrid tax lien / sale state).

Thanks for the help!