All Forum Posts by: Phillip Vera

Another vote for the hardwoods.  You're not saving any money in the long run with carpet.

If the numbers work, buy.  There's always going to be a reason (excuse) not to buy right now.  I have a house under contract right now and if the real estate market sees a dip, I'm sure I'll have more.  But don't let something prevent you from buying now.

@Scott Savard I'll do tile on a slab, but otherwise I'm going with the waterproof floating LVP in most of my rentals.  The most recent one I did had hardwoods.  They make a tile looking LVP that I can send a link for and have used in bathrooms.

@Charles D. the letter should be fine and typically certified mail is better in these scenarios to ensure it is delivered or at least a tracking #.  We accept e-mail as written notice.  

Also, check your management agreement.  If the PM company violated the agreement, that will give you the ability to be released from the contract without penalty.  Are there penalty fees for you pulling your property?  How far into the agreement are you?  The PM should let you out of the contract within a day or two.  I would call and follow-up to confirm they received your letter and e-mail.  

@Michael Ibekwe and @Leon Lee it amazes me how many people overlook Augusta, GA.  I'm not a fan of the Macon market (Michael mentioned some good points here), but I hear Columbus is decent.  Happy to chat about Augusta, GA.  I'll actually be in Atlanta tomorrow if anyone has time for a late lunch.  

Depending on the criteria, Augusta is a strong, stable, long-term market poised for continued growth.  Several smaller MF deals are popping up, and several large class A units being built.  I would consider Augusta a secondary market, but in regards to the original question, think it's a "safe" market for where we are in the real estate cycle.  After the last crash, we only had about a 5% dip and I actually think there's enough growth to sustain right now.  Unless you're concerned about value for resell and/or debt refinancing, I think many prefer that sector of the market.  I feel as though Augusta gets overlooked due to lower rental rates (although these are rising quickly), but the entry points are also extremely low compared to other national markets.  

@Kristin Smith I don't know @Heidi Rau personally, but know that she is well connected with the Chattanooga investor network. Heard good things. We have a couple of agents that can help as well with REO experience, tax sales, etc.

Please PM me on the contractor side and I can provide some recommendations.  We do about 5-7 renovations a month in Chattanooga and can point you in the right direction.

We converted almost 3 years ago and don't plan on going back.  If your PM isn't using self-showing lockboxes, then they are already behind the times.  I hear this is somewhat market dependent and in some markets, they have to wait to install appliances.  However, in our 2 markets (Augusta, GA and Chattanooga, TN), we rarely have an issue.  We have used Tenant Turner and currently use Rently.  In fact, we charge a higher lease-up fee if an investor/owner requires agent showings.

In 3 years, the most common issue we find is someone using the bathroom and not flushing.  Gross, but the renter feedback lets us know immediately and we can send someone out.  Other than that, we've NEVER had any vandalism or anything stolen.  We had 1 Craigslist scammer that was caught before the residents moved in.  

I'm happy to discuss with any investors or PMs the risks involved and how we utilize it to be more efficient and effective.  It has actually cut down our days on market significantly (7-10 days depending on season).  In my experience, the benefits have greatly outweighed the risks.

Looking forward to it Jeremy!  Thanks for keeping this up.

Before you get to the "fun" stuff you'll need:

Attorney, Accountant, and sometimes a Mentor (someone to guide you or answer. questions if you're just starting out)

Then,

Agent, Wholesalers, Contractor, Property Manager

I'm sure I'm still missing folks, but if you've got that core team, you'll be in good shape!  Good luck!

@Mike Chira would love to connect as I'm also in the Augusta, GA area.  I'm a traditional buy and hold investor, but looking for a flip right now as well.  Crazy market to not do a few of those a year right now!

In regards to the tax questions, always go to your CPA and ensure you choose one that knows real estate investing well.  Best advice I can give there.  Happy to make a recommendation.  Good luck!