All Forum Posts by: Ralph C.

Hello,

I have a 2/2 condo in a large 340-unit condo conversion property in Savannah, GA that I am dying to get rid of. Originally purchased in 2006 (at the tippy top top of market as I was getting out of school) as primary residence, and it has been a rental since 2009. Paid $168K. It is now maybe worth $130-140K. I owe $124K on it. Property has always rented well (use a property manager) but due to crazy POA fees I am still losing about $100 a month in cash flow. Have grown very tired of watching property values go nowhere with this property while here in Charlotte (where I live) values are going nuts (not to mention I want a local rental so I can manage myself).

My plan was always to sell this and 1031 into a rental in Charlotte, but would have never guessed in a million years the property wouldnt be worth what I paid for it more than 10 years later.  Ready to get rid of it.  Current tenant's lease is up end of June.

My question is: even with little to no equity, could I 1031 into a new property in the $100K range here in Charlotte area?  Would have no trouble getting approved for financing, but curious what that deal might look like and what sort of things I would need to pay attention to.  Would very much appreciate some suggestions here.

Thanks,

Coley

HI!  I'm brand new to BP and just getting familiar with the forums :-) 

 I'm looking to buy my first rental(s) property investment and want some advice.  

I have been doing a lot of research mostly on the Midwest states as I have read they have the greatest rental returns.  After all my research I found Macon, GA to be a good choice for my price range.  The houses are not too old, the cash flow is good, the population has been growing in the last few years, etc.  I'm from Arizona and have never been to Georgia. 

 I'm looking to pay cash and would like to buy maybe 2 or 3 properties priced around 30k to 50k each.  I have seen on zillow that there are a few decent properties in Macon within this range that have good rental cash flow.

Due to the low home price I have found it difficult to find a real estate agent in the area that wants to spend time with me.  Does anyone have any advice on how to find a real estate agent in the GA area that works with investors and is not turned off by the low purchase price and small amount of properties?

Also, do you think Macon is a good place to get started buying my first rental property or would you have other recommendations for better places in Georgia where I can still buy at the prices I mentioned?

Thank you very much for any input you have.

Hi All!

I am just starting out and am looking to "build my team". In the process I'm looking at interviewing CPA's as my former CPA has rendered themselves unhelpful as of late. I'm wondering what types of questions I should be asking in these initial meetings to make sure it's a good fit.

I'm based in Indianapolis. What is a good "going rate" for a CPA? Or is there even such a thing? What types of fees should I be asking about and what should I expect to pay? Are fees negotiable? Should I anticipate hourly rates or is it generally flat rate fees depending on services rendered? What type of frequency should I be consulting with my CPA? What are some types of things I should avoid or watch out for?

I'm planing on starting out with SFR or multifamily but my long term goals are MDUs and storage units. I'm also currently renting out rooms in my primary residence. What types of things should I alsk about in reference to that?

Thanks in advance!

Hi All!

I am just starting out and an looking to "build my team". In the process in looking at interviewing real estate lawyers as my personal lawyer doesn't have the specialties I'll probably need in the real estate world. I'm wondering what types of questions I should be asking in these initial meetings to make sure it's a good fit.

I'm based in Indianapolis. What is a good "going rate" for legal council? What types of fees should I be asking about? What type of frequency should I be consulting with my legal team? What are some types of thingsI should avoid? Do I need different lawyers for every state I plan to invest in?

I'm planing on starting out with SFR or multifamily but my looking term goals are MDUs and storage units. Should I look for a team that specializes in one or the other or both?

Thanks in advance!

My name is Russell Lightfoot. 25 years old, bachelors in Mechanical Engineering from Georgia Southern University. 3 years in high speed manufacturing, currently a Business Process Manager over a bottle line at Anheuser-Busch Brewery.

As far as background in real estate it is prerty close to zero. Never bought a house, currently renting in a high rise off the St. Johns river, but I am looking to invest in rental property. Goal would be sometime down the road be self sufficient off the properties.

Looking for advice on making the jump into that first property. Lots of questions will come as i continue to read off this site but if anyone has areas to point me in the right direction feel free. I'm very open to any and all advice.

Look forward to meeting some of you and getting to know others through the site.

..and if anyone is curious, beers are on me!

 Very true about that, it's an idea. I actually get the newspaper and check every week! Now do you have tips on pulling information for other potential motivated sellers? I have been reading a lot about listsource here on BP seems like that may be the best bet?

Looking for any kind of tips or suggestions though!

Looking for any kind of tips or suggestions though!

@Ralph C. haven't tried yet, but if the price is right and you can bail someone out of bankruptcy and get the property at a cheap price I don't see why it wouldn't work.