All Forum Posts by: Rodney Turner

I have been self-managing my rental properties for over 20 years with an occasional bad tenant, but most pay on time and maintain the properties well. I decided to try a local property management firm that charges a flat $80 per month per property.

After some initial startup hiccups, I now have to wait at least 24 hours to have my emails answered, I can no longer communicate directly with tenants, and the owner portal is a joke - I can only see a white screen with a pdf statement that is updated once a month. I still self-manage two of my properties with full-featured property management software that costs me $30 per month.

Is this typical for property managers? Frankly I could do a far better job self-managing all of my properties.

@Charlie Cameron @James Byrd Thanks for the advice - The upscale property I am considering is in Santa Rosa, closer to the bay but about 5 miles from public beaches.

What tools are available to analyze potential STR revenue for a given area?

Thanks, Josh - The will be my first short term rental, so I don't know what to expect. I would assume that the location of the upscale property will likely bring higher rents and would also appreciate a bit faster. But no large body of water nearby, which would be important to families, probably less so for couples.

I am considering buying a second home on the Emerald Coast, somewhere between Destin and Pensacola. The property would be mostly used for short term rentals, and I'd stay there during vacant periods.

Here's my question: Is it better to buy an upscale townhouse that is near shopping and restaurants in a higher density area (about 3 miles from the ocean), or a more modest townhouse of the same type (3/2) that is in a sparsely populated area but is within walking distance of the ocean (not a beach, just shoreline).

Both properties are new construction that allow STR. Which would you choose for $50K difference in price?

@Will Barnard Thanks for the tips. The EM is being held by the closing attorney, who is well known in the Atlanta area.

I included a stipulation in the contract that seller will convey title via general warranty deed, free of encumbrances.

Thanks @Rene Owczarski. This appears to be a double close - The wholesaler signed my contract as seller, though he is not currently on title. This is my first purchase from a wholesaler, so I am a bit wary of the situation. On the other hand, the wholesaler is a prominent figure in Atlanta real estate circles. Fingers crossed...

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Hello,

I am an experienced investor who has acquired off-market properties, but now I have an opportunity to buy from a wholesaler. They have asked me to submit a standard offer contract, which I just sent to them, but I am not clear on who actually signs it as a binding contract. I would think that the owner would sign it in order to be binding, but that would cut out the wholesaler. Also, there is obviously an existing contract between the seller and the wholesaler, which I understand that the wholesaler would assign to me, but I don't know what instrument I would use to establish my purchase price, closing date, earnest money, etc.

What am I missing here? Any advice is appreciated! 

@Craig Yarnell Thanks for the response. Can a single property be used to cross collateralize more than one purchase, or is it one-to-one?

Hello All,

I own five investment properties, all long-term rentals, and they all have mortgages on them, most of them with balances of less than 40% LTV. I recently spoke to a financial advisor who also is a real estate investor and he told me that I can "collateralize" one of my rental properties to avoid paying a down payment on future properties that I may purchase, provided the collateralized property has no mortgage.

I've been in real estate for over 20 years and have never heard of this and my research is coming up with nothing. Anyone have a simple explanation for what this refers to?