All Forum Posts by: Ryan Konen

There are a few resources you can explore for post-auction sale reports related to Georgia mortgage auctions. One option is ServiceLink, which provides auction services and maintains listings for properties that have been foreclosed and are now available as REO properties. They may offer data on properties that are bid on by third parties versus those that revert to lenders.

Additionally, the Georgia Attorney General's website includes information about mortgage foreclosures and might have resources for tracking auction outcomes. For specific reporting needs regarding excess fund research, checking with local auction services and real estate associations in Georgia could also yield valuable insights.

thank you for the tips!

awesome, welcome!

Starting your journey into LTRs and flipping is exciting, and creating solid business and marketing plans is crucial for your success. For a business plan, you'll want to include sections like your business model, market analysis, financial projections, and operational plans. The Small Business Administration (SBA) offers a comprehensive guide to writing a business plan, which includes templates and examples that can help you get started

For your marketing plan, consider identifying your target market, setting clear marketing objectives, and outlining your strategies for reaching potential tenants or buyers. 

It’s not unusual for a lease to end a week earlier than a typical monthly cycle, as this can accommodate a tenant's personal schedule or preferences. However, it’s important to clarify the reasoning behind this shortened lease term to ensure both parties are on the same page, as it could lead to confusion later. Just make sure the arrangement is clearly stated in the lease agreement.

When renovating a walk-out single-family home to create a separate legal unit in the basement, removing the interior stairs can increase usable square footage and enhance security between the two units. This change improves privacy and minimizes unauthorized access, but it's essential to consider local building codes and regulations, as many jurisdictions require safe egress routes for basement units in case of emergencies. Depending on these regulations, you might need to maintain a means of exit from the basement unit, such as a separate entrance to the outside, or ensure that the stairs remain accessible but secure. Consulting with a contractor or local building official is advisable to navigate compliance with safety requirements while optimizing your renovation project effectively

It sounds like you’re thoughtfully weighing your options about whether to buy a home now or wait, which is great! While you can make a 50% down payment, it's crucial to have an emergency fund in place. Homeownership comes with unexpected expenses, so having at least 3-6 months’ worth of living expenses saved up is generally recommended. Additionally, since you need to replace your vehicle soon, you should consider how that $30k purchase fits into your overall budget.

Take a close look at the current housing market in Orlando, where prices are around $400k for decent homes. Researching market trends and speaking with a local real estate agent can help you understand if prices are likely to rise or fall. Also, monitor current mortgage rates, as high rates can significantly impact your monthly payments.

Your personal circumstances are also important. While living with your parents can be beneficial, the desire for privacy is valid, especially with a family. If you can hold off for 2-3 years to save more and build a solid emergency fund, it may give you greater financial flexibility when you’re ready to buy.

If buying now feels too risky, consider renting for a while to gain privacy without the long-term commitment of a mortgage. Ultimately, your decision should align with your comfort level regarding your finances, personal needs, and the housing market outlook. Take your time and trust your instincts! Good luck!

If you're considering establishing an LLC for your rental property, it's a smart move for liability protection, especially as you plan to grow your real estate portfolio.

Benefits of an LLC: Forming an LLC can help separate your personal assets from your rental properties, providing an extra layer of liability protection. This is particularly important as you acquire more properties.

Transferring the Property: If you're thinking about transferring your current rental property into an LLC, be aware of potential challenges that I have personally seen

Mortgage Implications: Check your mortgage agreement for any clauses related to property transfer. Many lenders, including Wells Fargo, may consider it a due-on-sale clause, which could lead to them demanding full repayment of the loan. It’s crucial to communicate with your lender before making any moves.

Future Property Acquisitions: When you acquire additional rental properties, consider purchasing them directly under the LLC. This strategy ensures that these properties are protected by the liability protections you're seeking

Yes, a single-family home you live in can be considered an investment, especially if it appreciates in value over time. However, it won’t generate rental income like a duplex or multi-family property. If you're planning to live in it long-term and then rent it out later, it could become an investment property, but you won’t have that immediate cash flow benefit.

Yes, that aligns with my experience. VRBO has implemented a policy where they charge a commission on bookings made outside their platform if they can identify them as direct bookings. They use tools to monitor listings and may even check other booking sites to track this. In many cases, the commission for external bookings can indeed be higher than if the guest had booked directly through VRBO.

To avoid these charges, some property owners ensure that their direct booking links or contact information are kept separate from VRBO listings. Others may use unique listing details on different sites to minimize tracking. If direct bookings are an important part of your business strategy, it might be worth exploring other platforms or reaching out to VRBO for further clarification on their monitoring practices and commission policies.

Hope this helps! Let me know if you have more questions.