All Forum Posts by: Shawn K Hicks

@Hannah Wollmershauser Do you have any options for financing of non warrantable condos due to high investor concentration? If so, what is minimum loan amount as well?

Thanks! 

Shawn

@Karina Woodward

Hi Karina, I talked with your husband Nick a few months back. He mentioned you two are good friends with Tony Boyette. 

So far, there are at least two investor groups I'm aware of. I typically round up one group every 2 to 4 weeks. I also am told there is a group that meets at least once a month out in nearby Newberry. 

We typically discuss market trends, off market properties, exchange recommendations on dependable handymen, rehab crews, etc.

We've had a few guest speakers come through as well to touch on different related topics. We try to alternate between a formal meeting & a more laid back meeting (for laid back we just meet at World of Beer or somewhere like that)

I'll tag some local investors that I'm sure would welcome you..

@Jennifer Turner @Jenn Barona @Christopher Sarmiento @Thomas J. Clifford @Franz Federschmidt @Clarence Harris

@Clarence Harris @Will Barksdale

That's great to hear Clarence. Eric is very trustworthy. He's done the same for me in the past. If another option is better, he'll put you on that path. 

Also, there's a local Insurance Agent that operates the same way. Austin Williams with McGriff Williams.

I have some off market multi family properties I'm walking this week. I'll have more info on them after seeing them in person and getting my property managers feedback.

As we are now in the "busy season", this will be our only meeting for the next 3 or 4 weeks. Come out and get up to speed on what's going on in our local market. Price trends, rents, inventory, demand, resources, interest rates, discussion, Q & A, etc.

@Clay Kallman @Lindsay Diven @Jenn Barona @Jennifer Turner @John Fifer @Christopher Sarmiento @Andy Nguyen @Thomas J. Clifford @Will Barksdale 

Hey everyone, our meeting is on for tomorrow evening at V Pizza downtown. No refreshments provided, but everyone can chip on some pizza and wings if interested. Weather forecast looks nice, so we can sit outside if it's crowded inside. Management says Wednesday nights are hit or miss as to how busy they will be. 

This will be a less formal meeting. There is some material that will be shared from the most recent Real Estate Forum here in town. Beyond that, we can discuss any topics of interest. Hope everyone is doing well!

@Jenn Barona @John Fifer @Christopher Sarmiento @Andy Nguyen @Thomas J. Clifford @Will Barksdale @Jennifer Turner @Clay Kallman  

If you’re fortunate enough to get 4 students to sign individual leases at an average of 425 a room or 500 a room including utilities,-you’d probably be happy. Sometimes what happens however is only 3 of the bedrooms get rented when going the individual lease route. Some owners instead of gambling on the premium  that’s possible with individual leases just lease out the whole 4 bedroom unit at a slight price break. 

I’ve worked with investors that don’t want to deal with students, but there are just as many owners that are ok with or even prefer renting to students.

If this was two years ago you could have gotten a 4/4 in Countryside at the University for 115/20k depending on condition. Now they’re going for 145/55k as a median price range. Numbers are ok but not as appealing as they previously were.

@Lindsay Diven we'll definitely make sure you get a heads up on the next one. Likely will be on the 29th of January coming up. In the meantime,-let me know if you need any recommendations if anything comes up with the deal you're currently working on.

@Lindsay Diven I certainly will. We typically meet every other Wednesday evening. Since last nights meeting was a little more formal with a guest speaker, the next meeting will be the less formal version where we just meet somewhere such as World of Beer or for our next one we're thinking V Pizza downtown. On the less formal meetings everyone just kind of shares what they're working on and any questions they have. It's great networking. Typically I think most people come away with value. Then every other meeting we try and do like last night where there's a bit of a planned agenda and someone speaks on a topic or topics of interest to members of the group.

I'll definitely give you the heads up on the next one!

@John Fifer likewise John. Since it looks like you've got some experience with Commercial Properties,-you're welcome to take the floor a few minutes and present/share any opportunities, knowledge, experience etc you'd like with the group. It's a friendly laid back atmosphere,-but we almost always come away with something of value from our meetings.

@Roy Gottesdiener at that price for that location you are not overpaying if the property is in at least average condition. If it needs renovations and some big ticket items soon such as HVAC, Roof, electrical updates, and plumbing updates (many of the older homes in that area still have the old galvanized plumbing which lasts around 45/50 years give or take), then for that price you should at least be getting a 3 bedroom home which will rent for more for that price point. The zip code you mentioned is pretty much in a C/D area, but that's also where the best opportunities are right now in Gainesville for both cash flow properties and flips. 

Do you have a property manager lined up? I know a great one if not.