All Forum Posts by: Tim Sharkey

@Jordan Myer

Yes, I do think it's a good idea to buy the home warranty for rental properties.  We have a property management company and offer this to our clients as well as a pass-through option with deep discounts on the policy.  

Have a great day! 

Investment Info:

Other other investment.

Purchase price: $250,000
Cash invested: $100,000
Sale price: $495,000

Bought and Sold a land deal in Marietta, GA

What made you interested in investing in this type of deal?

Niche that not a lot of people are willing to take on.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $595,000
Cash invested: $250,000

Incredible single-family home with a pool, on a 3 acre lot just minutes from downtown Canton. Potential STR or solid LTR.

What made you interested in investing in this type of deal?

We were able to determine the incredible opportunity for this home as a STR utilizing a system that my team created and will offer to other new and current clients.

How did you find this deal and how did you negotiate it?

It was a listed property, but might not have been on a lot of folks radar given the style of home. We saw it as a fantastic STR opportunity.

What was the outcome?

Final stages of reno before we start renting it out.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $430,000
Cash invested: $50,000

Incredible rental income on this single-family home in Marietta, GA!

What made you interested in investing in this type of deal?

Incredible cash flow, w/ two residences in one property.

How did you find this deal and how did you negotiate it?

Off-market. Found through my network.

How did you finance this deal?

Cash and lender.

How did you add value to the deal?

Turning this single-family into multi-family in a great school district.

What was the outcome?

We hired my renovation company to change the floor plan and get three potential rentals into one home.

Lessons learned? Challenges?

Get the asset! Once you have it, it's fair game.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Sharkey Real Estate!

@Cornelius Brady the reporting is for tax purposes and bookkeeping. Most good PM companies will have systems in place for this. The CPM is an accreditation for the specific property manager.

I think @William Sing summed it up well.  I especially agree with the percentage fee structure with less ancillary fees.  That's how we've set up our PM business and our retention is extremely high!  

@David Epstein that's a good strategy.  Florida is certainly a hot spot for vacation rentals, so expanding into SC and Alabama do make a lot of sense from a value standpoint.  If you are looking for areas that should drive higher values over the next 10 years, I would consider Huntsville, Alabama, Cartersville, GA, Savanah, GA, and Greenville, SC.  These areas have potential to see property values go up substantially in the near future and are still affordable right now (relatively speaking).  

@Rand De villa I have not had any direct experience with Bungalow, but we have a similar company in the southeast called Pad Split.  We've managed these services in our PM portfolio and it has its drawbacks.  If you are living in the house as well, it will give you the advantage of knowing what is happening at all times.  I would make sure they vet all prospective tenants well and take a look at the fees they charge as they can add up.  Good luck to you!  

@Brian Moss for our property management business we use PropertyWare.  For my own portfolio I use RentRedi for it's low-cost platform and dynamic software.  I believe it's about $10/month and we have the ability to screen tenants, collect rent, send out notices, and manage maintenance.  The screening includes credit reporting, employment status, eviction history, and criminal background check.  The potential tenant is charged the fee of $35 to run these reports.  

Aside from gathering this information to help make informed decisions on tenant placement, this information is good for skip tracing if you need to pursue back rent or money for damages. 

@Jaron Walling we are seeing similar things here in Atlanta with the foreclosure auction.  Auction.com continues to be one of the top companies that cry properties here in Atlanta.  Their numbers have been absurdly low for the last year and half.  

@Tina Trussoni we subscribe to a list of properties every month that covers 7 counties in metro Atlanta.  They pull data from the local county newspaper that advertise these foreclosures.  They must advertise at least 4 times the month prior to it going to the courthouse steps.  The data and list of properties we receive are always spot on.