New to GA STR Investor
Hello everyone!
I just moved to Georgia a couple of weeks ago, and am currently in the process of closing on my first flip deal (05/14 fingers crossed). Before I moved I worked as CAM or HOA manager, and am currently working as a property manager and plan to take my state licensing exam this upcoming week.
Ideally, I'd like to buy a STR with the funds that I get from my house, however the number one thing that I find myself lacking in is my network. "Everyone you will ever meet knows something you don't.” - Bill Nye. Ultimately this post is about making connections, and if anyone has any questions for me please ask away in the comments.
Thank you and best regards!
Hi @Kyle Flynn, congratulations on being about to close on your first flip!
There are a few things to know when buying STRs.
1. Make sure it is legal in your jurisdiction.
2. There is much more volatility and seasonality in it.
3. It requires more time/money to manage.
4. Finding financing can be tough. I would recommend going for a DSCR loan.
There is a lot more but those are the biggest mistakes that I have seen people make when dealing with these. Make sure you manage your expectations and do your homework. Let me know if I can be of any assistance.
@Kyle Flynn
Congrats on getting your license.. is that to continue with the PM business or to become a realtor?
What areas are you interested in acquiring an STR?
Quote from @Holly Barrett:Thank you!
@Kyle Flynn
Congrats on getting your license.. is that to continue with the PM business or to become a realtor?
What areas are you interested in acquiring an STR?
I am getting my license so that I can be a property manager, but I had intended to get my license no matter what. I am looking at Cherry Log but I am still doing market research, and still have a lot to learn about Georgia.
Quote from @Andrew Garcia:
Hi @Kyle Flynn, congratulations on being about to close on your first flip!
There are a few things to know when buying STRs.
1. Make sure it is legal in your jurisdiction.
2. There is much more volatility and seasonality in it.
3. It requires more time/money to manage.
4. Finding financing can be tough. I would recommend going for a DSCR loan.
There is a lot more but those are the biggest mistakes that I have seen people make when dealing with these. Make sure you manage your expectations and do your homework. Let me know if I can be of any assistance.
Thank you!
It was definitely one of if not the hardest things that I have ever had to do considering I did most of the renovations either by myself or with my fiancée, but ultimately was very fulfilling and well worth it. Also, I appreciate the feedback and will keep these tips in mind.
Kyle! that's the way to go! You're network is your networth! I think that's a great strategy and too be honest there are a lot of great markets out there that do really well. I have a guy who just bough a 46k property and is cash flowing 2k on it a month. Let me know if you need some help with this
