All Forum Posts by: Allison Jones

Hello BP Family, I've been absent from BP for a while and just investing in my own markets for the last 5 years. We haven't purchased any investment properties within the last 2yrs, but we have tried, and they just didn't work out. I do have a closing scheduled for a commercial property next week.   My husband and I have 21 doors and primarily duplexes. We concentrate on cash flow.  We live in a small town, and I have my own subs, handymen and cleaners that can help me with our properties.  It's a smooth and easy process. 

My son will be attending college in Marietta, GA this fall so we wanted to purchase a duplex. We will be renting out rooms to other students and my son will help manage this rental.  We just flew down to Marietta, GA on Friday and had our offer accepted Friday afternoon.  We had our inspection on Saturday morning. All went well but there is a lot of rehab work that needs to be done.  

Questions

1. Our community bank doesn't loan money out of state. Should we leverage other properties to finance this out-of-town duplex?

2. Try to do a conventional loan and finance it for 30 yrs with my son on the loan? 

3. Find another lender in the area?

4. How do you find good contractors?  

Thanks in advance, 

Allison 

Hello Robert, Short term rentals work pretty well for me. I turned my original short term rental into long term rental after 3 tenant cycles . I moved the short term rental to a more efficient and up to date property. 

I wasn’t getting as much activity from Travels Haven after my first 3 month rental but I have local agents contact me for short term. I currently have 2 short term properties rented for at least 3 months. 

My short term tenants have taken better care of my properties than my long term tenants. 

Best of luck,

Allison 

Hey CJ, 

I was just approached by corporate rental Travelers Haven this week. I would like to follow this feed. 

It was my understanding that the short term lease will be in Traveler Havens Corporate  name. Traveler Haven will put a deposit and rental down before signing the lease. 

Thank you for your help! 

Thank you Arron! I've been in contact with my agent multiple times since Friday. He's young but works under his mom who is the broker.  Everytime I speak or text message my agent  it's " we should be getting it by ______.  "  Yesterday he said that we should have it by lunch today. 

I just want to call the listen agent myself. 

We're trying to close on or before December 1st. My banker, attorney, home inspection and land surveyor are ready to move forward. The appraisal will need to be ordered soon if we want to closed on Dec 1st.  

Thanks again!

We put an offer in on a quadplex in foreclosure that was being advertised as a single family home due to falling out of the grandfather clause of non conforming use. The property was on the market for months.  We found a loop home with our planning department and put a full price offer on the property on Thursday.  How long should it take to get the accepted offer or counter offer from the bank? 

Thank you Kelly! Do you think the bank would write the lease or could the agent write the lease?

Two units out of the four are already out of the grandfather timeline. According to the planning dept we would only have two units to use. Gratefully there is one unit upstairs and one unit down stairs that current. Which would be easy to convert if needed. I will file a special use permit with the planning dept.  

I believe the lot size is considerably smaller than allowed for four unit housing   Re zoning. 

I'm super excited to be on this forum. I'm new to Deeper Pockets and I'm loving the Podcast.  Saturday I was listening to epsoide 233 with Arianne Lemire and I found my "WHY".  I dropped where ever I was doing in my office and started to drive for bucks.  I found a couple foreclosures and a young hungry new real estate agent that was willing to share his time with me.  

On Monday I put an offer in on a duplex and yesterday I put an offer in on a quadplex.  Both properties are bank owned.

My questions is for the quadplex. It's listed on the MLS as the property is no longer zoned for mulit family use and it would be illegal non conforming use if multi family is ever allowed.

With multiple visits to the planning department,utilities, calling old property mgt co, and talking with neighbors.  I've found a caveat to make the unit into a duplex. I have the verbal ok from the planning department and my purchase agreement is congingent to the use of a multi family property.  Time is of essence due to the caveat I found in my research.  

I have until Nov 12.2017 when the mulit family status will be expired. Basically on Nov 12th that active unit will have been vacant for 6 months and the property goes back to single family use.  The property had been a quadplex for more that 50 years but can be easily transfered to a duplex or I can go through with a special use permit along with being granted a variance for parking because it's on a small corner lot.

My question is that the planning department is requesting a lease to be signed by me.  They said it could be 1.00 but they need an active lease.  It's a bank owned property and my agent doesn't think the bank would do a lease but could the real estate co write up a quick lease for me until we close?

Thanks!