All Forum Posts by: Cindy Harney

@D. Andrews

The rental market in the Savannah area is very strong. If the house is in a reasonably desirable area and priced correctly, it should rent. There are also quite a few really good property management companies you could use.

I’d be happy to try to help you out if you’ll reach out through pm.

@Julie Gates

Any chance you could share all of the details here? I don’t see any options to access BP events on the app. Definitely interested in joining and may know some other ladies who will want to come along!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Rincon.

Purchase price: $150,000
Cash invested: $60,000

Duplex (each 2br/1ba) that is currently Airbnb on one side and short, long term rental on the other. Airbnb averages 17 nights per month ($110/night) and short, long term side services clients who are in between housing. Currently rented at $2200/mo.
Paid $150k for it and it's worth $220k. We did about $20k in renovations.

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

Sheer cash flow and the price was too good to pass up.

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

My handyman told me his dad was looking to sell a property so I inquired further. He sold it well under value.

How did you finance this deal?

Conventional financing with 20% down, then $20k for renovations

How did you add value to the deal?

It needed a complete renovation to generate the most monthly cash flow. We tiled floors, replaced cabinets, added granite, new appliances and renovated the bathrooms. It was previously renting for $750/month per side.

What was the outcome?

Sick cash flow and filled a need for short term housing.

Lessons learned? Challenges?

Just pay people to do the renovations for you. As much as I 'saved' painting it myself, I could have gotten it rented sooner if I'd just had others do the work.

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

It was a FSBO, but I'm a huge advocate of my own skills as an agent!

@John Smeltzer we bought two STR's at the Hilton Head Resort last year (March and July). The market there is pretty hot still! We could actually sell at least one of our units and make about $60k, but I want the long term investment as we are at least covering expenses and I have a management company handling it for me. If you have any questions I could probably help you find the answers! Reach out if I can help!

Working with @Adam Smith on a meet up after the first of the year in Savannah! Will definitely update once the location and date are cemented.

@Randon D. Sander I am looking into a couple of locations to hold this event. Not sure of everyone’s post Covid comfort level with doing a meet up in person, but I’m all for it!

To be honest, we have only been on BP for less than a year so I’m not even sure what goes on at a meet up, but I’m researching that as well.

@Victor Ernesto Brown

I was hoping someone else would respond and give us a heads up on a Savannah meetup, but I’m assuming there aren’t any.

I am considering putting one together in the next month or so. I’ll update when I have a date and create an event on the BP calendar!

@Pat Wilver that sounds like a great deal! Glad you were able to capitalize on a deal someone else passed over! Currently looking for long term rentals myself!

@James Colgan that’s a huge area - Savannah to Charleston. There are plenty of pockets where you can pick up a condo or townhouse for less that $250k to use as an Airbnb. It would be important to know what kind of return you are looking for. Are you looking for a resort and a vacation rental? Or to appeal to working travelers?

@Derek Miller if you need a boots on the ground person, I am close by and would be glad to help! I have two Airbnb’s on Hilton Head so I understand all of the nuances of managing them.

I do recommend looking carefully at just how expensive it can be to keep a sfr as an Airbnb as you have to pay for electric, water, cable/internet and furnish it. It’s hard to imagine the numbers not making sense for a long term rental, but short term making sense even with all the extra expenses. Just some things to think about.

I hope your relocation goes smoothly!