All Forum Posts by: Dylan H.

@Robin Searle

My market of Savannah, GA has the downtown historic areas zoned out and capped at a 20% STVR limit per area. The certificates for the STVR are maxed out and it’s pretty much impossible to get one if you don’t already have one. They are grandfathered to the buyer of a property as long as they renew it (for $200/year) within 6 months I believe.

I could see this approach being taken by many larger/touristy cities to help regulate it. What it has done is increased the property values of properties that have certificates (kind of, since we know they are ultimately based of comps, but the demand for properties with a STVR certificate in place has skyrocketed).

It’s definitely interesting to watch, and making the market even more competitive.

@Jerryll Noorden

I just feel like with mailers you are able to actually target the properties you want. I just recently bought my first list and I’m working on my own handwritten mailers. PPC just simply isn’t going to bring in the specific properties I’m looking for. I’m sure it works great if your goal is to wholesale/flip anything and everything, but I’m not sure it aligns with my goals.

@Jay Hinrichs

Does anyone know how the charging stations work? Do you just plug it in at your house? If so, how much is my power bill going to go up?

Thanks!

@Nathan G.

I like the thought of that for him (house hacking a multi family), but I think the problem would be that he might not have rental income on 2 years of tax returns (what most banks will require) to get the potential rental income on his current residence to count against his debt to income ratio.

If you do have rental income already on two years of tax returns then I would definitely aim for a house hack in a better/higher income area.

You could also ask a family member, parents maybe if they have good credit and income to co-sign the loan for you on a house hack. Especially if you have access to a HELOC and cash you should be a pretty safe person to invest with since you're not really over leveraging yourself with the reserves you have.

Hope this helps!

@Mary Mitchell

When you get down to the nitty gritty how is wholesaling much different than being a realtor? Besides the fact that it's off market of course. Ultimately a wholesaler is taking the equivalent of a realtors commission to sell the property. They're arguably providing more value to society in general by fixing problem and dilapidated properties. Whether those properties being wholesaled are listed on MLS or not, you're not going to get conventional lending anyways, and it's going to be only investors and cash buyers picking them up. It's not like it's hard to get onto a wholesalers buyers list either.

I wouldn't have a problem with wholesalers having to be licensed, but they provide value, more value than realtors who are just slapping properties on the MLS (especially in a sellers market it's not like it's that difficult to sell a good property). My house hack I just bought was on the market for less than 24 hrs before it had multiple offers. Not like the realtor did a lot of work other than the paperwork.

@Quentin Brown

Keep in mind that the property would be under the 1% rule if sold at asking price, meaning it may be losing money. A lot of things factor in to how well this property does, especially how it is metered for utilities. The current landlords may very well be losing money over the long run which would motivate them to sell.

@James Wise

Just wondering, why do you still work so much? 65+ hours still working when it sounds like you could definitely be financially free with how much real estate you manage/own. Do you just love the grind? Or do you not have ‘enough’ yet?

Your physical body is technically at its peak at 25 years old, but I would assume that’s not the case for business or financial success.

Time is the ultimate freedom, but it doesn't seem like you value it that much with your continued rigorous work schedule. Hey, maybe just love it, but my goal isn't to create another job through REI.

People work away the best years of their life, it’s unfortunate. You’re at your best now, take advantage of it.

@Dan Hertler Basically all of Tybee Island is a flood zone, and a large portion of what we call "the islands" (which is Tybee, Whitemarsh, Wilmington, Talahi, Oatland Islands). I know the flood zones were recently redrawn and a lot of the islands were removed from the flood plain. Another area that floods a lot is in the Thunderbolt area around Victory Drive can get pretty bad from heavy rains because of bad drainage systems. Let me know if you'd like costs and I can get them for you.

Great, thanks @Braden Smith! 

And @Jerryll Noorden, do you just post this on anyone's post about marketing? Haha, good tactic.

Looking to get an idea of the return rate people are getting from their current Direct Mail Marketing campaigns. I realize there are a lot of other factors that depend on your success (i.e. closing rate, market, competition, systems you have in place, etc), but listening to an old podcast (#81) with Michael Quarles he said that he saw a roughly 8-10x gross return on marketing. Obviously the market and competition have changed a lot in the five years since that podcast was published. But he was saying if you spend as an example $500/month on marketing for let's say Wholeselling /  wholetailing you would get $4000-5000 in gross monthly returns, over time. 

My market (Savannah, GA) seems to be extremely competitive and active with all sorts of investors, which could be good or bad since you can piggyback off of previous mailings from other people marketing.

Let me know what you think, thanks in advance for any input!