All Forum Posts by: Philip Joseph

I'm trying to refinance out of hard money and I was offered rates of 6.8% from one bank and 6.4% from another for a 30 yr fixed rental property loan. My local bank was going to loan me 80% LTV at 5% for 5 years with a 20 year amortization, but yesterday they called and said they could only do 80% of the original purchase amount which meant I would not even be able to pay back the hard money. I did not expect to see rates go this high so quick. Rates are changing weekly.

cajun

Awesome on knocking out your first rental.  There's a middle GA FB group with lots of folks who are killing it in Macon.  You can ask about realtors, contractors, attorney's, etc.  I will be happy to share who i use, but i know there lots to building a good team.

Philip

You need to get boots on the ground.  Drive around Macon, get out your car and talk to people.  If you do this and feel safe then that is a part of town you should consider investing in.  There's lots of people doing well in Macon, but there others who purchased low, fixed up and now can't get tenants to pay for more than 2 months.  It can be tough if you buy in the wrong area, especially trying to invest from afar.  

Good deal, I know this property very well.  Message me if you want the inside scoop on a roofer and AC guy.  I've had to replace 6 new roofs and the same guy always came with the best price and does outstanding work.  He is actually the main roofer for a large luxury home company in Warner Robins.  

If you have time, stop by the meet up and connect with other investors.  We meet at 1200 at El Jalisciense, 1114 SR 96, Kathleen, GA 31047. 

I may be interested, I will send you a DM soon.

Cajun

Nick,

A group of us meet every Tuesday in Warner Robins at 12pm.  This Tuesday we are meeting at El Jalisco on Hwy 96.  If you are in the area, try to stop by.  If you are not in the area, then try to stop by when you are.  Hope to see you soon.

Cajun

BP,

I'm currently working a deal, 4 rental properties for $280K.  All properties currently rented.  Looking for lenders / options for funding.  I tried owner financing, but their terms would not work.  Looking for options that will keep more money in my pockets.  Right now a local bank is offering an 80% loan at 4%, which means I have to come up with 20%.  If that's the best there is then so be it, but I'm guessing there other options I'm not thinking of.  

Note: I have another single family home that is completely paid off and can be used as collateral.  Any ideas would be greatly appreciated. 

Cajun

You can get properties in Macon for pretty cheap...But, you get everything that comes with it.  I.e high turnover, expensive repairs, issues getting contractors to do the work, little to no equity, etc.  I gave up with Macon and moved on to other nearby counties.  

Though I had lunch yesterday with some investors who are killing it in Macon (50+ units)...Big difference is that they're local, manage the properties themselves and can directly supervise the maintenance.  If you continue to invest in Macon from Tx, I suggest that you find a good PM and trust but verify things are getting done. 

Cajun