All Forum Posts by: Phillip Vera

Nice deal!  If you don't mind me asking, what area of Charleston?

@Joseph S. welcome to BP!  Columbus, GA is a good little spot to invest in.  I have a college friend investing there, as well as a couple of other friends in the area.  I know of a small hedge fund that has done some transactions in the area as well.

Military certainly drives the area and that can be a good thing.  The only negative with military is some of the turnover and their ability to be released from the lease due to the Servicemembers Civil Relief Act.  It allows them to get out of their lease with no penalty if PCSing.  

I'm invested in 2 military markets, one being Augusta, GA.  Schools can be a driving factor, but usually it's proximity to the base.  They are very reliable residents for the most part and if you have any issues, we've been able to build relationships with company commanders.

You've picked a good little spot.  I have some contractor contacts if you need them, but don't know the area well enough to tell you where to buy or a realtor.  Best of luck!

Nothing wrong with a cash flowing asset and $30k in equity!  Congrats!

I've definitely been around the block but my decision is more based on the golf memberships I could obtain!  

I used to live in Beaufort, South Carolina and absolutely loved it.  That would be my #1 spot with a membership at Secession Golf club.

Next up would be overseas, in the Bahamas, with a membership at Baker's Bay.  These are great clubs and great places to live. Nothing too wild and crazy, just peaceful, relaxing, and low key.  

@Zoltan Kalu crime is a fair statement.  Very low on the North Augusta side versus the Richmond County side of Augusta.  Makes a lot of sense, but there are some great up and coming areas on the GA side of the river.

Atlanta is a very competitive market, but I have a contact there doing well in class C, but you have to go a little further out.  From what I hear, the market is tight and we've had several investors venture to Augusta from Atlanta.  

I could talk all day about Augusta.  It's a fantastic and stable market.  The only drawback is finding the small multi-family, but there is some inventory starting to loosen up. We did just get 2 duplexes under contract for a great deal.  Also know of an off-market triplex for $65k if you're looking to do some major renovations.  Come to think about it, I know of a few 1% deals in the area as well.

In regards to Columbia, West Columbia (29169) is a good spot and very up and coming, especially around the West Columbia side of Meeting Street.  It's interesting cause you've got brand new class A right next to some class C.  It's just so close to Five Points and downtown Columbia.  I like the Shandon and Rosewood area (29205), just filtering off Five Points.  Prices are higher though as to be expected.  29204 is okay.  29206 is more suburb but I really like this area a lot.

You want to avoid 29203.

Not trying to throw markets out there, but take a look at Chattanooga, TN.  I know of a few off-market deals there and it has a high concentration of small multis (duplexes, triplexes, quads, even seen several 8-plexes).  

@Timothy Sumpter, I have a referral for an investor friendly agent in that area.  Chris DeTreville.  PM me if you would like his contact information.

As some have mentioned, my initial thought is to talk to your turnkey provider and see if they have any investors ready to purchase.  The new investor is getting turnkey and if the numbers work for a higher price than you paid due to appreciation.  Any agent fees and closing costs may eat up any profit.  

Turnkey gets a little bit of a bad reputation, but there are some great turnkey providers nationally.  Also, we provide turnkey services specifically, but not a turnkey product as most companies.  Happy to share more if anyone is interested as this model lets you keep the equity in the deal.

I hate to take the easy answer, but I imagine this is going to be a market by market scenario for a while.  Our sister company is seeing a jump back up in bookings.

Was listening to a podcast the other day and there were some interesting points of views.  With coronavirus, some families have been extending vacations, etc. since they still can't get back to work.  I think one interesting take is with future office closings and some larger companies extending working remotely indefinitely, it allows anyone, but especially millennials and a younger population to "live" anywhere in work.  There could be some scenarios where mid-term rentals of 1-3 or even up to 6 months could come into play as they work, travel, experience, etc.  I imagine this is the case in some of the more desirable markets.  

@John Cho which market are you in?  I may know a good PM to refer.

@Jason Nguyen which part of Georgia?  

Personally, I had an attorney set mine up as they serve as the agent on the LLC. I recommend an attorney, however, it's not difficult to set one up in Georgia, I imagine the same in most states. You simply apply at the Secretary of State website. The application process is pretty straightforward. Otherwise, check out something like LegalZoom. They can also act as the registered agent.

The biggest thing is anonymity.  Most people setup LLCs for this reason and asset protection.  If you're not worried about anonymity, then you can act as the registered agent.  Or once again, see if an attorney will act as one and you pay them an annual fee.  With LLCs becoming more and more popular, the cost to have an attorney handle this has come down significantly.