All Forum Posts by: Preston Dean

I just sent you a message brother. @Andre Whitmire

Hey Marco, 

1. Don't throw in the towel & give up. Use this pain to fuel you, don't let the pain/frustration go to waste

2. My wife and I were in your exact shoes a year ago. We purchased a house with the intent to live in it for a year and rent it out. Upon doing our rehab we had to replace the cold water pipes (the busted under the house), the hot water heater, the bathroom had to be totally renovated, we had to fix things in the kitchen. We came to the conclusion that we were going to have to put our RE dreams on hold for a while, while we lived in the house and slowly fixed everything over the next year.

We did not have a large chunk of change to fix it all up at once so we had to do it on a monthly basis every time we got paid.

2 years later we now have a cash flowing rental surpassing the 1% rule (renting out a property for 1% of the purchase price) and building equity while having the mortgage being paid down. 

Don't quit on your dreams maybe they just need to be delayed a bit and get things rent ready in a year from now!

Hello everyone, I am needing to add investors to my email list of properties that I am finding on the MLS. Can you reach out if you are looking to purchase investment properties IE duplexes - 4 plexes

In my opinion a townhome is going to come with an HOA whereas a multifamily is not going to come with an HOA.

HOA can kill a deal having to pay $150-$300/month.

As I'm sure you know, multi family you will have multiple doors and can charge by the door vs townhomes you won't have that availability 

 If you have the ability to self manage the property I would look to purchase a duplex that is close to you. I don't know if Georgia allows for MTR (medium term rentals) but if so, check out furnish finders. Its like Airbnb for traveling nurses. 

Also, in Texas, new builds are running the market right now because they can offer lower interest rates than those on the regular market. Maybe check out some new builds in your area and see if they allow investors to purchase as a STR.

$50K is a great chunk of money but I would keep trying to find ways to put that money to work for you

You're welcome! best of luck to you! Keep us (BP) updated on your journey 

Hey Samantha!

Welcome to BP.

After reading through what you said, in my opinion, I would lean closer to the downtown area, as you said it has more options and seems like a more renter friendly area for college students or traveling nurses.

Check out something called Furnish finders - Travel nurses use this to find places to stay - aka airbnb for travel nurses

If you have the ability to house hack that would be ideal but it doesn't sounds like that. Does your area allow airbnb? Maybe that's something to check out too!

 you can check this website https://builderguides.com/

man, Im like you. I'd like to do all the work I possibly can without hiring it out. 

However, hiring a good PM is worth it if you don't have the time or availability to do it yourself. 

If you can use that time to save you some money & you are okay with the trade off then I say do it. & it sounds like you have that ability to do it. 

maybe create a PROS/CONS board and pick the one that has less on the board

Keep us updated on what you decide!

Think of realtor as the assistant principal and the broker as the principal.

Both are qualified to teach students/lead a school. But one is the main person that is held liable for everything (broker) while the other works along side the other without the liability (assistant principal)