All Forum Posts by: Zane Cress

Make sure you have your numbers, financing ideas, and a plan ready to go. If you want a serious agent then don't let them down by being a half serious buyer. BP can connect you with an agent anywhere in the country but you need to research your markets and choose the one for your goals. Do you want cash flow or appreciation? Short term or long term? Buy cheap and fix up or buy something rent ready? 

I would assume this goes to whoever is executing the will. But I think you still have the right to use whatever part of the deposit you need to fix any damages that the property has. Might depend on tenant rights from state to state? 

If you cosign with someone else to benefit from the low down payment you should have a contract that clearly stipulates ownership and property rights. Lot's of things can go wrong when 2 people own a property together if it isn't very clear how the deal works.

I would be concerned about a value drop and no guarantee that rates will be lower in the near term. Everything I listen to says the Fed has a few more raises in it the near future, then stays flat into 2024 and by 2025 we might see a rate drop, assuming inflation can be "controlled". If you put 500k into a property and then two years from now when you want to Refi what if the property is only worth 450k, even with a better interest rate, but likely not lower than 5.5% for an investor. Don't forget investors are the ones the Fed wants out of the RE market. Now that 80/20 LTV returns less cash to your pocket and you have to wait for appreciation to regain that 50k you lost.

If possible you would be better off putting 30-40% down on two different properties and trying to make them both cash flow decently, do some repairs to create value, if you can Refi later on at a better rate then your cash flow gets better as a bonus. 

Does each townhome have it's own plot of dirt under it and it's own individual tax plot? I would assume that as long as you don't go over 4 units you would be able to qualify, but you may need to find some good lenders, sounds like a situation not every lending partner would accept. I'm curious to see the other answers to this question as well.

Maybe form a property management company and use it's email for all your emails related to property? That's what I do, I don't think email addresses can reduce the protection you get from an LLC. It's more important not to co-mingle funds between private and business accounts.

If it doesn't have a door it isn't a bedroom. Stand alone closet space is also a gray area but I wouldn't accept that as a bedroom, especially if they are trying to get a 3 bed price out of a 2 bed home. If they spend a few bucks they can frame in a door and throw up some drywall to make a closet. An inspector could tell you for sure if it qualifies. I would go to the county tax records and see what they list it as, most likely a 2 bedroom. 

I have been doing MTR in my area for a few years now. Great for nurses, professors, traveling professionals, people moving to the area, and digital nomads. Depending on their job some people ask for extra amenities and some people never even use the kitchen. In my area they usually do not want to share space unless they know the other person personally. Sometimes nurses travel together or meet at the hospital. It was a great move for me when I got tired of STR and the AirBnb hassle after going public. They usually treat the space better than long term too.

Documents related to income and tenants should get transferred but definitely not your photos and marketing. That will be their job to replicate themselves. Only time I did that was when selling a STR, I transferred the listing to the new owners and gave them a USB with pics and docs on it. Would not do that for long term units though.

As far as I know it doesn't matter that you don't live in GA. Just do an online course for the GA RE exam, you might need to travel to GA to take the test but most of them allow it to be proctored somewhere, usually a local Realtor branch or office.