Auburn Investment Properties Podcast with Chris Kearns

In this episode, I continue the interview Barry & Gleason Jones of Cross Country Mortgage in Auburn.  If you missed the previous episode, you should definitely start there.  It is a 2-parter, but you can see the breakdown of topics covered in each episode below...

PART 1:

• Gleason's lessons from being a landlord
• ARM's - are they still out there?
• How do THEY determine your credit score?
• Intro to Condo loans
• Importance of accurate details on loan applications
• How do you determine if it’s a 2nd home or investment property?
• How are the loans different for a 2nd home or investment property?

PART 2:

• Interest-Only & Construction Loans
• HELOC - what are the maximum limits you can borrow?
• Can you pledge other assets instead of / as a part of your down payment?
• Approved sources for down payment assistance?
• Let's talk about seasoning
• Buying as an LLC vs buying in your personal name
• Deeper dive into condos
• Where are we in the loan cycle compared to 2-5-10 years ago?
• A quick look at the reasons for so much development in Downtown Auburn
• What type of loan would you recommend as the best for an investor?
• Broker’s advice: How do I come into your office and get the best loan?

 

Links from this episode:​​

• Work with Me
• Mortgage Services: Gleason Jones, Cross Country Mortgage
• Understanding Mortgages & the Great Recession: The Big Short (Amazon)
• ​Real Estate Brokerage Services: AuburnInvestmentProperties.com
• Real Estate Investor Coaching: BetterREI.com
• Websites & Branding: EasyLandlordWebsites.com

In this episode, I share an interview Barry & Gleason Jones of Cross Country Mortgage in Auburn.  Barry has been in the mortgage business in Auburn for a long time, and his son Gleason is following in his footsteps.  Actually, Gleason worked for me one summer, about a year before I sold all of my apartments.  He was a hard worker then, and I'm sure he is still a hard worker now.  The information and wisdom we get in this episode is hard to beat, so if you want to learn about loans and the mortgage process, I think you'll get a lot out of this conversation.  ​It went so long, it ended up being a 2-parter, but you can see the breakdown of topics covered in each episode below...

PART 1:

• Gleason's lessons from being a landlord
• ARM's - are they still out there?
• How do THEY determine your credit score?
• Intro to Condo loans
• Importance of accurate details on loan applications
• How do you determine if it’s a 2nd home or investment property?
• How are the loans different for a 2nd home or investment property?

PART 2:

• Interest-Only & Construction Loans
• HELOC - what are the maximum limits you can borrow?
• Can you pledge other assets instead of / as a part of your down payment?
• Approved sources for down payment assistance?
• Let's talk about seasoning
• Buying as an LLC vs buying in your personal name
• Deeper dive into condos
• Where are we in the loan cycle compared to 2-5-10 years ago?
• A quick look at the reasons for so much development in Downtown Auburn
• What type of loan would you recommend as the best for an investor?
• Broker’s advice: How do I come into your office and get the best loan?

Links from this episode:​​

• Work with Me
• Mortgage Services: Gleason Jones, Cross Country Mortgage
• Understanding Mortgages & the Great Recession: The Big Short (Amazon)
• ​Real Estate Brokerage Services: AuburnInvestmentProperties.com
• Real Estate Investor Coaching: BetterREI.com
• Websites & Branding: EasyLandlordWebsites.com

In this episode, I talk with Beth Witten of the Auburn City Council and Blue Turtle Creative, a marketing and event management company in Auburn.  Here are the topics we discuss:

Major Topics:

• City finances and issues 6 months into the Coronavirus pandemic
• Status of (and moratorium on) new student housing developments
• Pending regulations and policies related to Short-Term housing like Airbnb

Additional Topics:

• City's plan for the 2020 election
• 2040 Comprehensive Planning process
• Update on plans for Samford & College, near the old Heart of Auburn hotel site

Links from this episode:​​

• Work with Me
• Marketing & Event Planning: Blue Turtle Creative
• Real Estate Brokerage Services: AuburnInvestmentProperties.com
• Real Estate Investor Coaching: BetterREI.com
• Websites & Branding: EasyLandlordWebsites.com

In this episode, I interview another one of my clients, Derek Jackson.  He and his wife Miranda had ties to Auburn, met while working in Atlanta, and after getting married and having a few kids, decided to move back to Auburn for the long term to be closer to family.  Their primary goal was to diversify their retirement income, but they wanted to make sure that even their first rental property was going to put off enough cashflow to pay for itself and and build a reserve for future maintenance, etc.

Derek sees himself as a "risk averse" person, and it's funny to hear how his perspective on owning investment properties has changed since we first met.  Also, the Jackson's decided to self-manage for now, and Derek will tell you how & why they came to that decision and how they use some cool new technology to help them do it easily and affordably. 

Links from this episode:​​

• Work with Me
• Tenant Screening and Rent Collection: Cozy.co
• River Bank & Trust, Loan Officer: Luke Madsen: Branch Contact Info
• Real Estate Brokerage Services: AuburnInvestmentProperties.com
• Real Estate Investor Coaching: BetterREI.com
• Websites & Branding: EasyLandlordWebsites.com

Description & Show Notes:
In this episode, I interview one of my clients, John Edwards.  John is an Auburn in his 40's, living with his wife and 3 kids in the East Atlanta suburbs, and he bought his first rental property with me in early 2020.  We started looking at places during the fall, and just a few months later, he was doing some small improvements on his first rental and preparing for his first tenant.  Right after that, he got it rented and it's been pretty smooth sailing since then.  He actually bought a house right next to one of my rentals, so I was able to give him pretty realistic numbers on what to expect for rent, and now he was off to the races! 

This is my first interview that meets with a recent "first time investor" client and looks at the buying process and their first 6 months of this being their new reality.  Sorry if it is a little choppy or redundant, I promise I'll get better over time.  That is a lesson in itself - as John says in the interview... prepare as much as you can, and then before you're ready, start anyway!  On that note, here we go!


Links from this episode:​​

• Work with Me
• Real Estate Brokerage Services: AuburnInvestmentProperties.com
• Real Estate Investor Coaching: BetterREI.com
• Websites & Branding: EasyLandlordWebsites.com

In this episode, I’m going to talk about the Airbnb / VRBO situation in Auburn as it currently stands today.  We’re going to briefly talk about the pros and cons of these types of rentals, both from the investor point of view as well as the City and the neighbors too, which will help explain why there are some major changes in the works.  I actually met with one of the Principal Planner in Auburn this week and I’ll tell you the latest info I got from that conversation.   I’ll let you know how we got here in the first place, and give you the timeline of when these things are likely to take effect.

Then we’ll talk about action plans for what you can do if you are interested in this type of investment property and/or you are looking for a few alternative ways to accomplish a similar outcome, and then we’ll finish the episode with some of my thoughts on the Auburn City government and how they operate around here. 


Links from this episode:​​

• Work with Me
• City of Auburn Planning Department: https://www.auburnalabama.org/planning/ 
• City's Latest Info and Proposals for Short Term Rentals
• Real Estate Brokerage Services: AuburnInvestmentProperties.com
• Real Estate Investor Coaching: BetterREI.com

In this episode, I will share some helpful and wise advice from a variety of sources, including my late father who made my Auburn journey a possibility in the first place, as well as successful local investors and others who have helped guide me on a path to success.  I think our actions are a reflection of our underlying philosophy, and I hope these words of wisdom will help you see the big picture, take action, and be aware of risks & opportunities you may not have otherwise considered.

In the Tips and Takeaways section, I'm going to share with you how a book with a simple title has has a profound impact on my life and business over the last few years, and helped me clear the clutter in my mind and my life, and make more progress in less time.  If you find yourself saying, "I'm so overwhelmed, I don't know where to start!", then make sure you stick around until the end for some help getting past that.


Links from this episode:​​

• Work with Me
• Rich Dad Poor Dad (by Robert Kiyosaki
• The One Thing (by Gary Keller)
• Real Estate Brokerage Services: AuburnInvestmentProperties.com
• Real Estate Investor Coaching: BetterREI.com

In this episode, I sit down with Nick Hayes for an insightful chat.  Nick is an experienced investor and Realtor in Auburn and we talk for an hour about strategy and real life examples of investments in Auburn.  His "go or no go" criteria is different from mine and other folks I've talked to and he is definitely involved in more partnerships than most investors I know.  But hearing from other successful people with different approaches is one of the reasons I decided to start recording these interviews and turn them into a podcast in the first place.

At the time of this recording, Nick was an agent with Century 21 in Auburn, and he has since opened his own Brokerage, Roots Realty in Auburn.


Links from this episode:​​

• Work with Me
• Roots Realty in Auburn: Roots Realty
• Real Estate Brokerage Services: AuburnInvestmentProperties.com
• Real Estate Investor Coaching: BetterREI.com

In this episode, we'll wrap up our overview of the contracts and paperwork used in the leasing process by hitting the last 4 milestones: Renewals, Pre-Leasing, Move-Outs, and Deposit Refunds.  I mean, lets be real - people are going to move out and you'll have to be ready for the transition, right?  I'll introduce the concept of "Future Pacing" and how it will help your new tenants, your current tenants, and even you as a landlord.  Yep, even with 20 years of experience, I've given myself some homework to do after recording this episode because we should all be on the lookout for ways to improve our business when we come across a good idea. 

We'll also talk about hiring a Property Manager, and what they will do - and not do - for you as part of your Management Agreement.  We'll talk about what to expect when you are buying a property that is already under management, and what your options are at that time.  And we'll end this section talking about how you might get stuck with a Condo Assn manager that you don't like if you aren't careful.

In the Tips and Takeaways section,  we'll talk about the best time to buy from a motivated seller - even in Auburn's relatively hot market.  And we'll wrap up with some advice on the best times of the year to start a new lease to get the most Applicants and the highest rent - from my opinion, and how to structure your leases to give your tenants flexibility while still retaining control of the important stuff.

Milestones in the Tenant Life-Cycle, as relates to contracts: (bold sections are covered in this episode)

1. Application
2. Lease + Clauses
3. Payments
4. Renew or Not?
5. Pre-Leasing
6. Vacate
7. Deposit Refund

Links from this episode:​​

• Work with Me
• "Family Truckster" Scene from "Vacation": YouTube Link
• Real Estate Brokerage Services: AuburnInvestmentProperties.com
• Real Estate Investor Coaching: BetterREI.com

In this episode, we start with an overview of the leasing process, and then jump into the details on your Application and Lease.  We'll cover a lot of things you should do and not do, things you should include and why they are important.  It's a close-up look at how we screen our prospective tenants and automatically collect our rent, but we'll also look at the ways use specific terms and language in our leases to reduce the risk, uncertainty and confusion in our process and our lease to smooth out bumps in the road before they happen.  I'll explain how using specific contract terms like "Joint and Several Liability" can help you avoid problems later by starting with clear expectations from the beginning.

In the Tips and Takeaways section, we'll look at the companies I've been using for tenant screening and rent collection for years and a new alternative out there.  We'll also look at how the "Three Most Valuable Word in Real Estate" (not Location, location, location) can be tied into our discussion of leasing contracts.


Links from this episode:​​

• Work with Me
• Tenant Screening Services: TenantReports.com
• Automated and Inexpensive Rent Collection via ACH: PaySimple.com
• Real Estate Brokerage Services: AuburnInvestmentProperties.com
• Real Estate Investor Coaching: BetterREI.com