All Forum Posts by: Adam Mraz

Hi @Johm Curry 

i definitely recommend getting your requirements down. I don't know how many units you have but if you get over 4, you are into the Fair Housing Laws territory. If you ever get a complaint (valid or not), the first thing the investigator will ask for is your written policy on how you made the decision on that situation. This actually applies not just to selecting applicants but also things like collections and handling of maintenance.  The Turner's book is a good place to start. As you grow you will probably have to customize some things. Also, some states are stickers on different things. 

i do recommend getting a Property Manager as they should already have all of that. The extra liability protection can be very useful. I am biased though.

Adam

Hi Percy,

When to sell is always an interesting question in the situation.  Take into account the tax implications of holding vs. selling.  If you lived in the house for 2 years, you have 3 years to sell with the capital gains tax exemption.  As a property manager in Atlanta, I have had multiple tenants request to buy the home.  I don't think I have actually seen one go through in the last 3 years. Definitely advise them to get pre-approved for the loan.  This has been the biggest barrier.

With that being said, appreciation is always a play that is unknown.  Atlanta is an interesting market b/c some areas will probably still appreciate, some areas investors have told me for the last 8 years are going to appreciate (still haven't but they do cashflow), and some areas are probably topped out right now.  You really need to understand the particular neighborhood that you are talking about because all 3 of these situations can be within a mile or 2 of each other.

Hope this helps.

Adam

I agree with Kyle.  Some housing authorities have programs to help with a Security Deposit.  In Atlanta, they will only do it the first time someone is renting on a Section8 Voucher.  Out of the 8 Housing Authorities here, only 1 does that though.

@Danny Webber

As a property manager with out of state clients, I would say having a PM that communicates and has process in place is the biggest thing to look for once you have found a place.  We have been adding portfolios lately and immediately get hit with maintenance requests that tenants are claiming have been sitting for over 3 months.  Some units are vacant and the owner and previous manager didn't know.  We manage Section8 properties as well and tenant's vouchers are canceled due to failing multiple inspections.  We are the first to find out about it when we send the change of management documents.  I recommend management companies that specialize is property management like @Charles Situ mentioned.  Most sales brokerages that I have seen don't focus enough on the PM side of their business to handle it well.

If you are counting the 60-day notice as 8 weeks, then 14 weeks would be about right.  You can file the holdover as soon as they don't leave.  As long as the county is serving, it takes 1-2 weeks to get the Marshall out there.  If the tenant doesn't answer, you get the writ in 7 days.  If they answer to go to court, usually it is 1-2 weeks for the court date.  I would imagine the judge would give an immediate writ in the situation.  We don't generally get that far before the tenant just leaves.  The last wild card would be scheduling a Marshall to be there when you are putting them out.  Our company always does this.  It isn't 1000% necessary but as policy we do it to avoid any possible legal action later and claims that we destroyed property.

Hi Jorge,

Luckily, Georgia is a pretty landlord-friendly state.  Each county and court system has it's little quirks here. Covid has made it a little more complicated as some counties are not serving eviction notices at the moment.  Normally, it is not terribly complicated.  Give them 60-day notice once you have closed on the property.  If they don't vacate, file a holdover.  Usually, to get through that process, you are looking at 3-6 weeks.  We manage about 600 doors and usually what happens for us is the tenant vacates a week or 2 after being served by the Marshall because they realize they don't have much hope if they try to take it to court.

Hope this helps.

Citiside is a growing property management company that is looking for an Assistant Maintenance Project Manager that is eager to learn and grow as the company grows. Skills that this person will be learning include managing contractors, inspecting the quality of work, estimating jobs, and scheduling. They will get the opportunity to interact with both vendors and investors.

Job Responsibilities

• Manage projects on residential and commercial properties to ensure that clients meet their goals of quality and performance.
• Meet with building inspectors/maintenance staff to perform detailed inspections of property.
• Conduct inspections of finish work.
• Completes all paperwork and provide job updates into the database.

Qualifications:

• Strong communication skills; detail-oriented; able to prioritize & multi-task; proactive and able to adhere to critical deadlines.
• Ability to read and comprehend work orders, safety programs, operating and maintenance instructions, procedure manuals, and blueprints.
• Ability to supervise and interact effectively with customers, vendors and employees at all levels of the organization.
• 1-3 years’ experience in construction.
• Ability to travel in the Greater Atlanta Area.
• Experience estimating work is a plus.
• Understanding of different ways that water can damage property is a plus.

Additional Requirements

• Must have and maintain valid driver’s license.
• Must have your own means of transportation.

Hey Tre,

My company works with Lenox Renovations to handle all of our maintenance and renovations in the Atlanta area for our investors.  PM me and I can get you connected with them.

Adam

Hey Douglas. I use it in combination with Zestimate, a rentmatch feature our software has, and rentals from the MLS. At least in Atlanta, Rentometer seems to struggle with duplexes. It compares them to SFH, Townhomes, and other duplexes. Those are all going to be in different price ranges. Usually, the duplexes here are going to be closer to the price of a 2-bed apartment than a 2-bed house. A 4-bed house should be going for less than 2 separate 2-bed units. Also, here the radius of the search is generally too big. Getting comps from more than a 1/2 mile can have a $3-400 difference in rents in some areas. That may just be an Atlanta problem, but it makes Rentometer less useful here. Todd is correct that your best bet is going to be to speak with a property manager in the area.

Hi Sam,

Sam is pretty spot on with his comments about Section8 in Atlanta.  We deal with about 8 different housing authorities here.  It is difficult to say which is the best b/c they all have their own quirks.  Some are faster to pay rent, others are easier on inspections, and some are quicker on the onboarding/new tenant process. 3 or 4 bedroom houses rent out very easily and in most areas above the market rent when you consider comparables with similar finishes.  In our experience, the section8 tenants tend to stay longer than open market tenants.

Something that we have added into our requirement screening our Section8 tenants is additional income requirements outside of the voucher.  This has helped find people that seem to be a little more responsible and if they do cause damage to the home, it is possible to get money back.  Some property managers here try to get the guaranteed rent by taking tenants that have 0 income.  In our experience, this causes more issues with repairs and the home being torn up than it is worth.

PM me if you have any specific questions about the Atlanta market.

Adam