All Forum Posts by: Azeez K.

Hi @Patrick Enright

Firstly, congrats on getting a solid deal. Assuming you have it already under contract and you are going towards closing. I am assuming you will take out a loan under your personal names and then quit-claim to an LLC or you may have a commercial loan and buy it under an LLC where you and your partner serve provide personal guarantee.

Honestly, the key document you would need is a solid operating agreement where you clearly define the articles (books,records and accounting, capital contributions, signatory authority, distributions etc.). Some of the key things you need to make sure are define include the buy-out clause, death/disability of member. You may want to consider buy-sell agreement with life insurance basically the individual co-owners buy life insurance policies on the lives of each co-owner. Thus, if you died, the company or the co-owners would receive the death benefits from the insurance policies on your life.

Anyways good luck and share the details of your deal once you close. 

@Adah N. I have an active project in mid-town. Feel free to DM me. Good luck

@FI scope glad you were able to get it done. Where is your project?

Hi @Fi Scope

This is what you need to do

1. Email - Inspections at inspections-oob [at symbol] atlantaga [dot] gov

2. Subject line - [Inpsections] -[Permit Number]-[Type of Inspection]-[Date for the inspection]

Currently, city has 8 external inspectors they are working with so when you send an email they will come out based on schedule availability and conduct the inspections. 

Hope the above helps! Please up-vote if you find this response helpful. Thanks

Hi @Jason

I will DM you some contacts later today.

Feel free to connect w me or hit me up if you have any questions.

Thanks

Hi @Christina Crawford

You asked a loaded question. There are so many things involved in land development. Can you clarify what kind of development are you seeking. Is this building a Single Family House or Sub Division Development or PUD. There are different levels of details involved in each.

However, at a very high level you need to know the following items:

1. Zoning - You want to make sure the land you are buying is zoned for what you are seeking to develop or else you need to go through a zoning variance process. 

2. Survey - You need a surveyor on your team who can do boundary and topo survey for you. You want to know if there are any crazy atlanta sewer easements running through the property, common in Atlanta downtown area. 

3. Expeditor - It would be good to have an expeditor who you can answer general questions for you without having to go to the county office. 

4. Architect - You would need an architect to provide you a general idea of what you can build on the property or you need to be aware of setbacks for the said property

5. Civil Engingeer - You need a civil engineer if its a larger development

6. Valuation - You will need to obviously know your numbers i.e. land acquisiton cost, development cost etc. i.e. How do you know the land is a good deal ?

I could go in a lot more detail but I think the above should be a good starting point. Again above is very generic and very high level. Hope this helps

Hi @Canesha

Can you list the NOI and the cost per unit? Also you mentioned its 15 mins from Atlanta which could be hit or miss. Feel free to connect w me on the same

Good luck

Hi @Abbey Gill

Welcome to BP. I have done several projects in O4W, Grant Park. I am doing a gut rehab right now feel free to ping me if you have any specific questions. Feel free to stop by the rehab and ask any questions you have. DM for details. 

Good luck and see you around BP

@Vijay Sid

You asked a loaded question which involves a lot of typing so I will try to summarize your questions and keep my responses short as I could spend a whole lot of time crafting a response. 

Your question: 
Has anyone gone thorough the NNN process with lower investment amounts like 500K or less and had good results?

Response: I am sure there are people who have. However, in Atlanta prices would typically be $1M plus. I purchased a NNN in 2017 around the $1M mark and it picked it up at an auction and it cash flows extremely well.

Pros: Excellent cashflow and rent comes in like clock-work. Less headache overall but when problems arise you have to address right away

Cons: Deferred maintenance - Depending on how the lease is written the landlord still has responsibilities such as Roof. Changing roof on a commercial building can set you back by 150-200k (again depending on size). Chillers/HVAC is another item if you have to replace can cost a lot of money. Paving parking lots cost a lot of money as well. 

Your Question:

Is it hard or easy to get financing , if so how much down payment is required , do we have 15 or 30 years mortgages on the market.

Response: Depending on credit & lender (Assuming credit is not an issue). It's relatively easy to get financing since the banks look at the income from the asset. Plus if its a national tenant it is even easier. Typically, down payment of 25% is required although certain banks could require 30% or more. Typically, the terms would vary on the lender but most likely there will be a 5,7, 10 year balloon  

Your question: ..properties on sale has less than 5 years and then the options to renew? Is that a good investment to get in too.?

Response: Depends on individual risk profile, type of tenant, lease terms, tenant rating, history, location to name a few. Without doing dd it's hard to say 

Your Question: How hard is it to get a new lease in case tenant goes dark. The properties I was looking at are big national restaurant chains . What are the risk mitigation strategies?

Response: Depends on several factors the marketing period could be 12-18 months or lower again depends on several factors. Risk mitigation have holding power. 

Feel free to send me a PM. Good luck

Hi @Kerri Mikolaizyk

Thanks for the @mention. This seems like ages ago..fast forward yes I did about a dozen flips in the area. I ended up purchasing the units and selling them at an excellent profit. The area is currently heated and over priced in my opinion. If you have any questions feel free to ping me.

Thanks and best wishes