All Forum Posts by: Azeez K.

Hi @Rama Krishna 

I am an agent investor based in Atlanta. Feel free to connect with me and we can chat about possible opportunities here in Atlanta. Thanks

@Rick Baggenstoss thanks for the @mention

Hi @Karl Dufrenne I will PM you and look forward to connecting with you. 

kudos @Julie Kern 

Hi @Joe Vastola

Firstly, welcome to BP.  I am active investor in the Atlanta market and although you can find properties that cash flow the problem is at the price point $150-180K it would be challenging for the property to cash flow as you would need to rent the property at least  $2250 - $2700. Instead of focusing just on cash flow you may want to focus on growth areas or ideally both growth+cashflow.  The key is to buy value and make money the day you buy the property i.e. chase value and buy right. 

Here is a link of Average rental market trends in Atlanta. 

Here are some new Member Tips

Tip # 1: How to Use @Mentions on BiggerPockets

Tip # 2: Setting up Keyword Alerts

Tip # 3: 25 Tips for Real Estate Success

Tip # 4: Check out the Start Here page

Tip # 5: Check out BiggerPockets Ultimate Beginner's Guide

Tip # 6: Listen to BiggerPockets PodCastDon't know which one to listen first..listen to BiggerPockets Podcast 108: Building a 350 million Real Estate empire using the 10X rule with Grant Cardone

Tip #7: Votes

Good Luck

Hi @Sarah Khan

Capital View area is up & coming and continues to experience growth with low median days to contract.  There are a whole lot of investors looking for multi-unit property especially around Capitol View and neighboring areas.  A lot of investors are looking for distressed owners in the situation you described.

Couple thoughts if you are targeting to investors

Figure out Valuation:

1. Firstly, do your homework and understand what the current value of the property is as is based on income approach 

2. Secondly, figure out what the value is based on proforma

3. Be realistic when valuing the property. Don't price the property above market as most investors are looking to get some equity when they buy the property.  You need to have some meat on the bone for the investors. 

Marketing:

1. Once you figure out the valuation you can market the property based on the potential yield

2. Utilize BP Market Place to post for your property

3. Reach out to Cash Buyers who have purchased the property in Captiol View in the last 180 days. You can search for CASH transactions via FMLS and contact the owners 

4. Reach out to agent's who are active in the area and see if they have the potential buyers 

Overall if you are able to represent value for the investor it will be picked up quickly. 

Hope this helps. Good luck

Hi @Apkesh Kumar

I am based out of Atlanta so can only speak from my personal experience.  I was a management consultant for about 10 years and one thing about Atlanta I liked was direct connection to most airports so Atlanta would check the box of being close to a regional airport. 

Atlanta has a lot of opportunities in Healthcare with companies like McKesson, MedAssets, Emory, Grady to name a few. My wife is in Healthcare and there are plenty of opportunities for employment. In regards to education lots of good options public and private both. The oldest public university The University of Georgia is based in Athens, GA approx ~75 miles from the city. Emory University, Georgia Tech, Georgia State to name a few. 

Additionally, all Georgia residents graduating from high school with a 3.2 GPA or better are eligible for assistance through the state-lottery funded HOPE Scholarship.

Atlanta, Georgia in my opinion has good value for money. Finally, here is a list of 10 cities Americans are moving to..

Good luck and much success 

Hi @Rebecca ShoniberIs this triplex located in Decatur, GA? Your agent is correct in saying a lot of lenders won't lend FHA on this property.

Since this is a non-conforming property you can do a couple of things. My guess is the property has been on the market for a while due to it's non-conformity. If my assumption is accurate then you may want to get the property under contract subject to seller getting the property re-zoned as a triplex as this would allow you to qualify for an FHA loan once non-conformity is no longer an issue.

Alternatively, you can get the seller to do a seller carry/seller finance for 10% and put down the 10% that would solve the 20% issue. You may also want to ask the seller if his loan is assumable. 

I can PM you a lender that would lend on conventional (depending on usual due diligence credit checks, debt-to-income etc.)

Good Luck

Hi @Zachary Jones

Welcome to BP. You have come to the right place. It's never too late to start in REI the BP community has a wealth of knowledge and excellent community members and pros who are willing to help.

Here are some new Member Tips

Tip # 1: How to Use @Mentions on BiggerPockets

Tip # 2: Setting up Keyword Alerts

Tip # 3: 25 Tips for Real Estate Success

Tip # 4: Check out the Start Here page

Tip # 5: Check out BiggerPockets Ultimate Beginner's Guide

Tip # 6: Listen to BiggerPockets PodCastDon't know which one to listen first..listen toBiggerPockets Podcast 108: Building a 350 million Real Estate empire using the 10X rule with Grant Cardone

Tip #7: Interested in learning about MF success story check out my team Podcast 175: BP Podcast 175: The Power of a Team to Build a Multifamily Real Estate Empire

Tip #7: Votes

Tip #8: Meet BiggerPockets Members

Tip#9: BP Webinars

Good Luck!

Hi @Byron D. Taylor

Welcome to Atlanta and BiggerPockets. Atlanta is a great market and has a lot of positive factors. Atlanta comes on top Penske moving destination 6 years in a row.  I recently closed three deals in Summer Hill and Peoplestown and would be happy to shed light on those areas. Out of the other areas you specified Westend, Adair Park are the ones that I see a lot of activity. 

Feel free to PM or connect with me and I'd be happy to provide insight in the above areas. 

Here are some new Member Tips

Tip # 1: How to Use @Mentions on BiggerPockets

Tip # 2: Setting up Keyword Alerts

Tip # 3: 25 Tips for Real Estate Success

Tip # 4: Check out the Start Here page

Tip # 5: Check out BiggerPockets Ultimate Beginner's Guide

Tip # 6: Listen to BiggerPockets PodCastDon't know which one to listen first..listen toBiggerPockets Podcast 108: Building a 350 million Real Estate empire using the 10X rule with Grant Cardone

Tip #7: Interested in learning about MF success story check out my team Podcast 175: BP Podcast 175: The Power of a Team to Build a Multifamily Real Estate Empire

Tip #7: Votes

Tip #8: Meet BiggerPockets Members

Tip#9: BP Webinars

Good Luck!

Hi @John Quiles

I believe this 176 Unit is in 30032 zip code. Here are my assumptions for the property $6.5M purchase price around 36K/unit avg rents would be around $470. The expenses seem low and assuming if this property is in 30032 area there will be vacancy/skips/credit loss plus a lot of deferred maintenance on the units. The operating expense is most likely to be in 55-60%. The loan cost is going to be around 0.50% - 1%

The property is expensive based on the above assumptions and will yield in -ve cash on cash returns. At 5M your IRR after tax would be around ~7.8%. I am currently evaluating another MF in Decatur 30032 at 30K a door and so far it seems expensive due to tenant profile, defferred maintenance etc.

Good luck