All Forum Posts by: Azeez K.

Hi @Tareq Salaita

Since your property is currently under an LLC here are some of the options

1. Refinance - You can refinance the property. However, traditional banks will not lend to an LLC. If you want to get a loan under an LLC you will need to go to banks and get a small business loan. The small business loans are offered by following banks in Atlanta such as BBT, Resurgent bank, Private Bank of Buckhead, Renasant bank. The challenge with getting a loan under an LLC is that the cost of finance is typically higher (6%) and they may or may not have a balloon payment at the end of 5 years. However, there are banks that do fix term as well. You as an owner of the LLC will need to provide a personal guarantee. The other challenge with refinancing under an LLC as opposed to getting under your name is the Home Equity Line. Typically, you are not qualified for a home equity line of credit for properties under an LLC. You may get a line of credit based on your credit but this is no where near what you could get under a HELOC. For example: You may get 10-15k as a line of credit as opposed to 80-100k with HELOC. 

2. Portfolio loans: You can get a portfolio loan under an LLC. The rates are higher still but as you increase your investor maturity profile and have multiple SFR's you most likely may end up getting a portfolio loan. 

Now to answer your questions:

1) Mortgage vs. HELOC

2) Commercial lending rates - ~5.75/6.75%

3) Yes

4) W2- from Banks POV is always favorable if no W2 they may give you a loan but the terms might be less favorable. Again depends from one bank to another. 

@Joel Florek Thanks for sharing the story. Kudos. What's the next deal in the pipeline ;-) Keep pushing and before you know you will hit the 150 number in no time. Good Luck!

Hi @Jered Sturm  in regards to your point 1) - have you driven to Dalton, GA it's the carpet capital and not that far. You can visit carpet stores here in Dunwoody/Roswell and take the SKU and pick the same carpet for a lot cheaper in Dalton. I used the same trick and saved some serious $$$$. 

Good Luckk

Hi @Andrew Bauer

I have used Action Septic Pro in the past and a friend of mine recommended Seagraves Septic Tank Inspectors

Good Luck

Hi @Sidney Shaw

Welcome to BP! I am a fellow MF Buy & Hold Investor here in Atlanta. What part of Atlanta did you buy your Duplex in?

Here are some new Member Tips as well.

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: Votes

MF Check out my story on BiggerPockets PodCast 175 The Power of Team Building it talks about buying Multi-Family properties here in Atlanta.

In addition, check out Best markets to buy multifamily in 2016: A round-table discussion by @Brian Burke

Good Luck! 

Hi @Matthew M.

Welcome to Atlanta and BP! I have had several years of experience as a management consultant working at Big4 so I can certainly relate with you. I am a local investor/Realtor/entrepreneur based in Atlanta with experience in MF/SFR. There are a lot of meetups from time to time in the Atlanta area so be sure to set up your keyword alerts.

Below are some new member tips

Here are some new Member Tips as well.

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: Votes

MF Check out my story on BiggerPockets PodCast 175 The Power of Team Building it talks about buying Multi-Family properties here in Atlanta.

Look forward to connecting with you here on BP. 

Good luck and much success. 

Hi @Shiri Manor Nisenbaum

Welcome to BiggerPockets! I am a local investor in Atlanta area and have a few properties in the Decatur area. There and there is intense competition for properties here with multiple offers. Here is the current snapshot for Decatur.  If you find a property chances are there will be multiple offers and typically properties end up in a bidding war. In addition, I have seen several situations where wholesalers are wholesaling properties where one guy is selling the property for let's say 75K..the other wholesaler is wholesaling the same property for 80K so make sure to ask if the wholesalers have the contract in their name. 

In addition, connect with @Yoni Rozenstein he is based in Israel as well and I had a chance to connect with him on his visit here in Atlanta. 

Here are some new Member Tips as well.

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: Votes

MF Check out my story on BiggerPockets PodCast 175 The Power of Team Building it talks about buying Multi-Family properties here in Atlanta. 

Good Luck and much success

Hi @Loretta C.

Candler park is extremely hot with properties selling in a few days. Take a look at the Candler Park chart below. It will give you a general sense on the Candler Park market (30307)

It would be a wise time to sell and re-deploy your capital elsewhere. Let me know if you have any questions. 

Hi @Jeffrey Mayer

Welcome to BP! I am a fellow MF Buy & Hold Investor here in Atlanta. 

Here are some new Member Tips as well.

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: Votes

MF Check out my story on BiggerPockets PodCast 175 The Power of Team Building it talks about buying Multi-Family properties here in Atlanta. 

In addition, check out Best markets to buy multifamily in 2016: A round-table discussion by @Brian Burke

Good Luck! 

Hi @Chinmay Goswami

It all comes down to existing relationships with banks. There are quiet a few banks that are investor friendly and at the end of the day depends on your existing relationship with the bank or the synergies to establish new business with the bank. 

Depending on your real estate goals some are favorable in certain aspects such as new construction, flips while others are favorable for large commercial acquisitions etc.  In general few local banks are listed below:

1. Quantum Bank 

2. Bank of North Georgia 

3. Private Bank of Buckhead 

4. Larger banks like Wells Fargo and BBT are also investor friendly. You just need to know the right person.

Good Luck!