All Forum Posts by: Andrea F.

Jon, thanks for the response, I have a list and will keep calling, just didnt know if I missed any news/big changes while I was asleep last night. I will make a novel out of my No list :)

JScott - This would be wonderful information to have, sending you a PM now.

I was referred to a local who could help Georgia investors - basically I was asking for ways to leverage 4 rental houses (paid in cash) to further my purchasing power (cash out refi, portfolio loan, etc).
Needless to say, he didn't have much to offer, but wondering if any others have found ways around this.

Here is what he had to say:
"Unfortunately, due to recent government structuring of income guidelines for Loan Originators/Mortgage Companies/Banks I am unable to offer any help or solutions. In the past I had access to several portfolio lenders who offered blanket loans for situations like yours but now I only have a couple portfolio lenders and they only do owner occupied loans. I am not sure who would be best to recommend you to but a retail Wells Fargo rep maybe a good start. Wish I had options to offer as I never like telling someone I can not do their loan(s)."

Yep, great idea, and apparently something of that sort is in the works I found out today - even though the buyer was interested in trying a mortgage (it's still a new thing to some folks, they're just curious).
Its sometimes hard to keep up with everything as my husband has to do all the talk (my Russian skills are not fluent enough), and we have to deal with making calls at odd hours...kudos to the foreign investors on BP for doing this all the time :)

Thanks, will do. We are working with a local, reputable Realtor there who is helping us on that end. I will check with my husband, but I believe he still has Moscow residency (through his parents address and company).

We had a deal fall through last week, as a bank through Gazprom failed to give a mortgage to our buyer. We've had a tenant in this property for years, and they want to buy but only have about 70% of funding. They are now trying to get a mortgage...its not the easiest thing, and with rates around 20%, it's not pretty either. Perhaps a new market for hard money lenders :)

I'm not sure if it's the same protocol everywhere, but it was pretty straightforward for Fulton County (Atlanta). I typed up a cover letter briefly stating the facts. I then included a copy of the original document I received in the mail with the erroneous tax sum, and then filled out the Fulton County Appeal for Assessment (1 page form). I selected the option "BOE: appeal to the county board of equalization with the option to continue to superior court (any / all grounds)".
This form can be downloaded from here: http://www.fultonassessor.org/Forms/HtmlFrame.aspx?mode=content/PersonalProperty.htm
There are also more detailed instructions for more complicated cases and info on what the process may require.
http://www.fultonassessor.org/Forms/HtmlFrame.aspx?mode=content/HowToAppeal.htm&LMparent=178
Hope that helps anyone in Fulton County, as well as anyone wondering the steps to contest their property tax.

Welcome! Most my family is in upstate and Albany, so look forward to hearing more perspectives on the market up there. :)

Greetings all, just wanted to share my positive news that I just got a property tax down from $3,550 to $397. This was for a Fulton County (Atlanta) SFR foreclosure we purchased in December 2010 for ~ $24,000. The $3,550 seemed outrageous. In 2010 it was valued at $72,300/ taxable value $28,920. In 2011 the taxable value went DOWN to $9,000 but the taxes went UP almost double.

Anyway, I contested the amount, and sent the paperwork off into the abyss. One month later, I've saved $3,100... AND what's most amazing is that they actually sent the notice to the right address!

As someone who is still in the learning curve, I'm happy with this little triumph and recommend any others new to a surprising property tax statement to take a moment to contest them.

I agree with Max. As an interactive designer myself, I can tell you that an experienced designer/developer will help you in ways you don't realize. Do you care about search engine optimization? Mobile presence/iPad? (dont let them use a flash gallery!) General professional look, feel and user experience? Also, establishing a long term relationship can be a huge benefit...when something breaks on a Sunday night, will you have a number to call with a human on the other end?
Of course, if you are on a tight budget, explore all the options on suggested here. I would look at the sites suggested that people have had good experiences with (some may even have DIY tutorials) and avoid the $100 Craigslist person...you might be more satisfied with what you can accomplish with help of this community, friends and family. My agency typically bills a client $120 for an hour of work, so I'm not sure what $100 will get you for the whole thing.

Welcome! Look forward to hearing about your adventures on this forum!

I'm relatively new to the business, but have purchased 4 houses in the past 7 months, in the 20-30k range, in non-warzone areas in the Atlanta area, requiring $8-12k in rehab (mainly cosmetic) and bringing $800-900 in rents. Similar houses in these neighborhoods selling for $70-90k. Helps to have cash (good luck with any sort of traditional financing), a good bird dog and strong team at hand. Just be very picky with everything - from house to rehab to tenants...