All Forum Posts by: Account Closed

@Andrew Taylor

Hey! My recommendation is either break even or lose <5k and sell. You don’t want to lose big and lose that #1 spouse support you worked long and hard for. Another option is to refinance it into some long-term debt and just rent it out.Even if it only cash flows $250 that’s at least enough to put expenses of the year until you wait for the market to turn. Refinancing you should get most or all of your cash back and then you can go find another deal and chalk it up as a lesson learned. If you look at long-term strategies you’ll see the real estate prices will always go up over a long enough time. And if you have somebody else paying down the principal while you rent it out that’s not a bad deal.

I would refinance and rent. Make a little cash. Learn a valuable lesson. good luck friend.

@Nick Zito find a property manager who manages investment properties in the area tell them they can manage it if you get it under contract and buy it. They should not be afraid to make a lowball offer since they probably did that in the past to

Thanks

@George Yu

Pretty exciting that it didn’t take an excessive amount of capital to enter into This project. Now is time I should consider building and not just buying for cash flow and appreciation like I’ve been doing. I think I really need to assess building!!

I made an Offer on a property built in 1932 this week that has asbestos tile roof, lead based paint, and potential asbestos contamination in other areas. My original scope was around 45k in repairs. I have never replaced an asbestos based roof or remediated An entire property of lead-based paint, but I wanted to add that into my rehab budget. From what I find online the cost is basically $10-$15 for asbestos remediation per square foot and lead-based paint for mediation is about the same per SF to fully remove and dispose professionally. I can go ahead and assume that my painting budget as well as my roof budget will DOUBLE with asbestos and lead based paint correct? Just want some ”rough estimate” feedback :) i will have a contractor Walk property with me during the due diligence period To be certain... Thank you!

Why would a hedge fund or anyone pay retail or buy at top of the market? Rents and prices in metro ATL will grow over time so maybe they are long term play who knows.

Mike, I would look online and start emailing and calling realtors directly. I have not had trouble finding these realtors myself but I do need to build some more relationships myself I think that’s what I need to break down and do. Might be best to google the city you want to invest in - yelp and other websites have a list of top agents you can go to their individual websites and find out if they deal with investors or not. Cheers!

Jerryll, people like you are why RE is awesome. Thank you for your candidness and mad scientist wholesaler post ;)

I would friend the local realtor in your Area who deals with investors. You need to have cash on hand to be ready to make offers. Or have financing set up

I think the surrounding counties are a good place to be as long as it’s on the path progress. According to the metro ATL Chamber of Commerce the metro area is actually comprised of 20+ counties so it’s a rather large area and you can find good opportunities outside of the city and those are typically a lot safer investment long-term. Clayton County and all these inner-city places you make a good returns but their sucked away over time to repairs turn over and vandalism. Stick to low crime good high school areas with good folks that work where you don’t find cars in the parking lot during the day

Hey Jesse I would go with a smaller regional bank. I personally use A national bank and only have a checking account for a business. I would just pick something that doesn’t have any fees as long as you maintain a certain balance. I think there are some online banks that have nice returns but for me I’m not really trying to have a savings account generating interest at a bank but rather in real estate and the money in the bank is only a temporary holding spot