All Forum Posts by: Anna Watkins

I sent a PM. Thanks.

@Tammy Price --Having to move 9 months after buying is rough. Everything depends on the location of your house. Is it somewhere convenient for business? Close to a factory or or corporate training center? Near Pinewood or Metro Studios?? If so, and you can leave it furnished, medium-term corporate rental (3-6 months at a time) at a higher rate might be an option. There is at least one website for listing corporate rentals of this type (link below), or look for a RE agency or management that specializes in corporate rentals. There are also Georgia REIA members who are familiar with the corporate rental world.

http://gareia.com/

https://www.facebook.com/southernhomestayllc/ (GaREIA member who manages AirBnBs)

https://www.corporatehousingbyowner.com/properties/21106/  (corporate listing in Sandy Springs owned by GaREIA member & managed by Southern Homestay)

You need more input before making a big money-losing decision either way.

@Eric Telese and @Jose Garcia - There is a "seasoning" period for a full refinance based on the actual rehabbed value of a property, and it's usually at least 6 months after purchase (that's Fidelity's wait time). Fidelity (and other lenders) will finance before 6 months (often called "delayed financing" instead of "refinancing"), but the loan would be based on the purchase price of $60k, not on your anticipated $210k ARV. That's a huge difference!

What street, how big is the house and what is its condition?, What level of rehab are you planning - cosmetic, full gut, addition? Your ARV is at the top of the range, but a few houses with top-quality finishes are pulling in much higher.

If the deal (including holding costs) still works with slightly more conservative numbers (ARV $289k, rehab $$60k, a few more months holding costs), then it's probably a great deal. You're lucky to get one in that part of 30032 -- it's hot!

I'm in the crowd that doesn't believe in garbage disposals in the sink -- would NEVER have one in my own home, don't want them in my rentals.  It's just another thing to break, and honestly, I think it encourages bad practice -- people will put all kinds of food down the disposal they wouldn't let go down a regular drain.  

Take out the busted one right away and keep the tenant happy.  If you really like them, it's relatively cheap to replace with a new one for the next tenant -- you'll have all the wiring already in place.

Tree roots happen, and trying to put it back on the first plumber is just not gonna fly.  It wasn't an immediate emergency, and either way, both plumbers recommended installing a cleanout along the line.  When it's easy to get to a trouble spot, it's easier and cheaper to deal with the trouble.  I've been limping along with a bad line at my own house for years -- $250 every 1.5-2 years to get the roots augured out is still better than $6k+ and the mess of digging up my yard to redo the line from the trouble spot to the street.

ps -- any backup into toilet or drains is gonna be sewage.  It won't be brown, more like a milky blue, but it's still poop!

@Mo Adeleye - Yes, yes, and yes.   As Curt said, joining the GaREIA is all about networking and education.  If you're out of town, I'd even recommend flying in for the next 2 or 3 day Bootcamp (on the GaREIA calendar) -- even with airfare, it's gonna be cheaper than some guru course, it's in the actual location where you're investing (or want to invest), and you'll meet many of your online connections in person.

Same goes for anyone wanting to invest remotely elsewhere. Find out what's the best REI group in the area, and join!

Ditto the GaREIA suggestion for Atlanta-area investors.  Yes, membership is $149 (the first year, $99 after that), but it's in no way a disguised sales event.  The monthly general meetings may have speakers with something to sell, but they also share valuable info for free in the meeting.  The real value is the information, advice and networking through weekly and monthly subgroup gatherings (Dealmakers, New Investors, Landlords and many more), and the associated Google email groups.  For new investors (or new-to-Atlanta investors), know that Curt is a highly successful buy-and-hold landlord who's also incredibly generous in sharing his hard-won knowledge and time.  In value per dollar over a year, GaREIA would still be dirt cheap at twice the price!

@Kai Van Leuven - SmartMove.com is only for credit & background checks, no applications, so you can receive the application any way you want.  RentMarketplace.com has an online application facility that's free, or you can accept a paper application, whatever you want.  You can also just do the credit check with them.   Online application services don't screen info, they just provide the online option. You do the application review, and initiate the credit check for any applicant you want to move forward with.  The cost is (I think) $34 for credit & criminal.  SmartMove is $40. Both companies use TransUnion data.

@Kai Van Leuven - This is a terrible time of year for rentals in any state.  Sounds like your process is reasonable, but why do you make them pay for a rental application?  If you're only charging for your cost for the credit report, most services have the option for the application to pay the service directly.  I take the application, make sure they check out with what they say, and then set up the credit report invitation email.  The applicant pays and you get the report.  SmartMove and RentMarketplace are two that I've used successfully.