All Forum Posts by: Mark Graffagnino

30311 is a great area IMO. I've been trying to get a property in the Cascade corridor for about 2 years without success. Last one I bid on from the MLS had 18 offers submitted.

I pay about $1.75/sf for refinish. You'll also have to install new shoe mold afterwards, so budget for that too.

In Section 8 the amount that the tenant pays is dependent upon their agreement with the Housing Authority, which is dependent upon their income, family size, etc. Sometimes Section 8 will pay 100% of the rent. I have a Section 8 tenant that pays 70% of the rental amount and the Housing Authority pays 30%. It's all case-by-case.

@AlyL, interesting take on Section 8 tenants. In my market I've found the opposite to be true....they are VERY afraid to have their vouchers revoked. Its probably due to the huge waiting list with the Atlanta Housing Authority. One prospective tenant had just received her first voucher....and she had applied back in 2005. The tenant I rented to told me when we were signing the lease "you are never going to hear from me", and so far its been true except for once when the A/C was not working.

Another vote for refinish. Why would you want to glue down a lower end product (vinyl plank) that is made to resemble the higher end product that you would cover? Not an exact analogy, but it would be like covering a granite countertop with a laminate that looks like granite.

Mine would be doing too nice of a rehab for what turned out to be a Section 8 rental....or another way to state would be knowing your end customer better. I rehabbed expecting to rent for top dollar to a market tenant. I did not get any market tenants (who could meet my qualifications) so I listed it on the Section 8 website. When Section 8 tenants saw the place and how nice it was rehabbed, it was like a feeding frenzy. A silver lining was that because of the number of applicants I got to choose what I thought was the best one. But I did not get one dollar of extra rent from Section 8 for having new everything and a higher quality home.

I am rehabbing another house in the same neighborhood right now and not going to the level I did on the first one.

So, I'd say know your market/customer and rehab accordingly. Good luck.

Sometimes the tenant will have to be trained to behave in the proper way. Hopefully filing a notice will help train him.

On future properties, I'd suggest rent is due on the 1st, late on the 5th, then immediate notices and late fees apply.

Good luck.

This happened to me where someone copied my ad and reposted it on another website for $200 less rent. They were looking for someone to send them the security deposit by Western Union and then they would send the keys. I answered the ad and strung him along for about a week or so posing as a renter who was going to wire the funds.....so I at least had a little fun with it.

Hi Michaela,

We were in a Ga REIA subgroup together many years ago....I remember your unique first name. If I recall you were doing a lot of intown rehabs back then.

Atlanta's gotten tougher, but still lots of deals out there.

Good to "see" you on BP.

Mark

I'm in Sandy Springs, as of a couple of week ago, not too far from Johns Creek.