All Forum Posts by: Charlene Byssainthe

Are people finding that in this market it’s harder to get under contract on a property with a Fannie Mae Homestyle loan? My husband and I are trying to purchase, but the prices in ATL are crazy. We thought it’d be a little easier to find a home that required some renovations and do the rehab/mortgage wrapped in one. But our realtor is saying that people are less inclined to sell to you if you have this type of mortgage, making it take longer to close/harder to find a property. Is that true? 

@Rick Baggenstoss, @Michael K Gallagher, and @Brenden Mitchum thank you guys so much for your feedback! I really appreciate it. My husband and I backed out of the deal last night because as @Rick Baggenstoss mentioned for our first deal this feels really big and risky. I don't want to get ourselves into something that cost us to lose money to start, when starting small would have sufficed. I had previously looked and there are only 7 legal rooming housing in GA and it seemed overwhelming to start having to look at zoning laws and things, in addition to learning the REI process, when we're just getting into this. I signed up for coaching from a real estate investor that a friend recommended in the area and she does long term rentals and AirBnB, so hopefully at the end of that I'll have even more clarity and can feel more comfortable moving forward, because I am motivated to get started!

I wanted to see if anyone can help me. I am new to real estate investing. I have signed up to join a cohort through a program in my town, because I didn't know anything about real estate, but that doesn't start until February. However, I have been watching a lot of Bigger Pockets and have been reading a ton. I found a property (triplex, but set up like a rooming housing with 4x4 on the bottom floor, 3x3 middle, and 3x2 on top) in Atlanta for $650,000 but it needs renovations. They are willing to do seller financing and cover 100% of the renovations and the estimated ARV is $750,000. But I need to bring about $130,000-150,000 for a down payment. The plan is that is the skin I put in the game and then they will pay for the renovations and then I can either sell it and make a profit or keep it and do short or long term renting. I plan to keep it since I estimate, that with renting it per room, I can bring in at least $10,000 or make it an AirBnB property since it's in the west end of Atlanta. Does this sound like a good deal? I am planning to go to a hard money lender to get the down payment, then have it appraised and have a contractor look at it to make sure their renovation numbers are correct. My offer has been accepted, but I just want some more assurance that I am going in the right direction or is this a bad deal.