All Forum Posts by: Chris Majors

If you sign with a realtor they will typically charge a commission.  6% is about what most would charge, but commission is always negotiable.  In GA the buyer typically pays all the closing fees including attorney fees, title search, title insurance, etc. unless otherwise negotiated for the seller to pay.  If the seller uses a realtor they typically pay all the commissions.  So a cash offer of $32k will typically net $32k minus prorated taxes and a very small county recording fee if there are no real estate commissions.  As far as paperwork, the closing attorney can handle it and it's pretty painless on a cash deal.  

In this market it sounds like $32k for this property is a fair cash offer if it needs over $10k in repairs and its after repair value is $60k.  If you deal with a cash buyer with no realtor you will be able to avoid the commissions, but they usually require a discount off retail value.  If you would like to discuss both scenarios further I just sent you a PM.

I've been able to take down a couple 2% deals as well as represented some clients who have done so in "C" areas of Augusta, GA.  These are 3 bedrooms that will rent for $700-800 you want to be "all-in" with acquisition and repairs around $35k-40k or 4 bedrooms that will rent for $850.  

It's pretty difficult to make these numbers now, but doable if you're patient. What's really cool is buying a one of these, fixing it up, rent it out, get it appraised for $80k, refinance at 75% LTV, pull out all your basis and a nice chunk of tax free cash, and still cash flow. It's good for the old balance sheet.

Here's an example of one:

2608 Blueberry Drive Augusta, GA 30906

Acquisition ~$15,300 (got it super cheap as an REO because it was infested with fleas and difficult to show)

Repairs ~ $20kish including roof, HVAC, water heater, refinish hardwoods, drywall/paint, new kitchen, and some misc.

Rented Section 8 for $700/month (about to increase to 745 :)

Hi @Turner Monroe

Are you looking for single family homes?

How long are you looking to hold these properties?

Do you have an idea of what price range you are trying to stay in/rental rates?

I am an investor-focused agent in the Augusta market.  I also try deal in off-market deals and do flips and rentals myself.  I may have some deals in the pipeline you would be interested in.

Hi Patric,

Augusta, GA is an awesome place to plant roots and start buying property.  There is considerable job growth and development and it is still fairly easy to buy cash flowing property.  I have some referrals for local banks that offer portfolio loans if you would like to discuss.

I agree with @Brian Gibbons

Get it subject-to.  You need the title in your name.  Seek legal advice, but I believe a land contract also triggers due-on-sale clauses, or at least that is what I've been advised in GA. 

Two huge red flags: she wants money up front and too good to be true terms.  I would bet the farm that this is a scam.

Hi @Branden Kline

If you're still interested in networking with a Columbia County investor, give me a shout. 

Welcome @Joel C.

I'm also an Evans resident with big real estate goals.  I do flips, wholesales, own rentals, and represent clients in Columbia and Richmond counties.  Let's meet up and talk about making some money together!

I agree with @Thomas S.

A quick $9k is a sweet deal for not doing any work and the large amount of land and pool seem like it could potentially be a deferred maintenance nightmare.

I agree, get it for $10kish otherwise it's a pass