All Forum Posts by: Chris Stonestreet

I am located in Newnan, GA not too far from you in ATL. That's the only place I have bought a property so far, however I look all over GA and even into Auburn/Opelika, AL.

 Thank you for the response. I only have one deal that I have done so not a long track record but it has been successful none the less. I'm leaning on relationships I've build outside of real estate to find investing partners.

 That's a fair point. If I bring the right deals with the right numbers, they will want to be a part of it.

I am currently using the simple/traditional long term buy and hold strategy on single family homes. I am doing that to build a foundation, because I am relatively young and hope to be able to hold properties for a very long time, or at least start building some equity to utilize for other investments. 

I would like to move towards a duplex or a triplex now that I have confidence in property management.

You're in the right place, loads of free content on Bigger Pockets! From the forums, to the calculators, videos, webinars and ESPECIALLY the Podcast. I would listen to every podcast episode from Bigger Pockets that sounds appealing to you and would also recommend the Bigger Pockets Real Estate Rookie podcast.

I took about 3 years of analyzing and learning before I finally jumped in and purchased my first investment property. Now I wish I would've started much sooner. Don't jump in just to do it. But once you have studied and feel confident in running numbers, GO FOR IT!! You will only wish you started sooner.

I don't think I have a lot of additional information to add. But I would agree with many that you should certainly account for vacancy, because at some point you will have a turnover and it will take time to get the house prepped and/or repaired for the next tenant. I use 5% vacancy and I am in south metro Atlanta. Probably a little conservative but better to err on that side. I would also suggest at least a combined 15% for maintenance and capex, especially for an older property, maybe closer to 20%. If at some point your maintenance and capex reserve budget gets excessive, you could also take some of that as profit.

Last thought, is the rate buy down a 2/1 buydown? Meaning in 2 years it would be increase 2%? If so, you should use that interest rate in your calculations, if not that's amazing!

All that to say, looks like a great property and I am very bullish on Atlanta so it looks like a winner to me!

Hoping to finally make it to this! Have heard so many good things about this meetup.

 I want to emphasize this!!! Treat it like a business!!! I learned the hard way very early on with my first tenant. I truly think he's a nice person so I have a hard time not showing grace. However, my grace has definitely been taken advantage of. Needing to pay a day late turned into needing to pay a week late, which turned in to needing to pay two weeks late. I finally got firm and said the due date is the due date and anything after will be assessed a late fee. The bank will not accept your payment late without a fee so you should not accept anything less from your tenant.

That’s great advice. I completely agree and understand that it’s important for me to have financial skin in the game. 

 Would you think something like a 75/25 split would be fair even if my financial commitment wasn’t 25%?

Hey everyone,

I am trying to work on “pitches” for some creative financing, specifically with approaching potential partners in real estate deals. I currently have one rental property and would like to scale but I’m limited by my income on how often I can purchase a property. 

I have a few people who are interested in being the “money people” while I would do the work to find, fix and manage the deals. I’m just not sure how attractive a 50/50 split of profits is for them if they have all of the money down. So I wanted to see if anyone had ideas or examples of things they’ve done in the past such as preferred returns for the investor, etc… 

Thank you for the feedback and excited to continue growing in this community!