All Forum Posts by: Paul B.
Paul B. has started 13 posts and replied 342 times.
Post: Mobile Home Friendly Lenders in Texas

- Real Estate Investor
- Alpharetta, GA
- Posts 415
- Votes 484
Agree that a community bank is your best bet. I had a call with a bank around the corner from a 25-unit MHP and they were very willing to discuss 80% LTV. Now, that's purchase-money and a shorter bullet than you're after, but I still think a community bank is where you'll get this done.
Post: how to locate property owners that hide behind a management co

- Real Estate Investor
- Alpharetta, GA
- Posts 415
- Votes 484
To advise that he's a buyer, I presume.
Post: How to pay for medical expenses from HSA

- Real Estate Investor
- Alpharetta, GA
- Posts 415
- Votes 484
I fund the HSA and then use the related "credit card" to pay expenses (it's actually a debit card, but there's no PIN, so I was told to use it as a credit card and sign). Or, I can pay for the expenses myself and then just get a reimbursement by requesting a transfer from the HSA to my checking account.
This is through Bank of America. The monthly service charge is $4.50, but that's it.
Post: ATL Flippers: Best Source of Fixers?

- Real Estate Investor
- Alpharetta, GA
- Posts 415
- Votes 484
Hi, Joel! Indeed, it's been a while...
Yes, I am looking at doing flips vs. long-term holds. In addition, I would prefer to work on higher-priced properties, meaning homes that will sell for between $300K and $500K, and preferably here in my area.
Are you suggesting that there might be some properties on the MLS in this price range that I can snag for cash, renovate, and turn?
(I guess I could just go have a look, huh?)
Post: ATL Flippers: Best Source of Fixers?

- Real Estate Investor
- Alpharetta, GA
- Posts 415
- Votes 484
Auctions? As in, foreclosures? As in, buying them without seeing inside? That's a game for people with deep-deep pockets who can afford to completely miss once in a while. The idea of buying a house without seeing the inside gives me heartburn. Good luck, though!
Post: ATL Flippers: Best Source of Fixers?

- Real Estate Investor
- Alpharetta, GA
- Posts 415
- Votes 484
Hi, J. Scott -- long time, no see.
Indeed, that was my experience the last time I was in this crazy business. There were too many people throwing way too much money at deals to make any of them actually work as flips. I always had better results when there was one seller and one potential buyer -- me!
If anyone has any success stories that began in the Atlanta MLS, I'd love to hear about them.
Post: ATL Flippers: Best Source of Fixers?

- Real Estate Investor
- Alpharetta, GA
- Posts 415
- Votes 484
Greetings, all. In the past I have sourced properties through my own marketing efforts; I have never bought a fixer (or any property) that was listed.
Just curious how some of you are sourcing deals these days and if you've had any luck with properties that you found on MLS.
Thanks.
Post: First time: turning owner-occupied to SFR

- Real Estate Investor
- Alpharetta, GA
- Posts 415
- Votes 484
You haven't given any details on the age of the house or its size, but chances are very good (oh, let's just call it 100%) that $100/month in a replacement reserve will not be enough to cover everything that the house will need over time. You might get away with not having to sink anything huge into over the short run of 12 to 18 months, but I'm sure you know that maintaining a house over time costs more than that. I've had rentals go without any noteworthy repairs or maintenance for 12 to 18 months (one of the good things about owning "nice" rentals), and then WHAM-O, you get a call that you need new HVAC or a hot water heater or whatever. Of course, once those things are done, you can sometimes coast for a little while...
It's your house, and as you've lived in it for a while, you're best equipped to know what expenses might be coming down the road.
Post: Working on my first deal

- Real Estate Investor
- Alpharetta, GA
- Posts 415
- Votes 484
Your numbers produce 1% per month, all of which is likely to be tax-deferred via depreciation. I don't see anything wrong with that.
Post: First time: turning owner-occupied to SFR

- Real Estate Investor
- Alpharetta, GA
- Posts 415
- Votes 484
As stated, it could be possible that your lender requires that the home be owner-occupied, but this usually burns off after some time, and as has also been stated, as long as the payments are made, they will not care. I would not go out of your way to mention it, though. Let the sleeping dog lie.
Just a couple things...be sure to change your insurance as it's no longer owner-occupied. The cost will likely go up as it's now a rental. Also, please know going into this that you will likely have some expenses beyond just the mortgage. Even "nice" houses have maintenance expenses. Lastly, you will probably want to firm up how long you're going to be allowed to house-sit. You don't want to be 6 months into a 12-month renewal lease on your previous house and need to get back in. Are you planning on managing it yourself, and how far away from the house will you be?