All Forum Posts by: Rick Baggenstoss

"Evictthemforme.com" is who I used.  They do the paperwork and connect you with a high volume (not high touch) eviction attorney.  

I've never had complaints but my Padsplit is very well suited.  It faces a commercial district and is walkable to mass transit.  As you get into the suburbs, the expectations and the rules are different.  

A few suggestions:

1. You have to complete the analysis with the sale of the property.  What are the returns after a few years of owning the property, not just in year one.  It needs to be a good long-term investment.

2. I believe your gross revenues aren't good on this property, so you're forcing the strategy on the wrong property. You're at $1855 after your STR related expenses (other than maintenance). Probably better off as a long-term rental. If you're committed to the strategy, consider adding a yurt or camper in the backyard with a hot tub, and your revenues go up substantially, if well-executed. You gotta doing something unique - not just rent space competitive with a hotel rooms. Those days are over.

3. If you target 20%+ CoC, you'll find it. This is very doable in Atlanta area. It's a good metric to emphasize because cash is scarce and tends to run out quickly. However, a tiny deal with 30% cash on cash is not as good as $10 million a 15% CoC deal.

4. Being less active is important to scale. STR take effort to set up and manage. Keep this in mind because your time is scarce too. It's a fair strategy to get things going, but unless you turn it into your side hustle and scale up hosting, for example, it's a time suck and will keep you from your other ventures. Be sure to put a price on your time.

Moving on to the second property was my challenge.  I really enjoyed house hacking, and like many newbies, I spent too much time and money renovating and enjoying the property.  It took years before I moved out and bought the second property.  

My advice is to not empty your bank account on the first one.  Buy something you can afford, execute your strategy for a year or two and apply your many lessons learned to the next property which will be a better deal than the first.   Rinse .. Repeat.

Guests can become tenants pretty easily. In Georgia, it's relatively quick to evict, but you've lost substantial income before its over.  I can make the numbers on a good property turn bad for a year or more due to the loss of rents, if they can't be recovered. 

Substantial deposits (2- 3 months rent) and thorough vetting are the best ways to mitigate.  

Networking before and after the meeting.  J Scott will share his insights and outlook on the economy and real estate market.

J. Scott is an entrepreneur, investor, advisor, author and partner of Bar Down Investments, focused on buying and repositioning large family properties. In the past fourteen years, J has bought, built, rehabbed, sold, lent-on and held over $160M in property all around the country. J Scott is the author of five BiggerPockets books on real estate investing, including the best-selling, The Book on Flipping Houses.

Limited to 200 attendees, and it will be sold out.   REGISTRATION REQUIRED

Georgia REIA is one of the largest, oldest REIAs in the country.  We're a non-profit, volunteer-led group dedicated to networking and education of real estate investors focused on Georgia.  Our office is in Atlanta and we meet in person and virtually about 10 times per month.  

I'd encourage you to search the rentals in your area and find the property managers through their listings.   It's nice when they have good coverage in your neighborhood vs. being stretched to service yours.   

You can also search via the NARPM site. 

Any city that is growing and in your price range.  It would be great if you were familiar with the area.  Probably not the 'hottest' city because you'll find competition is ferocious and your first deals won't be so great.  

Chad Carson has recently published a great book - The Small and Mighty Investor published by Biggerpockets.  At this meeting, he's going to share some of his insights and case studies regarding investing as a mom-and-pop investor regarding how many houses is enough or even too much to achieve your goals.  You don't need a huge portfolio of properties to become financially free. Learn a different approach to real estate investing that avoids chasing more doors and focuses on creating a better life with a wealth of time and options while still having plenty of money. 

Investor, author, and former GaREIA member Chad Carson will share his personal real estate journey and then show you how to calculate your financial freedom number, including how many properties you need. He'll also give you detailed case studies of exactly how everyday investors built enough wealth to get out of the financial grind and spend more time doing what matters.

GaREIA is a big fan of Chad's.  We're giving away 30 of Chad's books knowing this book will have a lasting impact on many.  

There will be complimentary hors d'oeuvres, drinks, beer, wine.   Registration is limited to 200.  Please register.

Georgia REIA is one of few non-profit real estate investor associations whose mission is to encourage networking and to facilitate your low-cost, high-value real estate education. We meet 8 -10x per month. This is our "BIG Meeting". I am a volunteer.

Evictthemforme.com provides most of the services other than put out.  You pay as you go through the process.  Remain engaged for the best results.

@Anthony Ives. Well, then your friend inherited it at a stepped up basis (value when the estate was settled).  I think your friend's CPA can fix this pretty quickly.  The capital gain would only be on the difference between the value when it was inherited and when it was sold.   If he had sold it the same year as inherited, for example, there would have been no gain on the $3 million.