All Forum Posts by: Darrion P.

Hey Jeremy, 

Wondering if you ask Mr. Tenant why he's going through this hardship. Have You offered to connect him with the local organization that assists with utility bills. Sure you could cut the extension cord, remove the plug, flip the breaker, call the police, review the lease, start eviction, post a notice on the door, and contact the Housing Authority. But, let's just make sure you channel that same energy into asking why Mr. Tenant how You can be of service.  

To Your Success. 

Trevone, 

Use realtor.com! Reach out to a LOCAL lender (contacts available if you like), and above all do the math! You need to determine what your mortgage is, what rents are in the area you choose, and what you're profit threshold will be. In Atl the cash flow may not be as much as you would like but the equity/increase in value is where you'll find success. 

If you choose to not house hack and decide to buy as an investment I would recommend a DSCR (debt service coverage ratio) loan. That's basically 20% down, but the lender considers the income of the property and your credit score to fund the deal.

And definitely, find a local agent, an investor friendly agent who can walk you thru it. There are plenty of us willing to help you and some of us may even have some off-market listings... 

Keep me posted. Let's Connect Soon! 

Welcome Clay, 

You've certainly picked two great markets. Wondering if you're able to drill down on your strategy; are you thinking Single family, Multi family (my favorite), retail, office, self storage, etc. Happy to connect and help. Let's Chat Soon!

To your success. 

Lauren, 

Congrats on taking the first step; that is mentally engaging the process!. What you're describing is a house hack with I might say the same considerations many of us have encountered. Here's my take: buy where you live/work. Knowing what I do about LA, the duplex may not be enough to support the 'living for free' concept of house hacking. Same with Atl or other highly sought after markets. As a GA agent, I get similar questions frequently. 

If the price of the building is $xxx,xxx and the current interest rate is y%; the rent from the other unit may not cover the mortgage AND/OR leave you cash flow - that is the goal. Then of course you start thinking 3plex or 4plex. The more doors the better. Its still 1 mortgage.

Have you considered buying a house with an ADU and make that you're primary residence while renting out the house...

 So all that to say this. Run the #'s. If it don't make sense Do NOT force it. If you desire it bad enough you'll find a way ( off market listings and creative financing comes to mind).

Most Importantly, Lauren You Can Do It!

To your success.

dp

Will someone share a contact for a lender that can do a 20-unit building, 50% occupancy, value add opportunity in Missouri? Certainly appreciate your assistance. Thank You

Gino, Cardone Capital has been successful in operating properties and providing returns to investors.  Not many operators are able to purchase properties first and THEN offer the opportunity for passive investors (LP's) to participate in the ownership of institutional-grade MF assets. In regards to vetting syndicators/operators, I would encourage you to U/W the property yourself, challenge assumptions, focus on the deal (not the personality), and always, always, always ask what is the worst-case scenario.  

@Demetri Chase jr Congrats on the acquisition. Having property in the A is certainly a step in the right direction. I helped a client buy a condo in Museum Tower so I understand your 'dilemma'. First thing first; travel nurses, administrators, physicians, and other health care professionals use Airbnb to find STR's. Most will do 2 13 wks contracts. So when you get one to reserve your place there's a good chance it can be reserved for 6 months to the same person(persons if you rent by the room). Piedmont, Grady, Emory, N.Side and even lesser known are companies like Amedisys (hospices companies) who also use traveling and local contractors/nurses. So where do you start: first, check your HOA. Read the bylaws. Find out what are the rental restrictions. Then read this - that's the link to the 'city' of Atlanta restrictions for STR's. After you've done that, let's connect!

Darrion P. 

VantageReal.estate

Greetings Harsh, Welcome! Sounds like you've set your sights on a great horizon. Keep in mind that most condos in Atlanat have rent restrictions/waiting lists. 

Best Regards, 

Darrion | VantageReal.estate

Congrats Matthew on going under contract! There's some solid math above and insightful assumptions/questions. Agreed that 40k p/door is 'extremely high'. I would also question a 700$ rent bump for 500sqft. In your words: The other 13 are rented for >>ABOUT<< $500/unit.

 I'm not sure that even the most illustrious parts of the A would absorb such an increase. Manhattan New York,  maybe...Atl, not so much. 

U/W the deal with a comparable 500sqft rent. I think that'll help you answer the "Is this a good deal" question. 

Best Regards

Zhenchen, there is an abundance of investors, agents, PMs, etc in Atl/surrounding areas. Narrow your criteria. That'll help you connect with the right people and build the best team. 

Best Regards,

Darrion VantageReal.estate