All Forum Posts by: Ethan Atkinson

Karen Harris - after 50 or so responses I might as well throw my 50 cents in the pot - Take away the big risk. There are lots of investor selling off lots of property they've been holding onto because new investors are Jumping into the market paying premiums. Go hire a pro to work with. Someone who will know if the numbers make sense. Find a great property manager, find a broker who works with investors. Find people doing this and work along side them, take them to lunch, ask them to analyze deals for you and with you. Find someone who wants to be in it for the long haul. My stance on working with investors is that the deal has to fit your goals and be prudent/sound investing. Once you've done five or ten then you can likely do it on your own. If your goal is to flip houses, the US is at an all time high. That's what happens previously in 2005-2006. If you want to build a cash flow portfolio instead of parking your money in stocks or the stock market itself that's probably the wisest thing. We will have another downturn in the economy. Maybe it stars next year? Maybe in two years. Save some cash to invest when that happens.

Did you find anything yet? I'm An agent in Athens, Georgia where the University of Georgia is.  There is a Class A multifamily property in class A location asking price $2,275,000. Cap rate is only 6+ but it's a very desirable two building 16 unit deal. All 2/1 in each unit.  Fully leased through summer of 2018.  Buildings are in great shape.  Let me know fin you need more info. I'm looking to represent a buyer and not the listing agent.  My company that manages 500+ unit sales could take over or current manager could stay in place. 

Find some local REIAs also.  They have quite a few along with the BP meetups going on in Chicago. But I can't believe you left Athens!  Hope it doesn't get too cold up there. I am sure you will be able to dive in and begin investing in no time.  Take action and keep taking more action.   

Yes. We are going to have another conference in January. It is now in the works. We don't have a date yet, but it's going to be really great. We have a regular monthly REIA meeting with speakers, and a Have's and Wants meeting, etc. The next meeting for December will be the week before Christmas.

Partner with a builder and a great local agent and your boss can still make some good cash. If you can find a builder to work with that doesnt need a bunch of cash to get going, likely you can sell most of the new construction homes before they are finished if advertised correctly.  Definitely pouring a slab and then selling could possibly reduce the value. 

@Mark Sloan It's always a great idea to take some action and in the meantime get education from action and right here from BP. Most everyone here is giving you sound advice.  If you can get an Owner's Title Isurance Policy then you will be completely fine in this transaction, but more importantly the end buyer will be confident and it will be an easier closing.  Also next time, at the beginning of the negotiations work out who is going to pay for these legal closing costs at the time of closing.  If you are not officially going to close and own the property all of the costs can be passed to the person who closes on the property.   

Welcome @Nathan Gornto. I organized the local Athens REIA and it would be great to meet you in person next week. Come on out and meet lots of other investors also. We have 30-50 people come out each meeting and even if you can't make it we should get together because myself or the other investors I work with as an agent or investor always need another contractor or handyman to do some remodeling. Biggerpockets is straight up the best place on the interwebs.

These don't hardly ever happen.  I would say it is an incredibly fractional percentage of people who get foreclosed on actually can come up with the money after they lose the house to be able to buy it back from the bank when it's listed for sale.  This is an odd situation for sure.  Most every bank makes the buyer sign and amendment saying they are not related to the bank, and maybe every once in awhile not related to the person who just lost the house, but they also don't care once it's gone.  If it's already on their books, and foreclosure has happened, the bank isn't going to now work out a deal with Teri.  They also wouldn't or couldn't do anything legally if an investor came along and bought the home with cash through the legal channels after it's listed with an agent, who then also does a same day closing to someone else, or even a week later closing to someone else.  Regarding whether they would take you example of another $10k to catch up and pay late fees or whatever, I am assuming it's too late for Teri to do that. Before foreclosure, they are almost always willing to bring the loan current.  That is how many investors take over properties subject to the existing mortgage.  

You might be searching for quite awhile with that budget.  Usually a county is not going to do a tax sale for that little amount although I have seen it for only $1000 or near that in Athens even.   The idea of buying developed lots could actually work if the former builders stop paying taxes.  Lot taxes woudl be lower, but most of those have all been scooped up.  I am not telling you to stop looking, but try and get on the list of every tax commssioner sale advertisement in every county possible and you will likely find a deal.  You can also check www.georgiapublicnotice.com for the advertisements ahead of time. 

Why wouldn't you want to do the Cash for keys? Free money for you to keep it clean is all that is. Did they actually have the foreclosure at the county level? Or did the bank just want to do a Deed in lieu of foreclosure? It will be tough to get it back, but if you actually have the cash, and you can find an investor willing to help, then have them contact the agent who is handling it and ask them to let them be first to make an offer. Win win for eveyrone. Tell the investor to not have a buyer's agent so that the listing agent won't have to split the commission and likely they would be more willing to help you. And it is not illegal to sell to you even though you foreclosed. But I would use an LLC to buy if it was me.