All Forum Posts by: Ethan Atkinson

Hey @SherVin Fleming. Welcome to the group. You should come out to the Altanta REIA and connect with Chris Littleton. He has a great company as well as a local REIA meetup in Peachtree City. Tomorrow - Monday January 4, 2016 will be the first meeting of the year for the Atlanta REIA.

Time to come and visit. Really great for connecting and learning. They also have specific meetings focused on Deals, Marketing, Beginners, Renovations. It could make your year! 

Hey @Lee Smith, welcome to Bigger Pockets! I got started back in high school working on my friend's father's properties as the cheap labor. Then went to college for real estate, then went back to work with my friend's father as cheap labor and finally got my license, sold houses, went to tons of meetings like the Atlanta REIA. Come on out.

Tomorrow - Monday January 4, 2016 will be the first meeting of the year for the Atlanta REIA.

Time to come and visit. Really great for connecting and learning. They also have a Marietta meeting as well as specific meetings focused on Deals, Marketing, Beginners, Renovations. It could make your year! 

@Nick Brubaker - What price point are you trying to purchase a home?  First thing you should be looking for is a private lender!!  It will be tough, or maybe really easy to find out, but that's where to start. Banks don't like a bunch of money in the bank unless you also have a job.  

I am surprised none of the investors haven't chimed in about going after deals with the mindset of an investor.  Look for opportunities that you can purchase subject to the existing mortgage with a small downpayment.  It is pretty rare these days to find a deal in the Decatur, actual city of Decatur area, that is under water, so likely anything you purchase sub-to the existing mortgage could possible have some equity.  This method is not regular financing, and you wont be speaking with any loan officers, but you could still purchase the home, get the title in your name, and have a real closing. And yes, like all changes in title this could force the due-on-sale clause for the current lender.  And no, it is not illegal.  After some time you could refinance, with the future higher rates, into your and wife's names. 

With your current situation, regular financing, like FHA is going to be out of the question. Self-employment needs to be for 2 years with tax returns. The gap in employement might be tough for most big lenders, so my advice is speak with the small banks first anyways. They might loan out of their own money instead of Fannie/Freddie guidelines.

The other option is calling all the properties listed for rent on craigslist and Zillow and asking if they will give you a lease with an option to buy, once you get your financing in order.  Then you also have a test drive on the home and neighborhood anyways.  Let me know if you need some local lenders to speak with. 

Welcome to BP.  Are you from Warner Robbins or military?  There are always some great high school football contenders down that way.  Today was a great day, tomorrow back to work full time.

Hey - I am an licensed agent in Georgia and can help you find the right person to help list and sell this as a regular listing. My brother went to school in Valdosta and I have some good contacts all over the state that can help. Were you hoping for a referral fee? Do you know that this property actually does not need work? PM me the address and I can do some quick research on the MLS.

Go and talk to some lenders and they will tell you what you need to do.  It won't matter unless they tell you it matters.  Maybe you don't have to do any trading or shifting of assets or titles or quit claims.  Do you need some good lenders to speak with?  That is the more important question.  

Tomorrow - Monday January 4, 2016 will be the first meeting of the year for the Atlanta REIA.

Time to come and visit. Really great for connecting and learning. They also have a Marietta meeting as well as specific meetings focused on Deals, Marketing, Beginners, Renovations. It could make your year! 

@Steve Gee -- Also here is another thought for you - The tenant could have saved money for the holiday traveling they are doing, instead of paying rent, or maybe they are just ill, in another state, or even out of the country because it's the holidays. Maybe they are in the hospital or worse yet, in jail. You do have the right to start eviction as soon as they are late, but maybe you get all your money tomorrow and don't have to worry.  Maybe this is also going to be a lesson as to what is legal with regards to room rentals in Gwinnett.  Wish I knew what the law is and maybe it's the same as the rest of Georgia which you can read about in the post from @Linval T.

@Jason Le -- Call the tax commissioners office for Gwinnett, have the address and map parcel number of the property ready.  Ask them two things - Are the taxes current and who paid them?  If the name is different than the person who passed away, then that is the perosn to contact.  They don't have to give this info out, so get ready to "sweet talk" them and be really nice on the phone.  If the owner of record is already showing different than the person who passed then this job will be easy for you.  If there really was no will, or person to "inherit" the home, then you will have to wait for probate, which is not quick in Georgia.  That is a whole different long story of how to get the property. Update us on what you find. 

@Edgar Ferrari - Sounds like a good plan to get some good things going.  First easy step is to start driving the areas you like or think would be good locations.  Some of the answers to your questions can be found this way.  You will be on the first step to market research what builders are out there already, what land is for sale, who is selling each of those because usually commercial guys do land, but residential agents do the home sales, and this will let you know what your competition is building.  It wouldn't hurt to call these agents and find out how many homes they are building, how many have sold, in what period of time, and how much is left.  All of those areas are ripe with projects and some of the builders work with partners and some just buy, develop and build it all in house.  Sometimes the big name builder sign at the entrance can help sell them quicker too, but with this market creeping up so fast it may not matter.  A good product will sell itself.  

I think you are very prudent to start with something like 2 blocks of townhomes and see how it goes. I am sure there are some great areas around Cumming, Milton, John's Creek, Alpharetta, Buford, and Suwanee that really need this kind of product. I can help you do the research on the MLS as well to compare what is out there with what has been put on the MLS. Sometimes there may not even be much new construction that ever has to be advertised besides some signs because of how quick things sell in certain areas. I am an agent, investor and lived most of my life in the North Fulton and Forsyth area. Also worked in a big RE office in Braselton right near Chateau Elan where there is also some need for townhomes because of all the other retail and hospital construction.

Feel free to call me on Monday or Tuesday.  There are some really hot locations I have in mind for Alpharetta and Cumming.  

As far as cost to build this will help you figure out your profit.  Interviewing some builders will help you figure that out. Some will stick to the $100/ft while others can see the future profit and long term partner potential with you and could do it for even closer to $60/ft.  I live in Athens and there is one guy doing it for even $55/ft but that all depends on how you are finishing the home.  The final sales price target could be high $100's to mid $200's for a 3BR TH in all these areas, but even the high $200's is a starter/average new home in this area too.  You also have to factor in the higher cost of land in all these areas.  Gwinnett might be the best prices, but really there are deals to be found that might not even be on the market.  Time to get driving!  Boots on the ground will really help you get going.