All Forum Posts by: Ethan Atkinson

Welcome to the world of REI @Keri S. Come on out to the Atlanta REIA meeting this coming Monday. It is going to be pretty good. Look out for me there. This will also be a great place to make some good connections with investors, wholesalers and learn what you need to know.

Michael Hunt - you are obviously willing to risk this found money on a flip. Why not be the lender for someone else who already has some momentum. Be a private lender or partner 50/50 in a project. You provide the money, you stay in school, the other guy or company does the deal finding and project management. You will likely learn how things go during a flip but have experience and mitigate lots of the risk. Make sure and use a good agent too. Look for an agent who already works with investors and builders, and likely the partner flipper has one already. I worked while going to school full time and I know there was still plenty more time to be learning about flipping houses.

Can I call you about this one?  What's your number, I am interested and have a builder ready to move!! 

Here is my 1.5 cents - Likely the mobile home and acreage is around other similar properties, and adding "multi-family" either isn't zoned for that, or wouldn't actually be the highest and best use.  You might be able to subdivide to add other mobile homes and lease the land if you want some cash flow, and then you have no repairs to deal with.  Although the population is quite more congested here in Georgia compared to Alaska, it would similar to Alaska -- would you want to live on acreage, but 100 feet away are a couple of duplexes and triplexes?  This ultimately is a zoning and a marketing question.  As far as financing is concerned - If you have lined up your job, then there are only a couple of lenders who even deal with mobile homes --- Wells Fargo being one of them.  Vanderbilt may do them, but I have never dealt with them, just know they have sold a bunch of foreclosed homes and repos.    You need to make sure this mobile has what the bank deems a permanent foundation, like brick or cinder-block, sometimes the metal skirting is ok.  Otherwise this could be a tough deal.  What's the address and I can research this for you, because I am an agent and have sold a bunch of mobile homes with little and lots of land. 

Auction.com has sooo many now. They also have sooo many that never make it to auction on the courthouse steps, and never tell you that they arent' making it there.  Communication seems to be their last priority.   They seem to be marketing heavily to agents to come list, and the counties to come list pre-foreclosures. 

Do you have a flyer you can send my way? [email protected].   I am in Georgia

With the limited inventory of Bank Owned and HUD foreclosures the prices keep going up. On the opposite side of Atlanta where I live in Athens and Barrow County prices HUD homes are listed the same as every other home on the street. Yes it is a HUD and probably needs carpet and paint and a bunch of other stuff, but people think they still must be a deal. You might get a small discount, but likely not enough to flip because of needed repairs. The deals happen when you make a much lower offer to the props that have been on the market for awhile. Awhile meaning 2 months or more, and it might still be listed at the same number as the first day. Go in low with cash offer and you can wholesale to someone else or close on it and flip it.

Keep in mind some buy and hold investors might pay just a bit more for deals. In Atlanta there are still plenty of HUD deals so you have to make a lot of offers.

What's up and welcome to the site!  I love the flooring prices in Adairsville!  Often times even better than Dalton!! 

Welcome to BiggerPockets and thanks for the introduction

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Good Luck and see you around the forums

Hey @Bobby Holley. Have you looked into Lendingclub.com or Prosper.com? I haven't used them but get literature in the mail every other week, so they are ready to lend super easy. It is peer to peer lending completely based on your credit score. Seems they are offering 6.9% and up. That is based on an Annual Percentage Rate. You and everyone else on here has been talking about doing just a % return that when annualized is possibly double what you would be paying on one of these websites. Both sites will do max of $35k I believe. So if you borrow $25k at 7 or 8% but pay it off in only 4-6 months, you just paid (7%/12) x 6 months. Much better than actually paying for a full year or the 36 month max. Also - Come out to the next Atlanta REIA meeting, and I can introduce you to a bunch of guys who can help you out if you just want to borrow from an investor locally. It is next Monday - November 2. @J Scott used to come to them when he lived down here.  

I would love to hear more about your leads.  My brother went to Valdosta State and graduated just a couple years ago.  Our company manages over 400 units that are mostly student rentals so let me know about those deals for sure.  We need to have a Valdosta group now.