All Forum Posts by: Ethan Atkinson

I like abandoned property in Georgia. What do you have?  I am working on finding owners on a property that looks abandoned in my area around Athens, GA right now. 

Maybe I am beating the dead horse wholesaling legality question. I wanted to make complete sure I could do it myself with a property I have under contract, or with sellers I represented as an agent where they might be the one who has it under contract so that I could list on the MLS. I did ask a great continuing education teacher in my area. He intelligently cited the actual law, otherwise known as code in some places. Check out your own state because it's all there free to read. Here is the example from what the Official Code of Georgia says about licensed agents wholesaling and marketing a contract for real estate as a principal. By the way this is not "legal advice," just quoting the law:

§ 43-40-25. Violations by licensees, schools, and instructors; sanctions; unfair trade practices

(b) Licensees shall not engage in any of the following unfair trade practices:

(9) Acting in the dual capacity of agent and undisclosed principal in any transaction;

(10) Guaranteeing or authorizing any person to guarantee future profits which may result from the resale of real property;

(11) Placing a sign on any property offering it for sale or rent without the written consent of the owner or the owner's authorized agent and failing to remove such sign within ten days after the expiration of listing;

(12) Offering real estate for sale or lease without the knowledge and consent of the owner or the owner's authorized agent or on terms other than those authorized by the owner or the owner's authorized agent;

But then this also makes you question acting as a real estate broker as a wholesaler without a license.  

*** Current Through the 2015 Regular Session ***
TITLE 43. PROFESSIONS AND BUSINESSES
CHAPTER 40. REAL ESTATE BROKERS AND SALESPERSONS
O.C.G.A. § 43-40-30 (2015)
§ 43-40-30. Acting without a license; cease and desist order; judicial review; effect of Code section on other remedies


(a) Any person who, directly or indirectly, with the intention or upon the promise of receiving any valuable consideration, offers, attempts, or agrees to perform, or performs, any single act defined in paragraph (2) of Code Section 43-40-1, whether as a part of a transaction or as an entire transaction, shall be deemed a licensee within the meaning of this chapter. The commission of a single such act by a person who is required to be licensed under this chapter but who is not so licensed shall constitute a violation of this chapter.

(b) It shall be unlawful for any person, directly or indirectly, to engage in or conduct the business of, or advertise or hold himself or herself out as engaging in or conducting the business of, or act in the capacity of, a licensee within this state without first obtaining a license as provided in this chapter unless such person is exempted from obtaining a license under Code Section 43-40-29.

(c) Notwithstanding any other provisions of law to the contrary, the commission may issue a cease and desist order prohibiting any person from violating the provisions of this chapter by engaging in the practice of a real estate broker without a license. Such cease and desist order shall be final ten days after it is issued unless the person to whom such order is issued requests a hearing before the commission.

(d) The violation of any cease and desist order of the commission under subsection (c) of this Code section shall subject the person violating the order to further proceedings before the commission, and the commission shall be authorized to impose a fine not to exceed $1,000.00 for each transaction constituting a violation of such order. Each day that a person practices in violation of this chapter shall constitute a separate violation.

O.C.G.A. § 43-40-30

Hey @Chris Virgil-Stone - You should contact Chris Littleton of Solutions Realty Network. His office is not too far from Stockbridge and he manages all over Atlanta, when the owner may live anywhere else in the world.  He will be a trustworthy manager and person to talk about with regards to rent and sales comps in addition to @Account Closed.  If your numbers are correct, then you have a good cashflowing property in almost anyone's book.  

Did you sell any of these lots yet?  Seems that construction and purchases in second home and retirement locations have really picked up into 2015.  I have some ideas that might work great but don't want to "waste" all my ideas on property that has already been sold.  

Peachtree City meeting - https://www.google.com/calendar/render?eid=N2RyOG8...

College Park meeting - https://www.google.com/calendar/render?eid=NDliYzh...

There is a great company in Peachtree City called Solutions Realty Network. Owner was past president of Georgia REIA. They manage hundreds of properties all over Atlanta metro. Look for Chris Littleton and he will help point you in the right direction. There is also a great Atlanta REIA south side meeting in College Park near the airport that you should look up.

HELLO @Dave Williamson.  I would be happy to help you find a deal in Athens. What kind of returns are you looking for.  My company manages over 300 units just in Athens alone. We have some good rentals for sale or could be on the lookout for you. 

Thanks @Azeez K.

@Sierra Westrick I will second what the smart other investor agent said. Absolutely you can buy and sell.  Some brokers I know from experience do not give their agents much of a break on commission splits though even when selling your own property.  Make sure and have a talk with a Broker you hang your license with.  Likely one of the big companies will have certain restrictions in place, but they won't stop you from buying or selling. It would be a great idea to work with a company/Broker that supports you and your investing success.  Some companies are only set up for agent success rather than overall success. 

I know about and have listed a number of Multifamily property here in Athens and Atlanta Georgia.  Check a couple out on the marketplace and I would be happy to send you many more deals. Any idea where you want to start? Duplex, quad, 6-unit or more?

8 beds and 1 bath sound like a rough situation no matter how you are renting it, whether to a family or students, or anyone.  If you are going to structure it at all to benefit yourself, get the lowest payment possible because properties like this are likely to have high turn-over. If you know the area and you know there are lots of other situations like this with too many beds and not enough baths, then you know the tenants will be understanding, because that's just the way it is in this neighborhood.  Would this place even rent to college students?  Just because it's near a college doesnt have anything to do with students renting.  I am speaking from my experience with Athens, GA.  

Or if you are owner-financing it, and truly taking ownership, turn a bed into a couple baths.  6 beds and 3 baths should rent easier and a much better ratio of people per bath.