All Forum Posts by: Evan Parker

I was talking with a friend today and he told me about the possibility of getting a conventional loan along with a second morgtage to help "offset" the initial down payment to technically avoid PMI and the 20% down requirement.

When I read more about it I got very excited! But why isn't this talked about more? 

Do any of you have experiences with a Combo Mortgage? If it is what I expect it to be, I would be looking into getting a combo mortgage for my wife and I on a home in ATL as a primary residence and use the additional money that we'd otherwise spend to meet the 20% down payment as more investment capital, instead of grinding it out to save that amount of cash and emergency fund back up to par for other purchases. 

Also, if one does go with a Combo Mortgage (I'm calling it that because I don't know if there is some other official name it goes by), how do HELOCs work with that? Because technically I wouldn't have a high amount of equity in the property. 

@Randy Lee 

The only thing that's hard for me to wrap my head around is buying a ~$240,000 home that's sitting right next to a boarded up tear down. 

I've driven all through the area and looked at 10s of listed and unlisted and I can definitely see the opportunity. 

If I was able to get my hands on something solid for a good flip or two I definitely would be open to it. 

Good point there with not expecting Grove Park to do a complete 180 into the nicest area of town. 

And I personally can attest to being one of the young buyers that is deeply focused on that side of town for sure. I'm currently in West Midtown in an apartment so I am kind of seeing first hand the wave of development that is basically sweeping over this area and going further west. 

Do you have any investments in the westside currently? 

I'll definitely have to check this article out, I've been looking at the city planning and I definitely see all of the plans for the westside and the Quarry yards I feel like is going to be nothing short of AMAZING. 

Are you personally investing any in that area of town? Or know anyone who is?

As many are aware, the westside of Atlanta is going through a lot. 

From atrocious properties that are currently there, to random tear down and rebuilds being sold in the Mid 200s, to non-existent nearby businesses/economy, to a Multi-Million dollar state initiative in the reservoir. 

So my question I have, being newer to the city (8 months) is:

1. Is this the writing on the wall for getting in while the getting is good?

2. Who is currently making moves there? 

3. What are your opinions on the history of the areas associated? (Grove Park, Pittsburgh, Mechanicsville, Dixie Hills etc)

4. What happened to the area in the past for it to be such a ghost town in current day and how long has it been in this shape? 

There is a lot of interesting stuff going on in the city right now, and in my opinion, the phenomena of what we're witnessing in the Westside is by far the most interesting. 

I feel like out of all things, that area has the potential to be an investors paradise, or the biggest wolf ticket one can buy. 

I just want to start a discussion and have open dialogue about everything Westside. 

@Chase Louderback

Good point, And the unit count I searched for were anything above 2 units, the max in the list were 6 unit properties.

As far as price range, they ranged from mid 100s to high 900s for some of the more higher end buildings in "hot" areas of town.

My next list I will definitely expand to the outer areas. A part of my logic was if I find a decent enough deal from this first list, I can live in one of the units myself and stay close to work.

@Mike Lorence yep that's definitely an outcome that I wouldn't be too shocked by

@Justin Kane will do!

Great pictures and I really like the creativity you found in the rehab. 

I often struggle with envisioning how a home I find can be rehabbed but this gave me a lot of insight! 

Congrats and thanks for this post. 

SIGH

Title should definitely Say Atlanta GA....not HGA....

*facepalm*