All Forum Posts by: Graham Lutz

Oh well...next. I do think though that it was great that you posted this. It gives us noobs a different perspective; the more experienced chime in, giving clues of potential pitfalls.

Yeah, my whole goal here is to get the experienced investors talking, then just sit back and listen!

0 Votes

Originally posted by @Jan H.:

Taxes at $1300? Is that an annual figure?

How will this be financed? Cash? I doin not see any financing figures....

Also, will this be self-managed? I would think there would be re-rent fees and such unless there is an on-site manager?

I do think too that Maintenance is estimated too low.

I looked up the taxes records and it looks like that number would be more like $3600. I wasn't planning to self-manage, but it's a moot point as I talked to the broker today and the property went under contract last Thursday.

0 Votes

Sounds like a KILLER story to tell when you start getting asked to be on podcasts and speak at conferences because of all your future success!

I don't have much for you by way of real answers, but just want to encourage you to keep going. We filed bankruptcy b/c of a business failure, I got a job as a software engineer, and we're just now back to a bit or normalcy. All I can say is put one foot in front of the other. Focus on making good decisions and start cleaning up your mess.

1 Vote

Yeah I saw that one and the listing price was high enough that I didn’t need to look any deeper. I’ve already expanded my search outside of GA.

0 Votes

Good to have you, @Austin Burrous!!

1 Vote

@Raj Vachani - that's killer! I (and I'm sure many others) would love to see some details on the deals. I'm sure you've got plenty to keep you busy atm, but a case study with financials and that kind of thing would be incredibly awesome to see!

1 Vote

Hey @Gamaliel M.! Welcome to BP! I'm in Peachtree Corners, have lived in/around Atlanta for 25+ years, watched real estate for 15+, and don't feel like I've ever seen this little inventory. My sister is actively looking to buy in a personal residence in Peachtree Corners and we're seeing things that were $60K 3-4 years ago selling 10% above asking price within days and sometimes even hours of being listed. That's not a competition I want to be part of haha!

2 Votes

Originally posted by @Shane Potter:

Hey all!

Today was an exciting day as I have my first Multi-Family deal in the bag pending a good roof cert we are on to closing. I secured the deal with owner financing @ 5% . I am beyond excited about the opportunity because I am acquiring a cash flowing property that is fairly maintenance free all brick is my favorite feature , plus, I manage properties already so we just add this one to the stack.

One tenant pays a year in advance and will put the account in great shape from the get go the other he has been there for 8 years and the apartment is in great shape. The other three units are on section 8 and have been for the past 8 years on average. All apartments are in great shape and tenants are happy, I have already been through the entire building and I am jazzed up about it. I am cash flowing with the current tenants and their current rent so I am happy, yet, when we get one turn over each unit stands a $100 - $150 increase...

In the words of the late great Bart Scott former New York Jett's Linebacker "CANT WAIT!"

even though I will... As long as I am cash flowing and they keep the apartments up like that I wont change a thing.

Best part, the negotiations on the owner finance have developed into a relationship where further investing is on the horizon. Fantastic! Especially after my meeting today with a commercial lender and hearing that they want more proof of income.

Beings it is my first taxable year as a fully independent 1099 employee "responsible adult", you know, the moment Mom and Dad prepared you for, a 46% dip in income has warranted the banks speculations. I left them a copy of my business plan and gave them a couple of days to review it, I put a few fictional deals into the plan to portray my vision; they either want to make money or someone else will.

My current deal is going to open the door to many more, I will keep everyone posted.

Cheers & Happy Friday

-Shane

Congrats!

1 Vote

I suspect rents could come up about $100/unit/month, if not more, based on what I'm seeing around.

0 Votes

I came across this and it strikes me as pretty good. Vacancies are low in the area and these rents are low for the area. What am I missing here that this would not make sense?

0 Votes

All Forum Posts by: Graham Lutz

Graham Lutz has started 5 posts and replied 35 times.

Post: Is this a good deal?

Post: Is this a good deal?

Post: I am afraid my credit & complex tax situation is a death sentence

Post: New member interested in REI from Tucker, GA

Post: New Investor In Lawrencville, GA (Metro Atlanta)

Post: I'm up to 607 Multifamily Units and am about to Close on 131 more

Post: New member interested in REI from Tucker, GA

Post: Owner Finaced My First MF! STOKED

Post: Is this a good deal?

Post: Is this a good deal?