All Forum Posts by: Kevin Polite

I just closed on a loan this past Friday with them at 6.45% fees were reasonable considering. The catch is that there is a pre-payment penalty which starts at 5% and decreases by 1% per year, but if you're planning to hold for a while no problem or in year 2-4 you need to sell you still not that bad off. It took about a month to close. 

i had a home in Stone Mountain in the 90's and sold it in 2004. I saw that 2 years ago it sold for half of what I sold it and 20% less than what I bought it.  You can find plenty of cash flowing properties with no problem, but I dont forsee any growth in rents are any appreciation. 

Because most scools in thst entire area are medicore at best, I dont think that is aconcern because its actually a good renter's market. @Harry Zhou your goals should determine your strategy 

I was contacted by the owner of a piece of prime land that've I've always wanted. This person claims he is the sole heir. He doesn't want to deal with the whole probate and I told him I'd check into it for him if we can agree on a price, which we did. 

How much does a probate cost and asking that question and knowing it depends....however, anyone in Georgia have a general rule of thumb?

DeKalb County: Redan Rd,  zoned RM85_12 units per acre. 3 adjacents lots sold as a package totaling .96 acres. Rents in area $850-$1000 for 2BR apartments. Walking distance to Indian Creek Marta Rail, on Marta busline. Convenient to I-285 and easy access to intown areas. $250,000.  http://www.hauszweihomes.com/property.asp?agent=14557&property=res201248

Kevin Polite

Solid Source Realty, Inc.

HausZwei Homes

404-299-7100

@Teresa Keith

 Hi Teresa any update? I've just recently started looking at property over in that area.

See attached for a crude Google Map of the Westside Trail of the Atlanta Beltline: https://goo.gl/NJO1C8  

I have a friend that lives in Westview and there are some beautiful homes over there. Those same homes in Virginia Highland would go for minimum $750k. I can't believe there are still homes for $5k up to $190k.

@Aaron McGinnis

 Thanks. I was heading down there when I saw this. BTW stopped by your Derrick property yesterday and as usual you've done a great job.

@Komichel Johnson Thanks. 

 I believe the setbacks are 35' front and back and I was planning on staying within the footprint if we decide to move forward with the project. It just depends on the condition of the home and I could always go up.  the numbers work if the seller agrees to my price. But just in case it doesn't I don't think we'll move forward as I know it's costly to even attempt to get it rezoned.

Have a lead on a house on a 40' lot in Dekalb. Currently zoning requires a 75' lot for a new build otherwise expensive rezoning request. Does anyone know how much reno you can do to a current standing home or is it grandfathered in? I'll see the inside of home this weekend, but I can tell it need a complete rehab, but dont know if this eill trigger having to go through zoning. Anyone who's worked DeKalb County? Note: this is unincorporated DeKalb, not city of Decatur.

Have a lead on a house on a 40' lot in Dekalb. Currently zoning requires a 75' lot for a new build otherwise expensive rezoning request. Does anyone know how much reno you can do to a current standing home or is it grandfathered in? I'll see the inside of home this weekend, but I can tell it need a complete rehab, but dont know if this eill trigger having to go through zoning. Anyone who's worked DeKalb County? Note: this is unincorporated DeKalb, not city of Decatur.

@Tony Gunter

 I totally agree with you about the control which is why I have my RE license, plus there is the 3% you save when selling and the 3% you gain when buying or getting that taken off the price of the property. Keep in mind that you'll need continuing ed classes every year, and the biggest headache to me is dealing with other  agents and buyers when selling your flips. Taking the phone calls from agents when you list. Plus you must deal with all of the paperwork that must be filed when your an agent. 

I work virtual so it doesn't present a problem with my work schedule which is something you must be mindful of as this is your "investor." 

All that being said having access to the MLS is great, however, there aren't any deals anymore on MLS in larger cities. I'm not a fan of Zillow, but if you're looking for comps they are very accurate as this is pulled from county records and the areas I invest are updated very regularly. Obviously, you must weigh the pros and cons and make a decision that works best for you. Best of luck. Let us know what you decide.