All Forum Posts by: Jake Blumstein
Jake Blumstein has started 3 posts and replied 4 times.
Post: Partnership Propsects, Atlanta Georgia New Construction
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Hi Canesha,
The lots are owned by a family (the parents previously owned the lots and passed away). From my research, the comps (post construction) in the immediate area are around 1 million each. Thanks for your input!
Post: Partnership Propsects, Atlanta Georgia New Construction
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I am a fairly new investor (almost 2 years experience) and have a working relationship with another investor with much more experience in fix and flips. We recently were offered an amazing deal to purchase 4 lots in in the desirable 30318 zip code in the Atlanta, Georgia area. We would need to purchase all 4 lots in order to close, and they would cost around $140,000 each. The comps in the area for new construction are near 1 million dollars each. However, on all of our past deals, we have done financing for rehab investing (which requires lower closing cost that new construction). Our current lenders all require at least 15% of the purchase price and rehab budget in order to close on a loan like this. Any advise from you guys? Anyone interested in forming a partnership to get this done?
Post: Property Repairs for Non-Paying Tenants
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Hi Everyone,
I own a few properties and have recently encountered an odd situation. A tenant stopped paying rent and cited COVID-19 illness as a cause. Meanwhile, the same tenant made several repair requests after she stopped paying rent. How has everyone else responded to this issue? I look forward to your insight and guidance.
Jake Blumstein
I am currently investing in the Pittsburgh, Atlanta area and may have bit off more than I can chew (too many properties under contract at the same time). I do have enough money to close, but I am not sure I can handle all of the work at the same time. The property is a 4 bedroom 1 bath and currently has section 8 tenants. The city pays $1,200 per month, and the least expires in April 2021. I would like to fix it up, but I am not sure if I can evict the tenants because of the pandemic. Should I close and hope that the tenants get out In April 2021 when I provide 2 months notice (as required by section 8 lease), or lose my earnest money and count my losses. Thanks for your advice guys!