All Forum Posts by: Jarrett King

I think it will be hard to judge if it's the SB or the fundamentals of Atlanta. For example, New Orleans was one of the examples but that city isn't and wasn't anywhere near the city Atlanta currently is so the SB could be pointed to as a factor that "spurred" growth. Like Jeff said, Atlanta is already big enough and hosts enough major events that the SB is just another added to the list more than anything. 

I'm from Atlanta and grew up near the airport and have been looking in the South Fulton/Clayton County submarkets myself. A lot of growth potential there. The Belt Line expansion, the Aerotropolis planned development, the Hawks practice facility and convention center all going on is bringing a lot of activity to the area. Like Ethan pointed out, Hapeville may be a good area to start out since it's close to the airport. 

@Ethan Henning if that deal is still available can you shoot it my way? 

As some have said like Marcus above, after that minimum 12 month live in period, you can move on to a new house hack opportunity and you've been paying down a note and building equity while only increasing your housing expense $100 ($800 in expenses vs $700 in rent currently). Hopefully, by that point, you can increase the rent on the existing tenant and push your unit to match that to cover some or all of that $200 shortfall you're underwriting as well. If it's not working though, don't force a deal. Put in an offer that makes the numbers work at something you're more comfortable with. 

Wow! Congrats Brian! Impressive for a first flip especially in Nashville. 

11.7% cash on cash isn't bad assuming it's self managed and occupied with no issues. This is more an appreciate/debt reduction play. If the area is appreciating, you may make a good return on the sale. 

Like David said above, the lender will finance your asset based on the improved value. Find a lender in Atlanta or wherever you are looking that has worked with similar deals. BP should be able to help. Make sure your math works to be able to cash out enough to fully repay the HML based on the ARV. If you have a home that is worth $100K after improvements and the lender will only go up to 85%, you'll get an $85K loan. If your HML is below that amount, you should be able to repay it no problem. It's all in the upfront numbers and finding a lender and knowing what their terms would be on the back end.

Rush was a bit more detailed than I was haha

Check out Memphis. That probably fits your criteria pretty well. Look around Midtown, specifically the new Crosstown Memphis development. You'll find more 20-30s that fit your target renter

If it's the building I'm thinking of, I'd pass. You may be able to rent it, but long term I think it will be tough to get rid of it unless you get good tenants. I went to Morehouse and had a few friends that lived in those condos (again if it's the ones I'm thinking of) and they ruined a few. I'd be HIGHLY selective on the tenants when you rent it. But again, you can't control the tenants already in the building. 

Hey Maggie! Welcome to BP! 

As for Atlanta, follow the Beltline. I'm looking in southwest Atlanta right now. West End, Washington Park, Perkerson Park, Cascade Heights areas. These are more rehab areas though, which I'm not sure is what you're looking for but provides the upside for a potential BRRRR.

I'm not a flipper yet neither but just looking at it, that looks a bit high. That's roughly $50 psf and comps in the area look to hover around $100-125 psf. Assuming you bought it at $48k, you need above $100 psf just to get out without losing. 

But I'm not a GC, just doing some math estimating. Good luck!