All Forum Posts by: Jeff Dimock

@Asim Alam - either tell someone you want to be on it or sign up on their website if you know it.   I bet if you put your name, email and phone in a forum post that says "looking for properties, who is wholesaling in Atlanta" you'll suddenly start getting on plenty!

Also, since you're involved in closings already, I bet some of those have involved wholesalers you could reach back out to.

I have purchased flips from wholesalers as well as sourcing them myself.  The source is not a big deal, it is the numbers that make the deal.  Subscribe to multiple wholesalers lists to get a solid feel for areas and for individual wholesalers figures.  But ALWAYS do your own due diligence.  Never use anyone's numbers but your own to truly evaluate a deal.  

@Nicholas LaGatta  Congrats on getting your plans underway!  This is a great community for learning.  You might also check out the local REIAs (www.atlantareia.com; http://mygareia.org/; www.northmetroreia.com; and others) and meetups.  Lots to learn from others who are doing it already.  And this new meeting is starting 1/31:

https://www.biggerpockets.com/forums/521/topics/39.... 

I would also recommend signing up for various wholesalers email lists as it will give you a feel for prices and rents in various neighborhoods.

Good luck!

You've gotten some good input from the comments here. Ultimately it is a matter of personal comfort and the nature of risk/types of areas & properties that suit you. Higher ROI is generally found in areas that are a bit more risky.

You should probably try getting on some wholesaler's lists as well vs. just relying on MLS.

Good luck!

I pay my private lenders a minimum of six months interest to ensure the return is worth their time if I am able to turn the property in under 6 months.  Because @Don Harris is right, a couple thousand dollars isn't worth it if a loan is only out for 3 months.  And that gives my lenders a way to earn returns above the stated interest rate.

This sounds great @Jered Sturm.  I can't make it on the 31st but would definitely like to join on future dates.

I look forward to it Jesse.  Happy New Year!

Welcome Benjamen,

Where to invest depends a lot on your goals, tolerance, and finances. You can buy more properties and generate higher ROI in various lower income areas but you will have to learn them and get comfortable in areas you might not like to frequent now. I have wholesaled a lot of houses in West & SW Atlanta where returns are high. It took a little while before I was comfortable spending time there but once you get to know the areas its no big deal. I know some investors who won't buy in the city of Atlanta because they don't like dealing with judges on properties there, but I know others who only work in the city. It's really a matter of learning over time One great way to learn property specifics is to get on several wholesalers' email lists.

Property management costs more than I first realized.  I only have one rental and it's new, so my experience is limited but I've just gone through the eval process.  For your first property it will be at least 10% of monthly rent, which isn't too bad.  It's the "extras" that get you.  One month rent for securing a new lease, 25-100% of one month rent for a renewal, etc.  I would recommend talking to one company about their details and using what they tell you to develop a list of questions to ask others, adding to your list as you hear new details for subsequent conversations.

I've typically heard CPA recommendations of a multi-member LLC (you and spouse, etc.) for holding property (you could have the multi-member LLC be the single-member of additional LLCs as your portfolio grows) and an S-Corp if you are flipping or doing other "active" income pursuits, not for passive rental holdings.

Good luck getting started!

Is it critical to have your renter purchase renter's insurance?  What risk is there to the landlord if the renter does not?

Interesting comment about north of the city.  I did a flip in Gainesville last year but it took way too long to sell.  I'm sure some pockets are better than others.  Prices are high in Alpharetta and other close in northern suburbs but if you find a rare deal it will be a good one. 

I'm selling a lot of wholesale deals in SW Atlanta, Decatur area, and Clayton county - and buying there for myself too. Just did a rehab in 30032 that was under contract in 2 days.