All Forum Posts by: Josh Bowser

Josh - bummer you haven't been able to get that unit filled. Great news it looks like you have a ton of equity and I'm guessing the one side covers your expenses.

If you want to keep it - I'd probably look at the AHA (section 8) route prior to co-living. 3-4 bedroom vouchers should net you more at the end of the day than the co-living model.

I work on a ton of Padsplits in the Atlanta market and it is tough for a 4 bed co-living property to be much more profitable than a long term tenant factoring in additional utility expesnes, padsplit fees, and additional property management expenses. If you have an ensuite, which you may, it could make more sense since they typically rent for $1k / month in the Atlanta market.

Converting the entire property to padsplit would make more sense in my opinion and should be able to increase your yield that way. You should have a ton of demand for co-living in that area, particularly if you're on a busline.

If you plan to sell anytime in the near future - I'd advise against putting a tenant in there well under market on a long term lease. In many cases - properties sell for MORE if there is a vacant unit (especially if it's ready to rent) as you can market the property based off market rents as opposed to lower, inplace actual rents. It also makes DD for a perspective buyer easier as well.

Furnished MTR might be an option as well.

Feel free to reach out in PMs or contact info in bio - happy to help!

Marcel - sounds like a great position y'all are in!

When it comes to the HELOC - I'd reach out to any lenders / institutions you have an existing banking relationship with. Typically the regionals / local banks will give you the best terms on HELOCs. I have heard that some lenders are opening back up their HELOCs on investment properties, but they can be pretty challenging to get sometimes. HELOC on the TH you're living in sounds the most doable (banks have more appetite to lend when it's owner occupied).

Two cents - HELOCs can be great, but it is still debt and you'll want to make sure your base case expected return makes the juice worth the squeeze. I'd also be careful when using a heloc for the down payment and getting a loan on top of it due to the zero equity situation -Be safe!!

If you're going the live in flip route - one great option would be to go with a low money down owner occupied loan to fund your next purchase. However, this would require you to move into the property and would need to qualify for a new mortgage. 

On the co-living - we do a lot of co-living / padsplit deals on our team and are very well versed when it comes to advising on the strategy in the Atlanta metro. There are a bunch of properties that run on Padsplit in Jonesboro (even closed on a few weeks ago). 

If you have any questions or need a sanity check - feel free to reach out to me in the DMs or contact info in bio. I'd be happy to counsel with you. Good luck!

Shay - if you can find something in Brookwood that is relatively turnkey between $300-$350k I'd prioritize that school district above the other areas - great rental market!! I have a client that owns a few properties off Web Gin House and they stay rented to long term tenants due to the schools.

I'd be very selective and conservative on your numbers going into Decatur / Smyrna / Marietta for a 3/2 LTR - lots of rentals in these areas and can be tough to lease up. Also, there is a lot of new competing rental supply coming online in these areas and a few of my developer friends mentioned to me they are seeing downward pressure on new build rents. Schools aren't as solid as gwinnett so tenants tend to be less sticky.

From a duplex perspective - 2/1 units lease up very well in the outer markets like Cartersville, Douglasville, Newnan ect. Ton of demand and not a lot of competing supply coming online for these type of units.

If you have any q's - feel free to reach out in DMs!

Tara - I've basically become reliant on asking my network for referrals for vendors. The best referrals are typically people that do the work themselves or have a small handful of crews. There are exceptions to this but you usually need to have a great relationship to get awesome service from a larger company.

What online platform/website ideas are you looking for? Are you looking to copy something that is working for another company?

Cameron - welcome to BP! 

I'd be happy to chat - brokerage and the wholesaling side are very similar. You should connect with Chris above as well - great guy!

Welcome to BP sir!

I'm also an investor focused agent in the ATL - let's connect to see if we can get some deals done together!

IMO - I think the outskirts have the most to gain. Areas like Fayetteville, Newnan to the south and Cartersville to the north have the opportunity for the most outsized appreciation - there are a lot companies / families deploying a lot of capital in these areas. These are places where you still eek out a little cashflow with today's rates.

Atlanta metro as a whole should continue to do well with continued growth. 

There are pockets within the city of Atlanta that will probably be the real winners over the next decade - but a lot of the stronger neighborhoods have already seen lot outsized growth

 Thanks :')

 Let's do it!

MyRentSource

https://www.myrentsource.com/

bout as good of a PM as you can find - they manage a lot of properties for our clients