All Forum Posts by: Kelly Rambo

Hi Devon!  I just came across this site and have been checking it out.  From what I can tell as a "free" subscriber, it seems to have a mix of old (posted last year) and new properties.  Some I've recognized from other sources so not sure about their availability. 

@Rashida Sigmond You are right.  Sometimes our desire to carry out our vision needs to be tempered by a solid strategy.  Let’s connect.

@Ashley Gantt happy to share!  My first deal I paid cash for a small 3/1 in an area that was heavy with gang activity.  The vacant lot next door was owned by Atlanta Habitat (for which I volunteer), so being a fan, I thought this neighborhood was ripe for regentrification.  The other end of the block had very nice homes.  Immediately after closing, there was a shooting around corner.  Based on the location of my house, you could see the location of the incident from the porch.  Ugh!  I thought, this is not good by any means.  Oh well, it was my dog now.  I proceeded to hire a contractor, recommended by my banker who was also a client of the contractor, and work began.  What was to take 8 weeks, remained incomplete 8 months later.  During the same time, I spoke to various property management companies, none of whom would take on this property because of the neighborhood and the renters they felt it would attract.  At that point, I put the house on the market and cut my losses. I was able to recoup some of my investment, which was a good thing.  

Lessons learned:

• When someone in law enforcement tells you that gang activity is high in a neighborhood - believe them!  My desire to improve a neighborhood and my vision of what the block could look like got in the way of common sense.  
• (The one that everyone, including me, knows)  Never pay more to a contractor than you should based on completion.  I paid the contractor too much, too soon, hence the work did not get completed.
• Don't buy a house you are afraid to visit.   Keep in mind, I was not afraid when I bought it (which I probably should have been), but after the shooting, I was scared to go over there.  Not good.
• If you're buying in an unfamiliar area, particularly for buy & hold, make sure a management company will PM the property first.

The second investment was a lot less eventful.  Found a condo in a very nice part of town for which I was familiar.  It didn't need a lot of work, but we made some upgrades.  Found a tenant and all is well.  Boring, but boring is good!

Welcome Ashley!  I believe that you will find Atlanta a fantastic place to be.  I moved here about 8 years ago and I absolutely love it.   I began my investing here and the first one was an expensive real estate lesson, but you live and learn.  The next one was better!  Best of luck to you!

@Shaun R.  Thanks for sharing.  My husband and I are looking for our first deal and this was very encouraging.  We have walked away from some because the numbers were not adding up, but I'm so ready to get this show on the road!!!!  

It sounds like you are referring to the Federal Penitentiary.  Though I personally have not been imprisoned, it is my understanding that a Federal pen is very different than a state.  If you look at Grant Park's proximity to the USP, you will find that it does not appear to hurt the values in that area.  I agree with @Kevin White, the condition of other homes are likely to be more of a negative than the USP.  We are new to investing, so this is just my opinion.