All Forum Posts by: Latasha Griffin

@Rick Baggenstoss of course I'd be much more detailed in the scope of work when engaging with an actual GC. I came to this community looking for a local referral who's used to engaging with investors. If I had the time or skill set to manage the project myself, I would just call an electrician and plumber. However, this is my first reno project and REI is not my primary income source. As such, my work keeps me fully engaged hence the reason I'm looking for a referral for a GC.

Do you have a referral for me?

@Nathan Gesner thanks but I'm not looking for random contractors registered on Home Advisor. I find the folks I've talked to on there in the past were used to working with home owners, not investors. I came to this community for a local referral.

Hi BP! I'm reaching out to this community to get a referral for a GC who can tackle a reno project on a vacant duplex I recently bought in SW Atlanta (30331). The property will need new plumbing and electric wiring (some previous work seems botched and currently setup with knob and tube wiring) to bring the property up to Atlanta Housing Authority inspection code. No structural changes, except possibly splitting the water meter, if the cost is worth the effort.

Any referrals this community can offer is appreciated.

Thanks

Latasha

@David Lasky actually, FHA will approve you to have a second FHA-backed, owner-occupied loan on a 4-plex as long as you have a valid reason (like moving to GA for work) and having the new property be 50 miles or more from the original FHA-backed property. You will have to provide a lease for the CA home or make enough to carry both mortgages within FHA income guidelines. The larger challenge in my opinion is going to be finding a 4-plex in metro-ATL that will not be sold from under you because of the speed and reduced contingencies your competition is going to present for anything on MLS. I suggest you look for off market properties using the methods that wholesellers use to find properties. Good luck and welcome to ATL!

@Maranda Tucker I'm single, no siblings, caring for a disabled parent and a bunch of aging pets so I waited until I was out of consumer debt, with the exception of my primary residence and student loans, had accumulated nearly $100k in cash savings. was maxing out my 401k, HSA, IRA contributions, had optimized my spending significantly and my salary had gotten to the mid $100k's before I bought my first investment property. Honestly, I still feel insecure financially because I dont have a support system and I'm quite risk adverse by nature.

Hi BP Friends,

At the end of May 2022, I purchased a duplex in Atlanta, GA (Fulton County) and inherited a tenant on one side that was on a month-to-month lease. The property appears to have been a split level SFR that was converted into a duplex at some point. So that I can renovate efficiently, and get the property up to Section 8 Code, I immediately gave him notice that I wouldn't renew his lease. I was just awarded a judgement and order from the Fulton Co Magistrate Court granting me the right to apply for a Writ of Possession 7 days later if he didin't appeal. I went by the property and the tenant appears to still be residing there (i.e. 4 cars in the driveway, drapes all closed). Today I e-filed the Writ of Possession Application.

Is there a separate filing process/fee to pay for the Marshal's presence? I see some other filing options titled "Writ of Possession (ejected/held up/settled/vacated) - (Marshal's Office Only)" but I chose the one titled "Writ of Possession Application (Dispossessory)-$75.00" as it was how the Court Order phrased my right to file an "application" after 7 days following the court date. I'm hoping the $75 covered the Marshal fee.

I'm concerned that if I don't file all the right applications, the process will just be dragged out. Does anyone know exactly what needs to be filed with Fulton County Magistrate Court at this stage so that I can coordinate a date with the Marshal's Office to remove the holdover tenant and his property from the unit?

Also, on the day of move out, any advice for details I should remember [i.e. changing locks, completing property condition report, scheduling with city waste for large item pickup, towing any vehicles on property, ensuring utilities are turned over into my name, checking water meter (Atlanta Watershed is the worst), etc.]?

Finally, if anyone knows what steps I need to now take to file the civil judgement t have it collected/reported on his credit, I'd love to hear about that too! This is my first time evicting a tenant so I'd be very grateful of any guidance to cut my learning curve.

Thanks BP Family!

Here is one thread I found just by searching on "Atlanta Watershed" as the keyword in the forums: https://www.biggerpockets.com/...

Atlanta Watershed is notorious for this very practice of letting tenants slide on payment and never disconnecting service. Then, they place a lien on the property and the owner is left with the immense headache of disputing the bill with an attorney. There are a few threads on BP that I found about this when I looking at purchasing investment properties in the city limits a few years ago. I think I saved one. I'll try to tag you on it or repost the thread link here. 

@Elizabeth Conklin a HELOC is a lot like a credit card. As you use the funds to invest in new properties, you are increasing your credit utilization ratio. Every credit reporting agency has a slightly different formula to come up with your score, however, credit utilization is roughly 20% of what impacts your score. The greatest impact to your score is payment history, at roughly 40%. As you begin making payments on the HELOC, your score will improve.

If you purchased the investment property in your name, having a new open mortgage loan and new credit inquiries will also impact your score negatively for a few months. You should see you score begin to rebound in a few months with on-time payments.

Does anyone have a good referral on a CPA licensed in GA (and TN would be great) who has experience with not only REI but small business owners in the transportation and laundromat businesses? I'm purchasing a few trucks this year and still looking for my first laundromat. I want to work with someone who can help me plan investment strategy in advance, not just file returns.

Thanks!