All Forum Posts by: Lateefah Mathews

I completely concur with what @Theresa Harris mentioned. Looking at your current scores and income it would not be feasible to rent anywhere in Metro Atlanta or purchase so that option is off the table. Your better bet is to find a long-term tenant to rent a room or more depending on how many additional bedrooms you have. This is a house-hacking strategy that many individuals are utilizing to cover their mortgages right now. This would provide a long-term assistance remedy for you as well.

In the meantime, contact 211 United Way of Georgia to find mortgage assistance or utility assistance, for temporary help. If you cannot find mortgage assistance right now you will at least find some help for your utilities. Best of luck to you! 

@Pratik Kochar Welcome to BP & congrats on your investment achievements so far! I'm curious though, are you leaning more towards cash flow or growing your equity over time? This will help a bit more with offering better advice.

For property management: A big plus is it takes the day-to-day stress off your plate, especially from out of state. The downside? The fees can dip into your profits and eat at your cash flow.

For older homes: The upside is they offer the chance for more cash flow and equity through smart upgrades. The challenge lies in managing renovations and the surprise costs that can come with them over time.

New construction, on the other hand, tends to be simpler with less immediate maintenance and potentially better loan rates, but you may have to accept a slightly lower cash flow due to higher purchase prices.

In the Atlanta area, there are several hotspots for new builds with great long-term investment potential, as well as older homes you will need to pinpoint which type to best advise here.

Hope that helps streamline your decision-making!

@Christian Hanus Are you looking to use the cards for acquisition and repair? It is possible to finance your flip with a business credit card. Still, the best card for you will depend on the creditworthiness of the personal guarantor (which I assume is you) including your credit score, recent credit inquiries on your credit, debt-to-income ratio, and the age of your business, and a host of other benefactors. This will determine how much you qualify for and which 0% interest cards you should go after and get approval. 

@Donnie N. Hey I unfortunately do not know of any local appraisers in the MD area, Try searching here on BP if you don't strike gold just run a quick Google search. Good Luck! 


 

@Alba Cheung You can initiate the eviction process yourself, by filing an eviction notice at the Fulton County courthouse. You'll probably need the lease agreement and evidence of any unpaid rent. Once it's approved, a sheriff will serve the eviction notice to the tenant, and the paperwork will include the date and details for the eviction proceedings.

If you prefer to use a professional eviction service feel free to DM me for a few references. 

Hi @Donnie N. I know this is pretty obvious, but have you tried checking the Montgomery County property tax records or the property tax assessment records online for Silver Spring? Also, try contacting a local appraiser or tax advisor who could provide a precise adjusted cost basis for your capital gains calculation. There are a few posts on here that discuss tax advisors for capital gains, as well. 



 

@Matt Eade I'm not an attorney and this isn't legal advice, but you're not required to form an LLC in the state where the property is located.

Holding your single family in an LLC can indeed be ideal for tax purposes since businesses often qualify for more deductions than individuals. I'd also recommend structuring your LLC in a state with favorable tax laws. The top three tax havens in the U.S. are Delaware, Nevada, and Wyoming. There are a plethora of attorneys on BP feel so free to do a search for corporate attorneys and choose one that can assist with properly structuring your LLCs.

@Richard J. You should start your eviction process at the local courthouse in the city where the property is located. You can contact them via phone to get the exact steps, especially if you are not located in the state.
A sheriff will then serve the eviction notice to your tenant, with all the details for the hearing included. If they do not show up at the hearing then repossession will commence. This ensures the eviction is both lawful and properly managed.

@Talat Solaiman Congrats on your upcoming closing! Assuming you are referencing the city of Atlanta, the STR and MTR rental regulations are complex and strict, but many adhere to them. It has been in effect since early 2022, requiring licensing for STRs and max 180-day listing periods.

If you want to avoid the lengthy process of securing permits and navigating ordinances, you can always opt for long-term rental for the first year. This should simplify your approach and help you avoid legal issues for failure to perform under the contract.

Hey @Aquilas Zephir Congrats on setting up your REI company and aligning with your strategy!

Section 8 can be a heavy hitter because there are so many guidelines that need to be followed yet and still it can also be rewarding so long as you treat your tenant the same way you would a regular LTR tenant, with screening, etc. 

As for where you should invest, I noticed you are in Lawrenceville so something close to home would be a smart move. Especially for your first property, Lithonia and Stone Mountain might be a good start due to affordability.

For financing, there's a multitude of strategic or creative ways you can go about acquiring your first rental. Seller financing is an option or locating a landlord who's exiting the program is another option just to name a few.