All Forum Posts by: Lateefah Mathews

@Alexis Nworah Hey there! So, in my opinion, Sandy Springs is a great area if you're only focused on equity since home values appreciate very well. However, if your goal is cash flow, it might be tougher because of the higher prices and lower RTP ratios. If cash flow is your goal, you might look into areas like Jonesboro, Forest Park, Lithonia, or Stone Mountain, where RTP ratios tend to be higher these are just a few areas I'd suggest. Again it depends on your goals. Feel free to DM me for more suggestions!

@Sonja Revells Hi there! The short answer is yes. Having "real estate investing" or "real estate" anything, in your LLC name will surely raise red flags for banks, especially as you move beyond net 30 accounts to larger credit lines. It's best to switch to a more neutral name now to avoid potential issues later. Also, you should update your NAICS code as well to align with your new name and business focus.

@Marc Shin Hey! Not sure where your STR is located, but you might want to look into local STR management companies that also offer staging services. Many of them can handle setting up the space & furnishing it. Also, depending on your STR's location and your budget, there are companies specializing in remote staging and setup, like STR Launch. You can do a quick search to bring up a few options that might fit with your property's location and your budget.

Hey @Lake Bradford Your research has served you well! Condos in Buckhead have cracked down on rentals, especially with STRs and MTRs. Half or more even restrict LTR's, so it could be tricky if you’re thinking about renting it out down the road. But it is not a closed option as there are a few that do not have these restrictions.
As an alternative, you might want to look into house hacking or buying a single-family home instead. This way, you could rent out a room (or rooms) if you decide to stay, or rent the whole place out if you move. With your income, you'll have ample options, especially as a first-time buyer.

@Tar-U-Way Bright I'm in agreement with everyone else here...House Hack! It's the way to go especially as a novice investor. There are a few options if you feel uncomfy and don’t want to rent out rooms in your main space. You can check out homes with a basement that has its own entry. You can get that duplex vibe without the duplex price tag. As for PadSplit, it’s definitely an option, but if you’re gonna live there yourself and don't mind a little hands-on management you can save and still cash flow. There are budget-friendly self-management sites that make setting up applications and collecting rent simple and again, you can pocket that 12%. In short, go it alone. Good luck!

@Andre Jones Hey, feel free to DM me I'll share a few references, 

@David Kanter Hey welcome to BP! I’m a bit biased here and definitely in favor of Atlanta it's still a growing city and it's suburbs have huge potential. More companies are calling this place home, and housing demand is only going up. That said, it really depends on your strategy, niche and how you analyze your deals.

If you're focused on turnkey LTR's and not trying to BRRRR, STR, or MTR, here's what I suggest. For appreciation, I'd check out Woodstock, Acworth, Newnan, Smyrna, and Marietta, they're strong for growth but have a higher price point for acquisition. If you're leaning more on RTP for cash flow, look at Conyers, Stone Mountain, College Park, and Jonesboro. These three have a solid mix of appreciation and RTP with a lower entry price than the other areas I mentioned.

@Tanya Maslach hey there! For your first question, I’d honestly recommend waiting to put in an offer until you’re fully sure you have the cash to close. Since the home has been on the market for 90 days, a few more days won’t hurt. 

As for DSCR loans, they do tend to close quickly, and most lenders will require proof of funds to close. That's another reason to hold off on an offer, since there's no proof of cash to close yet.

As for the HELOC funds, I'd proceed cautiously with borrowing from other sources if you're not yet certain the loan will close, and I'd double-check if your application has been officially approved. Lastly, unless you're married to this particular property, you should keep an eye out for other properties that just might be as sweet a deal.

Also, about the HELOC, once it's funded, those funds can generally be used for any purpose but double check with your lender JIC.

@Daniel Correa Welcome aboard and Congrats on your pre-approval—that’s a huge first step! 

Right now it is a bit challenging finding cash flowing deals in the A, especially with current prices. However, I do believe your focus on cash flow may not need to take a detour just yet. Sometimes, it’s all about finding the right nearby areas that balance cash flow with future appreciation to achieve your goals.

Here are a few cities (there are more) just outside Atlanta that have strong RTP ratios and more affordable entry points, I suggest looking into:

• East Point, GA 
• College Park, GA 
• Douglasville, GA 
• Lithonia, GA 

If you’re interested in any of these areas, feel free to DM me! I’d be happy to help you dig into the areas and see how they align with your goals.

@Sonja Revells , after reviewing the agreement you uploaded, I realized it could be a bit tough to fight for your EMD due to these sketchy clauses. I am not sure if anyone else saw it:

• "Full and Liquidated Damages": This limits both parties to just the damages stated in the contract. So, if the seller can't provide a marketable title, your only recourse is to get the EMD back, and if you don't close, the seller keeps it.
• "No Specific Performance": Without the remedy of specific performance, you can’t require the seller to clear the title and complete the sale. This removes a major leverage point in enforcing the contract.

The contract verbiage looks really sticky. Sharpstone is listed there as "The Seller." I suggest contacting an RE attorney who can assess your options. Feel free to DM me if you need a few referrals.