All Forum Posts by: Lateefah Mathews

@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.  

Hey, @Kaela Mfume Welcome to BP or posting! Sounds like you have a big deal ahead of you. Is this your first fix/flip? Anyway, before you dive all in I'd advise you to consider devising your Big Four team. This way you have a few other experts working on your behalf and some additional eyes aside from your contractor. This process can help ensure that your property is properly rehabbed and ready to market on time. Just my 2 cents :) 

Hi, @John Tran feel free to DM me I will send a reference for a CPA that covers cost segregation and services in the Atlanta area. I was able to refer them to a client of mine who also needed the same assistance, however, I cannot vouch for their abilities. Just FYI :)

My Pleasure! Wendy Patton is the G.O.A.T of Lease Options. Her information dates back to the early 2000s, and many follow her format. Enjoy your read! 

Hi @Agustin Rossi Lease Option is a versatile strategy, so are you using it to acquire properties or to sell them? Either way, I picked up a lot about it from an old-school book called "Investing in Real Estate with Lease Options and 'Subject-To' Deals" by Wendy Patton. It should still be available on Amazon. 

This strategy tends to shine in a "Buyers Market" or with FSBO homes that have been advertised for a while. It's worth considering if you're ready to get your feet wet! Hope this helped :)

Hey @Lance Walrad sorry to here about your issues with your previous Property Managers. I have a few referrals however you will have to DM for the info. Not sure if they are "excellent" but they should fit the bill.

Hey @Javon Wilson I recommend focusing on building your Big Four team, especially since you're new to the area. This approach will set a solid foundation for your real estate investing journey here in the A.

And if you are going to use Melanie's recommendation to check out the GA REIA, you can do so by searching here on Bigger Pockets forums, you'll find they post new meetings quite often.