All Forum Posts by: Lateefah Mathews

IDK why it posted with double digits...that's so weird. 

Quote from @Jay Warner:

Hello!

I'm new to the real estate investing world, in fact I haven't yet made my first purchase. Due to work contracts, my family and I are planning to sell our home and move to Europe for a few years. Due to this change, I anticipate having a significant amount of equity from selling our home here in the US that I would like to start BRRRRing with. 

My question, is this feasible? I understand that there will be challenges regarding being away from these investment properties to begin with, but fundamentally is it feasible to be able to refinance if I don't live in the US for these deals? 

Thanks for the insight!!

Hey Jay, congrats on your decision to venture into real estate investing! While being a non-resident investor can present some challenges, it's still possible to pursue and use the BRRRR strategy. Here's some key suggestions:

1. 1. Speak with different lenders to explore financing options for non-residents.
2. 2. Hire a reliable property management team to handle day-to-day operations.
3. 3. Understand local regulations and tax requirements by consulting with a local professional.
4. 4. Anticipate potential challenges when refinancing properties as a non-resident.
5. 5. Conduct thorough research on the market, property values, and rental demand.
6. 6. Network with local professionals for valuable insights and support.
7. 7. Build a strong support system of attorneys, accountants, and contractors.
8. 8. Develop an exit strategy in case contingencies arise.

Most all successful long-distance real estate investing requires thorough research, reliable property management, understanding local regulations, anticipating refinancing challenges, networking, and having a solid support system on the ground. Best of luck!

Hey @Gabe Fermin, Welcome to BP and Georgia investing! 
I've helped my cousin acquire two investment properties in Augusta, so while I can't claim to be an expert, I can share some insights. Augusta indeed offers great potential with a strong rental market driven by factors such as population growth and a stable job market. Areas like Downtown, Summerville, and West Augusta are particularly desirable due to their proximity to amenities, universities, and employment centers.

In terms of your preferred strategies, it would be helpful to know what type of lending you plan to use. Both turnkey properties and properties requiring minor rehab can be viable options. However, your lending choice will ultimately determine the best route, as rehab costs may consume a portion of your $50,000 investment budget. Turnkey properties offer immediate rental income with less hands-on involvement, while properties in need of rehabilitation can potentially appreciate in value. Evaluating the numbers, lending preferences, property condition, and location will help you make an informed decision that aligns with your investment goals.

Hi Dave,

Are you looking to invest in Atlanta? If so, I've had some previous experience working with Section 8 rentals, and I understand the unique considerations involved. 

Although I don't exclusively specialize in Section 8 properties, I can offer assistance and help you navigate this market. If you're looking to invest in properties with tenants already in place, feel free to DM me, and we can discuss your goals a bit further.

Hey @Jack Sheoran! 
When it comes to obtaining mortgages for your home and real estate investment property, you have several options to consider based on different lender types. One option Like you mentioned, is to put your home in your name and the investment property in your spouse's name, which will allow you to work with separate lenders for each property. This approach can also help diversify your loan portfolio and reduce your overall debt burden.
Another option is to finance both properties with the same lender, whether in your name or your spouse's name, it will depend on who has stronger financials. This approach simplifies the loan process by dealing with a single lender and potentially consolidating your debt and credit profile.
Lastly there's private lenders or hard money lenders. They have different qualification criteria and can offer more flexibility in terms of financing options. It's important to evaluate each option carefully and consider factors like income, credit requirements, down payment, rental income potential, and your long-term goals.

My pleasure AnTuan! Feel free to DM me if you have any additional questions or concerns. 

@Chris G., Hey Chris I completely understand your concerns regarding this situation. From a legal standpoint, it would be best to review your rental agreements and consult local regulations or housing laws to determine whether a newborn would violate the terms of "one occupant per bedroom." I'm not sure what state your located in however there should be a tenant/landlord handbook that may be helpful as well. Otherwise, it may be a good idea to seek advice from a landlord attorney or housing authority to ensure you are adhering to the appropriate guidelines.

Beyond the legal aspect, it's crucial to address the concerns of the other tenants who did not sign up for the potential challenges of living with a baby. Open communication is key in this situation. Consider having a conversation with all the tenants, including the expectant mom, to understand their perspectives and find a possible resolution that can work for everyone.
You may be able to find alternative housing arrangements or discuss ways to mitigate potential disruptions caused by the baby once he or she arrives, such as soundproofing the room or setting certain guidelines for noise control etc. Who knows what these young adults may come up with. 

Either way, fostering open communication and finding solutions can help you as the landlord, maintain a harmonious living environment for all your tenants. Try to approach this situation with some empathy and understanding, balancing the needs of the expectant mom and the concerns of the other tenants.

Quote from @AnTuan Adderley:

Quote from @Philip Joseph:

Are you in the middle GA and Macon investor groups on FB?  If so, they're many good GC recommendations there.  I do all my own GC work and will help some out-of-state/area investors, but I focus on Warner Robins, Fort Valley and south Macon around Hartley Bridge...I stay away from the rough areas.

Cajun  

Hello Phillip, I'm not FB and don't know the value.  Can you tell me some street names that are considered rough areas?  Do you believe the new development will revitalize Macon?

Hey AnTuan, I used to invest heavily in the Macon/Warner Robins area. If you haven't already purchased your investment, I would suggest avoiding certain streets or areas that are known for high crime rates and generally have a sketchy reputation. It's a bit of a catch-22 since these areas often offer a large number of properties at remarkably low prices.

1. Emery Hwy/ Main St

2. Eisenhower Pkwy/ Bloomfield Rd

3. Houston Ave/ Lynmore Ave

4. Log Cabin Dr/ Hollingsworth

5. Ward St

6. Freedom Park

7. Payne

If you are considering purchasing properties close intown Macon, I recommend focusing on the following areas within the city that are reputable and present better investment opportunities.

1. Mercer University

2. Vineville

3. Ingleside

4. Riverside Dr. 

5. Jones Rd/ Skipper Rd (further south)

6. Walden (south west)

7. Lizella, Lizella East, Lizella North West

@Chase Lawson you do not have to take the money and split! You're in a fortunate position with your property right now. Renting your home can indeed be the viable choice, especially given the potential for higher monthly income and the favorable market conditions.

Now, your concerns about the pool's liability are very valid, but it doesn't necessarily mean renting out your property isn't worth it. Plenty of homeowners successfully rent properties with pools while managing the associated risks. Here are a few steps you can take to mitigate the risk and ensure a safer rental experience:

1. Get appropriate insurance: Make sure you have adequate liability insurance coverage for the pool and consider having the tenants acquire renters' insurance as well. 
2. Implement safety measures: Install safety features like gates with self-closing mechanisms, and pool alarms to minimize the risk of accidents. 
3. Educate tenants: Consider including pool safety information in the lease agreement to ensure tenants are aware of their responsibilities and rules for pool usage.
4. Consider professional property management: Hiring a professional property management company experienced in rentals with pools can be a worthwhile investment.

Aside from that, the decision to rent out or sell your property depends on various factors, including your financial goals, risk tolerance, and personal circumstances. 

I hope this helps in your decision-making process, best of luck with whatever path you choose for your property!

@Ro Minerd Congrats on setting a goal to get into RE investing... It definitely sounds like you've got a pretty solid financial foundation to start exploring your options.

You could use your 401k, although it's not "highly" recommended to use your retirement funds for investing however there are few ways you can do so without incurring significant penalties or tax issues. I'm no expert on this topic but here's a BP blog I found that may be of some help: 
Real Estate Investing With a Solo 401k: How-To Guide | BiggerPockets

Selling your home and using the equity to invest can give you a significant amount of capital to work with, but it would also mean you would need to find a new place to live.

You could take out a HELOC to use as a down payment, but you would be taking on additional debt.

House hacking is another option to consider. With the equity you have in your current home, you could use it to finance a down payment on a property with multiple units and start house hacking.

What's important is that you determine a budget and an amount that you can afford to invest, this will help you narrow down your options and get clearer on your personal preferences. 

@Janet Behm Was absolutely on point: "Do not be locked into a one-year goal. Due diligence is how you will find the perfect solution...not a calendar deadline."