All Forum Posts by: Lateefah Mathews

@Shayan Sameer Hey, you’ve got some serious decisions to make. Since you already have an offer, it’s not really about whether the property will sit for six months, it’s about whether keeping it makes financial sense. Do you not have your $7K share to close? Is that why you’re leaning toward renting, even with a $1K/month loss? Also, is this your only offer, or just the best one so far? If it’s the only one, it might be worth negotiating rather than holding onto a property that will bleed cash every month. Unless you have a solid plan to turn this around, selling now and cutting your losses might be the best move. Otherwise, that rental cycle you started with will likely repeat itself again...

Quote from @Kedric Naylor:

Quote from @Lateefah Mathews:

@Kedric Naylor Congrats on closing your first property and being lined up for your second...that's huge! If you are willing to entertain areas outside Gainesville, you should look into areas like South Fulton, Forest Park ( lots of lower priced inventory) Jonesboro, and College Park to name a few. These areas often have 3/2 SFHs in your range, with decent BRRRR potential. They're pretty solid markets with good rental demand.

As for RentRedi its a great choice for tenant screening. Be sure to: call & verify employment references, request pay stubs to confirm income & check rental history by contacting the previous landlords.
Keep the momentum going! Let me know if you need help sourcing deals around Atlanta :)

 I will make sure to thoroughly check the tenants. 

I’d love to see what there is in those markets. Usually you all can tell me what rents are and then I like to solve backwards. 

One of the articles on here discusses Warner Robins as a strong market, so we’ve been looking there some. 

We’d love to keep our investment properties closer to home. 

Looking forward to hearing what your market has to offer. 

Warner Robin's is another great market...there's  an airforce base and it's in close proximity to Macon which makes it ideal. But,  It is quite a hike from Gainesville ... just FYI! 

@Kedric Naylor Congrats on closing your first property and being lined up for your second...that's huge! If you are willing to entertain areas outside Gainesville, you should look into areas like South Fulton, Forest Park ( lots of lower priced inventory) Jonesboro, and College Park to name a few. These areas often have 3/2 SFHs in your range, with decent BRRRR potential. They're pretty solid markets with good rental demand.

As for RentRedi its a great choice for tenant screening. Be sure to: call & verify employment references, request pay stubs to confirm income & check rental history by contacting the previous landlords.
Keep the momentum going! Let me know if you need help sourcing deals around Atlanta :)

Hey @Darian Richardson, You have a pretty solid wish list there! Which luckily for you, is doable, especially in the Douglasville area. I've been seeing more properties with private entry basements popping up, but the thing is they don’t hang around long.
So, first things first, I have a lender who’s perfect for your situation. They specialize in working with self-employed people like us (because we both know how tax write-offs can complicate things). Feel free to shoot me a message, and I’ll send you their info so you can get started. 

@Francisco Ruiz Hey! You should just buy in Georgia...that’s it! Lol. I’m a bit biased for obvious reasons, but seriously, Georgia is perfect for small multifamily projects. Here are a few areas I suggest you look into:

-McDonough, Conyers, and South Fulton: Steady growth and aren’t oversaturated, positive demand for MFRs.

-Newnan and Dallas: Affordable entry points with strong rental demand.

-Loganville and Douglasville: Growing communities with job growth.

That's my two cents on areas... If you’d like more insight or help with specifics ( zoning, pros & cons, builders, etc.) feel free to message me.

Hey @Rio Nance you’re casting a pretty wide net with your question, since it's not specific to an area or city, but I’ll share based on what I'm seeing. First, I’m not really seeing enough cushion in certain popular areas for investors to realistically hit a 30% profit margin.

Another key change is making sure your contractor actually sticks to completion deadlines...why, because of how extremely tedious permit inspectors are getting in some cities, which can slow progress in and of itself.

Also, when you’re ready to list, make sure your priced reasonably. Buyers don’t care if you shelled out more on the rehab, if you’re priced too high, you’ll end up sitting on the market way longer than you want, driving up holding costs.

Lastly if your buying on market, REO or Corporate sellers are dominating and not as willing to negotiate as owners would. That said, be prepared to act fast on non REOs, or shell out a little more than usual and bring an inspector during tours. I'm noticing a lot of homes with foundation issues. I can keep going but these are a few of the basics...

Quote from @Guillermo P Manso:

Just in Cash because being from another country I rather pay in cash and ask for financing and wait too long, I will check the areas you have mentioned, thanks so much!

Ah, I just noticed you’re in Spain...didn’t catch that before. Paying cash definitely makes sense since you’re foreign. However, STR might be a stretch for you being overseas. I’d recommend MTR, it’s less maintenance and could offer better profitability. Again the areas I suggested work well for MTR since they are college towns. 

@Guillermo P Manso Hey there! With a $150k budget, finding an STR near Atlanta will be tough, even in areas like Hapeville, East Point, or Union City. Most properties at that price point will either need rehab work or have HOA/condo restrictions. Are you acquiring it all cash thats why $150k? If so, you might want to consider using a DSCR loan instead of tying up all your cash. If you're not paying cash, is this a conventional pre-qual for $150k? Just asking because it makes the world of a difference on your approach and where you can acquire a property... You may have to explore areas further south like Macon or west of Atlanta like Carrollton with that budget.

@Jose Furman Hey, is this listed off-market? If so, feel free to send me additional info, such as the address. TY! 

@Jerry Cox Hey, I’ve done several transactions with Opendoor on both sides. If the house is listed as-is, there won’t be much room for negotiation (ie. seller concessions/credits), but you can offer a price that factors in the rehab components. If this is a flip, the numbers have to work so be firm with your offer. Don't worry about what it was listed for previously, as long as it works within your calculations. 

Present it confidently; if they accept, great. If not, the deal wasn’t meant for you. Opendoor, like most large sellers, is very focused on their bottom line. If you need a strong negotiator to help you navigate this, feel free to reach out I’d be happy to assist!