All Forum Posts by: Matthew Nicklin

A smaller local bank should be able to help out. They would be looking at commercial terms probably of a 3 or 5 year fixed rate with a ballon. Have they tried to reach out to any local community banks? I have a few that I know do smaller commercial loans. Feel free to PM me as I am unsure if I can post recommendation/referrals here. 

Hey Daniel, welcome to the Atlanta market! I would say it really depends. We are seeing a lot of cash offers on properties in the Atlanta market(Hedge Funds and investors are very active here).

That doesn't mean they are all going to cash buyers though. I am currently working with a client who has a duplex in Marietta under contract and they are using conventional financing. So it just depends on the property and the price point. 

I think it is still worth sending in the offer just make sure it is a competitive offer. If a property was just listed for a reasonable asking price and you are submitting offers at 80% of asking price you are probably not going to get it. I always tell buyer clients to think about things from the sellers prospectives. Sellers care about the net to them and the timeless of the closing. So if there are 2 offers in, one at $100k with no seller paid closing and another offer at $101k with the seller contributing $1,000 to closing costs, then these offers are the same net to the seller. So you have to make a competitive offer if you are competing against cash buyers. If the property has been on the market for a while then your competition maybe less. 

@Preston Herd "A good deal" is subjective. Every investor has their own risk tolerance and their own criteria on what they consider a deal. It is important to fully understand the numbers and have confidence in them. 

How confident are you in the ARV and the rent amount?

@Justin Colbert I saw as part of Governor Kemp's order that AirBnB and short term rentals were suspended until the stay in place order is lifted. I am sure this changes the cash flow for a lot of investors.

If anyone is looking to sell or convert their STR rental into a long term rental feel free to reach out to me. I own many long term rentals and also run a property management and sales Brokerage.

Everyone I know that was buying properties to convert to STR has paused for the time being due to COVID-19.

April 1st is going to be an interesting day indeed. I am seeing large landlords prepare statements etc that say they are waiving late fees or allowing tenants to delay rental payments till this all clears. I have not sent any formal communication to my tenants. I am going to play this by ear. If someone needs help I will address it with them individually.

As @Todd Ortscheid pointed out most courts are closed or running at a limited capacity. I know Cobb County is still taking online fillings from what I can tell but I would imagine court dates may not be assigned if the CDC is recommending no more than groups of 10 meet. We are in interesting times right now. 

Are you on any wholesaler email lists now? A lot of them include the same basic info. Purchase price, estimated rehab, approximate ARV, age of property, comps etc(Of course I always recommend buyers due their own due diligence as many wholesalers minimize rehab and stretch ARV). If Opendoor is going to get in the wholesale or lead gen business this is very interesting and I would like to know more. Feel free to PM me any additional details.

@Jordan Whitworth You want a business policy on it. Not sure who your current insurer is but I use an insurance Broker for some of my liability policies and I also use American Family who writes Business Policies on some of my rentals. If you would like their info feel free to reach out to me via PM. 

I would strongly recommend having high liability coverage on rentals. I know a lot of people who have $1M in coverage but I personally pay a little bit more for $2M in liability coverage(it is really a lot cheaper than you would think to get higher liability coverage). Also make sure you are getting quotes at multiple deductible levels. You would be surprised at the difference in premium amounts when you increase your deductible. Part of owning rentals(Correctly) is having proper reserves, so you should have the reserves to meet the higher deductible. 

@Joe Cassandra Thank you! If you ever need anything don't hesitate to shoot me a message or give me a call. 

@Account Closed What part of Atlanta are you looking to buy in? I own a Brokerage with a handful of agents. We specialize in Investment property and also do property management. 

I have completed a few BRRRs around North Atlanta. I think you can find a deal in any market. With that being said I think a remote BRRR would be quite difficult as they require a lot of oversight between purchase, rehab, property management, etc. So you really need the right team in place to pull it off. If you have questions about the North Atlanta Suburbs(Cobb and Cherokee County) feel free to PM me.