All Forum Posts by: Matthew Nicklin

@Rome Raymond Welcome!  I have a few rentals around this area and manage many other properties for others. I have contacts with other investors and experienced closing attorneys. 

Have you been to any local meetups? I like to attend the Atlanta REI Meetup at the Ivy in Buckhead, next meeting is this coming Wednesday at 7PM. They are held the last Wednesday of every month at 7PM. Wholesalers, Agents, Brokers, Property Managers, Lenders, and Investors come and it is always free to attend. Here is a link to the event https://www.biggerpockets.com/forums/521/topics/715753-june-2019-atlanta-rei-meetup

@Wellington Johnson Come out to the Atlanta REI meetup the last Wednesday of the month. You are sure to meet a lot of wholesalers, agents, brokers, and investors.

Ok. Do you have specific questions we could help you answer here? You really want to find an agent that specializes in Investment property and not just an average agent that helps retail buyers. 

Bisnow has some good content online for free, no subscription needed. It is not just Atlanta specific but they do have an Atlanta section as well. 

Hello @Michelle Mercer I am a Real Estate Broker and Investor. I work primarily in Cobb and Cherokee county but I will go anywhere in the Metro Area. It sounds like you have already done some research and found some good information. If you are looking for an A/A- home that is close to tech companies I would certainly recommend Alpharetta/ Johns Creek/ Roswell.

With that being said there are a lot of SFH in those areas but very few duplexes etc. With most of the multi-family being very large apartment complexes. The south is very different than the north when it comes to duplexes etc.

Property management fees vary based on the property manager. I would say the average is typically 10% and first months rent for tenant procurement. You maybe able to find it lower but those "discount" property managers always seem to have a way to make up for it via excess repair charges and fees.

GA overall is very investor friendly but it is variable by county. For instances if I need to do an eviction in Cobb County it is typically a pretty quick process without many hurdles. If I need to do an eviction in Fulton it could take twice as long for just as simple of a case.  

Hope this helps, feel free to PM me if you have more specific questions I can assist with. 

@Account Closed I guess it all depends on what you consider a good sized LoC. I know another investor who has an unsecured line at United Community Bank for $50K, but when I called they would only give me a line if I opened a CD with them for the same amount.... A lot of this is going to be relationship based if you have other accounts and services with the institution you are more likely to get a higher line or better terms. I know Regions Bank told me they would give me a line for 2X Gross monthly income, that seemed to be their going line amount for unsecured.  

Are you trying to use this line to obtain property or just to have a line open for repairs/large expenses? If you are using it to try and obtain property you are probably better off trying to get a secured line as the rates will be better etc.   

@Johncey Mathew The first question is what does the purchase and sale agreement say? Does it say rent will be prorated based on what was collected or based on the number of units? How many units are we talking about? Is this a 4 plex or a 400 unit apartment building? I would assume this is a smaller building or complex. 

As @Ryan Johnston mentioned rent restrictions can kill a condo investment. Also read over the covenants, rules and regulations, and financials before buying a condo so you know where the HOA stands. Feel free to send me a PM if you ever need help reviewing these docs.

@Richard Kapela Come to the Atlanta REI Meetup. It is tonight at 7pm at the Ivy in Buckhead. Free to attend, typically 100+ people show up. They have great guest speakers and your sure to meet some Wholesalers, Agents, Brokers, Property managers, and Investors. Here is the BiggerPockets link https://www.biggerpockets.com/forums/521/topics/692813-april-2019-atlanta-rei-meetup They also have a facebook group I would recommend joining. 

@Kevin Auyong My deal was an off market deal, so certainly not your run of the mill deal. Cap rate around 11% on this deal. Normal market if you were to buy an MLS deal would be much less.