All Forum Posts by: Matt Schambeau

I have my first rental property which I purchased at the end of July in Roswell, GA which is just north of Atlanta.  It's a small duplex that was built in 1965.  This week I had two plumbing issues.  On one side there was a small leak in the blue poly water main near the meter and on the other side when you flushed the toilet water went in to the bath tub.  Both sides are 2/1's and Hispanic brothers live in each side (one with family and one with friends). 

I had both repaired and on the drainage issue the plumber stated there was women's products causing the issue.  Two days later the tenant called me back with the same issue.  This time the plumber ran a camera down the line and said the house was fine, but the cast iron sewer line from the house to the sewer was clogged with grease so bad he could not get the camera down it.  He game be the following options to get it fixed

1.  $6500 - Replace it all the way to the sewer with PVC I'm assuming

2.  $5000 - Find the bad section and dig it up and replace it.  Then jet the line out

3.  $2350 - Install a 4" cleanout and jet the line (no warranty with this option)

Has anyone dealt with this type of issue before.  Do these prices seem reasonable?  I'm going to try and get a couple more quotes today.  I would like to just do the $2350 option, but he stated that it may not work because we don't know the condition of the cast iron pipe is in.  Then jetting it out may cause leaks in the remainder of the line due to weak spots that are nearly rusted through.  He advised against it and recommended just replacing the entire thing. 

One other thing to mention, is the sewer line runs under a concrete slab/pad in the back that would have to be removed.

I appreciate any advice or help anyone can give me.

Thanks @Ludmila M., I will give them a call.

I'm new into real estate investing.  I just got my first property.  I'm looking to open a checking account for my new property with a smaller bank that loans to real estate investors to start developing a relationship and some credibility with them.  I live in Roswell, GA which is also where my first property is.  I'm hoping to find some credit unions/community banks in a 10-15 mile radius from that area.  I would be grateful for any recommendations.  

Thanks!

Thanks @Rick Baggenstoss and @Kyle Kufeldt I'm plan to start looking for properties in about two months to hopefully find one to close on by end of July. I will probably start with a SFR just to get me feet wet...but really want to get in to the MFR. Living in Roswell, I was hoping to invest somewhere less than an hour from home, but I have not figured out where I'm going to focus on yet. I have done a little browsing, but have not found any good areas yet. If you have any advise in our market, I would appreciate it...but totally understand if not.

Thanks @Curtis Rouse Jr.  Congratulations on the 19 unit apartment complex...way to take action.  I hope you got a great deal.  Why are you doing all of your investing in Macon, instead of the greater Atlanta Market?

Thanks Guys,

Welcome @Marcus Cannady.

@Chris Schuler and @Ethan Atkinson, the Falcon's loss was brutal...I couldn't watch sports center for a couple of weeks after the game.

@Josh Hooper, my goal for the year is to get a least one rental...but I'm going to shoot for two.  Not sure whether it will be single or multifamily?  I still have a lot of reading/podcasting/networking to do.  I'm literally two months into my study.  My commute to work gives me about an hour plus to listen to BP podcasts...which is great because when I get home I have three babies and wife that are pulling for my time.

My plan is to finish the Millionaire Real Estate Investor and read the BP Beginners Guide which I just downloaded (@Dmitriy Fomichenko thanks) to start developing a model.  While doing that I will work on my networking so when I wrap those books up I can start looking for some deals.

Ethan, Thanks for the tip on following @Azeez K., looks like he is someone I need to take to lunch:)  If anyone else wants to meet for lunch, let me know.  I work just inside the perimeter on the north east side of town...not to far from Buford Highway which has a ton of good food. 

Thanks again for the invite and best of luck to you all in creating your wealth!

Hello BP nation,

I'm Matt Schambeau.  I live just north of Atlanta in the Roswell area.  I currently work full time as the VP of Operations at a staffing company, and I'm studding real estate investing because I want to start building some assets in the form of buy and holds (single or multifamily) while continuing my current employment.  I'm 39 and my goal for the year is to start working towards financial freedom.  I've listened to about 45 BP podcast and have read Rich Dad, Poor Dad.  I just started the Millionaire real estate investor and it is all I can think about.  I'm really excited to start this new chapter in my life...and I'm taking the advise of Brandon and Josh to introduce myself on the forum as well as say thank you for building BP!!!