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All Forum Posts by: Michael Dumler

Michael Dumler has started 5 posts and replied 1587 times.

Post: Property calculators to analyze rentals

Michael DumlerPosted
  • Real Estate Agent
  • Atlanta, GA
  • Posts 1,621
  • Votes 1,713

@Danny Del Pino I feel most resourceful calculators/software do come at a cost, but a lot of platforms do offer a free trial. List that I've personallly used or have heard others utilize include, BiggerPockets, Deal Check, Rental Software, Valuate, Real Data, and Calculator.net. Hope this helps! 

Post: Deal Analysis Thoughts - What Could Have Been

Michael DumlerPosted
  • Real Estate Agent
  • Atlanta, GA
  • Posts 1,621
  • Votes 1,713

@Ryan Jones your analysis looks fine, my question, however, did you confirm through the HOA bylaws and covenants that rentals are permitted in the complex? No point in analyzing a deal if the subdivison has a cap limit on the number of rentals allowed. Point being, always include a stipulation in your offer addressing rental restrcitions for all townhomes and condos.

Post: Hard money lenders vs typical mortgage loan?

Michael DumlerPosted
  • Real Estate Agent
  • Atlanta, GA
  • Posts 1,621
  • Votes 1,713

@Coy Estes a hard money loan is usually more suitable for investors that are purcahsing fix n flip deals and need to close fast. In your situation, the investment is strictly for the purchase of rentals (buy and hold), therefore, you'll have to connect with a commercial/portfolio lender to finance the deal. Hope this helps 

Post: Best ways too find private money lenders ?

Michael DumlerPosted
  • Real Estate Agent
  • Atlanta, GA
  • Posts 1,621
  • Votes 1,713

@Kyle C thomas the best way to find a private lender is by brining a solid deal to the table. You need to become an expert at properly analyzing deals and assembling a pro forma package to present to investors. Why out of state deals? I would first start by networking in your market and join your local REIA to establish connections. Hope this helps!

Post: Beds/baths rent difference

Michael DumlerPosted
  • Real Estate Agent
  • Atlanta, GA
  • Posts 1,621
  • Votes 1,713

@Brandon Montgomery it's entirely market dependent and based upon tenant's demand, hence, the importance of pulling lease comparables when gauging rents. I would say overall, don't expect a huge gap in rent between a 3 bed/2 bath vs. 3 bed/1.5 bath vs. 3 bed/1 bath. More often then not, location is the primary principle that will factor into rent. Hope this helps! 

Post: Adding an additional room

Michael DumlerPosted
  • Real Estate Agent
  • Atlanta, GA
  • Posts 1,621
  • Votes 1,713

@Koob Moua those additional rooms that the seller is including do not count and will not be taken into consideration by the apprasier. Georgia law requires a bedroom to have at least one window, a closet, and at least 70-80 livable sqft. I assume you are outside of your due diligence period since you're at risk of losing your earnest money? I would try to negotiate with the seller for a price reduction or to cover a percentage of closing costs due to the foundational issue. What was the property listed at? I'm not sure what you're referring to about demolishing the records? Did you view the property in person? I would never rely on the seller's words alone. 

Post: Jump in now, or wait till I save up some more money?

Michael DumlerPosted
  • Real Estate Agent
  • Atlanta, GA
  • Posts 1,621
  • Votes 1,713

@Sydney Wenger 10k grant? Yes, jump in and take advantage now. Seems as if you have already gotten your ducks in a row by speaking with your lender. I would follow up to get pre-approved and determine how much you qualify for. Connect with a real estate agent that's niched in on 2-4 unit properties and start putting offers in. Hope this helps! 

Post: Real estate wholesaling questions and answers

Michael DumlerPosted
  • Real Estate Agent
  • Atlanta, GA
  • Posts 1,621
  • Votes 1,713

@Maria Nicole the attorney or title company would need to be licensed in the same state as the property. More often then not, title companies work within their local market. Hope this helps!

Post: Looking to purchase first househack

Michael DumlerPosted
  • Real Estate Agent
  • Atlanta, GA
  • Posts 1,621
  • Votes 1,713

@Julio Ibarra do you have the opportunity to utilize a cosigner? The lender would account for their income and credit as well, therefore, authorizing pre-approval. If you come across a solid house hack property, you can structure the deal so that you are paying your cosigner a monhtly fee, consequently, this gives them an incentive to cosign the loan. Hope this helps!

Post: Beginner looking for advice

Michael DumlerPosted
  • Real Estate Agent
  • Atlanta, GA
  • Posts 1,621
  • Votes 1,713

@Julian Munoz simply network with investors on BiggerPockets or other real estate platforms and determine what has been working for them in their market. I'm assuming you're in a high priced market where buy and hold deals don't pencil out? If not, definitely join your local REIA group and see what types of deals investors are pursuing. If you do decide that investing OOS is the best route, then I advise you stick to one specific market and ensure you have a resourceful team to work with. If you haven't yet read David Greene's "Long-Distance Real Estate Investing" do so. Hope this helps!