All Forum Posts by: Nicholas LaGatta
Nicholas LaGatta has started 28 posts and replied 214 times.
Post: How do you buy Real Estate without an Agent?
- Real Estate Broker
- Atlanta, GA
- Posts 229
- Votes 145
@Michael Lettieri like you, I bought and sold before I got my license without an agent. However, I realized real estate is somewhat of a closed system to outsiders (being careful of my language).
Most agents won't take you seriously and you'll waste a lot of everyone's time. Fair or not, that's the reality of the economics of time and money in the industry. If you're dead set on doing it, I'm happy to provide you some general coaching and guidance, but I'm not licensed in your state. I'm happy to give you some other options, too.
Post: Is the Real Estate market really not going to take a hit?
- Real Estate Broker
- Atlanta, GA
- Posts 229
- Votes 145
@Jim Pellerin I like your thinking. Could you elaborate more on the root cause for this?
Post: Landlords.....what headaches come with having C- and D tenants?
- Real Estate Broker
- Atlanta, GA
- Posts 229
- Votes 145
@Ladè Baruwa. Your mileage may vary, but the 9% I spent on a great PM allows me the sanity and bandwidth to focus on growing my business.
Post: Landlords.....what headaches come with having C- and D tenants?
- Real Estate Broker
- Atlanta, GA
- Posts 229
- Votes 145
@Ladè Baruwa I primarily invest in C/D areas in Atlanta. I have a good property manager that gets tenants. I rarely have any tenant issues.
Post: CORE FOUR: ATLANTA, GA.
- Real Estate Broker
- Atlanta, GA
- Posts 229
- Votes 145
Hi, DeMarcus. Welcome! I'm a rental property investor, BRRRR practitioner, and a real estate agent specializing in investors, especially those getting started. Please shoot me a message if you're interested in talking more about what you're looking to accomplish. I'm happy to help any way I can.
Post: Anyone closed on a property in the last 1-2 weeks?
- Real Estate Broker
- Atlanta, GA
- Posts 229
- Votes 145
I've been focused on battening down my financial hatches with a string of refis. The last one I closed on last week was the last day my attorney's office was going to be open. After that, they would be doing only drive-through closing, meeting clients in the parking lot. I believe the Georgia Supreme Court is working on a way for closing to be done by video conference during COVID.
Post: Attn: SBA Disaster Loans for Landlords
- Real Estate Broker
- Atlanta, GA
- Posts 229
- Votes 145
Originally posted by @David H.:
Originally posted by @Nicholas LaGatta:
How are you all estimating "Rental Properties (Residential and Commercial) Only - Lost Rents Due to the Disaster"? I won't really know until after rent is late in about a week.
Also, I have 2 refinance transactions going on right now. If I apply and SBA does an inquiry against my credit, won't that raise red flags with my refi bank and potentially cause issues?
I believe that the estimates would be a reasonable projection if lost rents due to the disaster. If you suspect 3 units vacant for 3 months I would just do the math and input that. Cant say for certain but that would be logical given the circumstances and options availible.
In regards to the refinances I would highly suggest contacting your lender. I cannot say for certain if the SBA will pull against your credit, though I would assume so. Also, if. you worry it would raise friends with your refi bank I would ask rather than risk it.
@David Hulit --- thank you for your response and for the entire thread. I went ahead and completed the application. I guess I got the light version without having to upload too many docs. I realized I have my credit frozen anyways, so once they get to processing the applications, they will need me to unfreeze it anyways. It's possible I will be long done with my refis by the time they get to me and if they don't I can always delay the application.
Post: Attn: SBA Disaster Loans for Landlords
- Real Estate Broker
- Atlanta, GA
- Posts 229
- Votes 145
How are you all estimating "Rental Properties (Residential and Commercial) Only - Lost Rents Due to the Disaster"? I won't really know until after rent is late in about a week.
Also, I have 2 refinance transactions going on right now. If I apply and SBA does an inquiry against my credit, won't that raise red flags with my refi bank and potentially cause issues?
Post: News on mortgages and collecting rents during coronavirus
- Real Estate Broker
- Atlanta, GA
- Posts 229
- Votes 145
@Michaela G. Uh oh...
Post: News on mortgages and collecting rents during coronavirus
- Real Estate Broker
- Atlanta, GA
- Posts 229
- Votes 145
Originally posted by @Michaela G.:
I am lowering my April rents to just being able to cover all of my mortgages - basically, I'm giving up my profit for April. That's between $ 300 and 500 per unit.
I figure there'll be stimulus checks coming in and with most of my properties having 2 or 3 people living in it, they will rather use those funds to pay the rents and keep their place, than breaking the lease and moving in with relatives or just not paying, because there's a moratorium on evictions in Atlanta.
Better to give some now and not have vacancies.
I feel it's a win/win. I don't have an expensive life-style and don't need much money for myself. And I have 60k in cash reserves and 90k in credit cards, that I could touch, if needed.
As I understand the situation in Atlanta, there is only an official moratorium on evictions for specific city of Atlanta partner organizations (e.g., Atlanta Housing Authority, Atlanta Beltline, Invest Atlanta, etc.). However, even if the courts, marshals, etc. continue to serve, I doubt eviction would be their priority anyways, so best to make things work amicably like you said.
https://patch.com/georgia/atlanta/no-evictions-60-days-atlanta-says-mayor-bottoms