All Forum Posts by: Prag Patel

Originally posted by @Taylar Caraway:

We are kind of in the same situation. We will be relocating to the Atlanta area in September and we want to begin real estate investing. It's tricky trying to figure out the best course of action! We aren't sure if we should start off by renting somewhere month-to-month when we arrive, buy a single family home, or buy a duplex to owner-occupy... there are so many options! But our struggle is finding the right deal at the right time. We don't want to settle for something just because "we needed a deal"...

I think in your case, like @Prag Patel said, you're in a great position because you already have your apartment and can live comfortably there while you wait for the right deal to come along, then if you choose to rehab it, you still have a place to live. I'd definitely look into how much it would cost to break your lease that way you are prepared to do so if/when you had a reason to. But otherwise, just keep searching and you'll find the right deal for you!

Hey Daniel, welcome to Atlanta! I was/am in your situation, I just moved here last August. I am actually closing on a house (to live in) this Friday. I would definitely recommend renting out a house or apartment first, because it's next to impossible to pick the right spot for you immediately. We were definitely surprised at what areas we preferred to live in compared to what google told us we would like. If you need any other pointers feel free to reach me.

Originally posted by @Evan Parker:

Originally posted by @Prag Patel:

I would say you're in a great position because you're leasing your primary residence. Not only is your rent excluded from any/all DTI factors when looking for financing, but you can buy a really ugly house or multifamily and rehab while you're living comfortably in your apt. 

I have thought about that, but this method would require me putting down 20+% as a DP because the property wouldn't be my primary residence right? 

Not necessarily true. You should be able to get an FHA loan if the property is between 1-4 units. And there's no formal way of claiming primary residence, so you can be "living" in the house that needs rehab but still live in the apartment. As long as all the bills are paid there should be no issues.

I would say you're in a great position because you're leasing your primary residence. Not only is your rent excluded from any/all DTI factors when looking for financing, but you can buy a really ugly house or multifamily and rehab while you're living comfortably in your apt. You can go month to month, or break a lease a lease which is considerably cheaper than selling a house. I'm in a similar situation, mostly cause I keep changing my day job so much. But I love having all these options.

Thanks for the info Thomas, I wasn't aware there were agreements that specifically didn't stipulate a month/month basis after the term is complete.

I'm having issues deciphering what this means and hoping the BP community could help me with this, or whether I should just consult a lawyer.

Situation: Under contract to purchase a 4plex in Alabama. 2 units are currently vacant, and the other 2 are occupied. Upon contract agreement, I requested lease agreements, of which both expired summer of 2016 and the other expired this past summer. There are no clauses for month/month or any language stating the leases will automatically renew.

Question: Is this an issue? Am I putting myself in a position where I cannot evict or collect rent? 

Apologies if that has been covered in another thread (I did search but nothing exactly in this situation).

Growing up in the North, and living (almost) exclusively in the South, there are tradeoffs (even in my opinion). You will encounter the same issues here, minus the boilers and the snow. Instead, you have foundation (flooding issues) and rampant landscaping problems. I spent close to 10k a couple years ago re-grading and re-sodding my yard, only to have it become a mini-amazon rain forest now. With an overgrowth of plant matter comes excess mosquitoes, sand gnats, and more flooding in areas around the house. 

I take that back, I would much rather deal with snow...

Do you have any photos of the inside?

just wondering if you could divulge the location? thanks,

Be careful of running short term rentals in Charleston. Zoning ordinances do not allow rentals of less than 29 days outside the "accommodations overlay zone", which is essentially a couple neighborhoods in downtown Charleston.

Hey Parker, your listing says Charleston but the address is GA.