All Forum Posts by: Paul Smythe

The property is in East Atlanta. The condition appears good, but I'll have an inspection to confirm.

I am negotiating a purchase for a duplex in Georgia and was hoping to get advice from others who have invested in duplexes before. The basic numbers are the following:

115k total purchase price (including all costs)

~$4k down (FHA Loan)

~$525/month loan

$750/month per unit (one unit is occupied)

I will be living in the other unit as my primary residence, so my income before maintenance is ~$125. Because I would be living in a unit I essentially won't have to pay a mortgage, so the slim margin will be fine for my purposes.

Obviously I don't expect any in-depth advice based on my property because I haven't  given much info on the area or building itself. What I will say is it is in an area that appears to be on the way up so I would expect appreciation.

If you saw these numbers, is this something you would pursue further? I have the income to cover the loan if the tenant moves out. 

Was approved last week and have my closing tomorrow. 90% LTV HELOC. My rate is prime plus 3.24%, which isn't a great rate, but it's interest only and is still another financing tool I have at my disposal. I'd be happy to share contact info. Just PM me and I can put you in touch with the guy I used.

I apologize as I was using the incorrect terminology. The ARV of the house is probably over $50k, renting for $700/month. I'm looking for a loan that is 80% of the purchase price of $30k.

I am looking for a recommendation for a hard money lender who will do a $24,000 loan on a $30,000 house in Atlanta. From what I've seen the lenders all have minimums that are higher than $24k. I need to be able to close in December.

Does anyone know of a group who would do a loan on that amount?

I have ended up applying to US Bank. I will let everyone know how it works out.

I live in the Atlanta area and was hoping to get a recommendation of a lender who will do a home equity line of credit at 90-95% LTV. Anyone know a local lender who can do that?

Just get a degree in Real Estate. That's what I did. Ask your adviser if your business school has a Real Estate major. It's not something my school publicized a bunch, but it was something they offered.

I am trying to get an idea about what company produces the best investment reports (quarterly and annually) for commercial real estate in specific markets in the US?

For example, CBRE has a good research division that produces very informative reports (MarketView and Market Outlook) in specific markets.

What are some others that you use and which reports do you consider to be the best?

Yeah I'm definitely interested to hear Ror. Honestly I'm not sure what areas Adam was referring to on the Buford Highway corridor. I have yet to feel any sort of sketchiness in the area. I want to note again that I've only lived here for a short period of time and could possibly be biased because I've invested in the area, but I've never gotten a sketchy vibe here and I live directly off Buford Highway.