All Forum Posts by: Penny Brown

Yeah!!! Congrats on starting the journey!  Atlanta is a great place to house hack.  The area of town is really a personal choice, you want to love where you live.  So start there.  Where is your ideal location? Next go to your finances...speak with a lender to see how much home you qualify for.  Those 2 answers will be the best indicators of your next steps...best of luck house hunting!

Hey BP family,

I am an out of state investor and searching for a great property manger and contractor in Flint that I can trust.  Any suggestions?

I'm not opposed to debt.  I've done it both ways--bought free and clear and used mortgages.  Depends on your own personal risk assessment.  Having rent come in 12 times a year( or more if its a str) and only writing a  small check for property taxes and insurance once a year is very peaceful. During vacancies, you're not burning through reserves with a mortgage payment. Or burning up your nights, worrying when a new tenant is moving in.  However, I certainly agree with everyone who replied that using OPM allows you to put your capital to better use buying more property.   But saying leverage is the end all, be all...is open for debate.

Hey Chip! Welcome to the Atlanta market. Happy to help...would need a few more data points to give you the best recommendations...pm me your price points, # units, etc.

Paying off a home has huge financial implications, like the previous BP wizards explained.  But it also has an emotional component.  You have to choose if having a home free and clear gives you piece of mind.  Because free and clear is priceless for some folks while debt is fine for others.  This is a good choice to be faced with and I wish you the very best!

@Michael Yeung check your messages...may have a house sitter for you

I would recommend that you stop and get a home inspection.  A good one.  Call a local realtor who sells alot of homes and ask them who their go-to inspector is.  The inspector will give you a written report and pictures of repair items.  Once you have these notes, make a list of all necessary repairs in one column and then things you would like to do but not now in the 2nd column.   Call a good contractor (ask BiggerPockets family who they use in your area) and give him the repairs in the first column.  Fix them ASAP if they are plumbing, electrical, HVAC, roof, or foundation related.  You can take your time on the minor items, but mechanical systems need to be up and running for safety purposes.  Use your refi funds to pay for these repairs.  For the minor items, fix them little by little using the rent profits.  Hope this helps!

Got an awesome electrician ...message me if you haven't found one yet.  

In Atlanta, we pay folks to sleep in a house like that.  Someone has got to be onsite. Technology is great, but useless in your situation.  The robber is aggressive and hell bent on destroying your property.  Usually it is a neighbor or former occupant.  Talk to the neighbors, they know and see more than you think. Enlist their help.

LIttle or no money in the deal means you are best off wholesaling 3 deals to build your capital.  That means driving for dollars, cold calling, and all around hustling, but at least you're not waiting for a partner to rescue you ( or take advantage of you)....you're conquering your own destiny and you can do it easily..best of luck!