All Forum Posts by: Randy Lee

Great work @Jay Ragland. 1 or 2 things i would have done differently or added to the interior but otherwise a very impressive rehab. I will be back in Atlanta next week, it will be nice to meet and discuss a few renovation projects.

@Mary B. I agree 100% that most of the vacant properties are investor owned. I own in Grove Park and I'd be buying in Bankhead, English Avenue and Vine City as well. There are a series of development projects that have either broken ground or coming. There are certain streets where investors are fliping, for others i'd be holding.

I am looking for a great carpenter and/or handyman to renovate a deck and do some other minor renovations including paint work to a single family home in SW Atlanta. Please provide any great recommendations. Thanks

The market is so hot in Atlanta, it is difficult to get away with asking for DD, especially for good deals. I am wholesaling 1 property in Pittsburgh and have more than 10 offers (many with no DD). If your offer price is much higher than the others, maybe you can get away with asking for just a few days. Even when you offer more earnest money and less days for closing, if the deal is good and there are multiple cash offers the seller will likely take the other offers more serious.  If there is a good offer with no DD but less earnest money, the seller will likely prefer to counter that offer for more earnest money. It's best for the seller and provides them more security. With history and experience under your belt, you should have no problems finding a lender who will allow a contract with no DD.

@Michaela G. indeed!! Thank you!

Thank you @Michaela G. for this information. I had this exact scenario play out on a boarded up 10 unit multi family in Bankhead. It was really cheap and i was under contract to purchase it and thought it best to walk into the city office to do some homework on planning and permitting. After finding out that it had been rezoned to R4b and realized it was going to be a long and dreadful process to fight it (with no guarantee), i backed out. Imagine a 10 unit multi-family rezoned to single family. Someone else bought it and somehow get a permit and started rehabbing but later got stuck in the process.  It is unfortunate because many buyers get burned thinking they are buying a multi-family not realizing that after 12 months the building cannot be grandfathered. The sellers know this and knowingly try to sell it cheap without disclosing the new zoning. In my case it was bank owned.

On another note, i've read many of your posts and comments on Pittsburgh in the past months and years. I really admire your initiative to go all in on Pittsburgh for so many years when many investors didn't have the guts. I'm glad you are reaping the benefits now. I bought 2 properties there last year and i'm so happy i did. Thanks for all your insight and congratulations on your success.

SFH's near the southside and westside beltline. Mechanicsville, Pittsburgh, Adair Park, West End, Westview, Washington Park, Ashview Heights, Mosley Park, Washington Park, Grove Park. I believe there are many investors buying in these areas. Like @Matthew Nicklin mentioned, you have to know the area to determine what price is good for you to wholesale to investors.

@Mike H. Jones I appreciate your analysis on all these zip codes. I don't know much about all the other zip codes you mentioned, my focus has been on 30310 and 30318.  Yes the southside beltline announcement has a great impact on Pittsburgh but also the Pittsburgh yards development. I think this will continue because at this point Pittsburgh is still more affordable than Adair Park, West End, Westview and even Mechanicsville.  Also, 30318 has already gone up quite a bit. I saw one analysis which said the price per sq ft in Grove Park has gone from $15 to $60 in the past 3 to 4 years, which is close to what i experienced on my holding in Grove Park. Like you suggested, i will keep my eye on South Atlanta, East Point and College Park as there seems to be opportunities there.

Thank you @Mike H. Jones. These are my thoughts as well. I've been tracking Pittsburgh for example and i am amazed to see what's happening just in the past few months. The nicely renovated homes that are around 200k and some even over are flying off the shelf. Inventory in general is way down in the area. Imagine what would happen by Super Bowl next year.