All Forum Posts by: Simone Johnson

Hello BP community,

I have a 6 br home in stone mountain, with finished basement. Originally I wanted to operate a personal care home, however would much rather rent the home to an operator with hopes to negotiate higher rent. For those familiar with this strategy your feedback is greatly appreciated.

Lynn

When buying property as part of my due diligence I always submit a FOIA request to the government agency that has jurisdiction (city, county, etc).  The information is accurate for the most part and free.  Majority of forms are on agencies web site.  Here is a lit of what I ask for:

1. Are there any outstanding liens, judgments or fines owed?
2. Are there any code violations on the property?  
3. Are there any outstanding water bills?
4. Provide a list of the water billing for the past 12 months.
5. Is there a separate fee for sewer, refuse, etc and if so, what is the rate?
6. Copy of a plat of survey?
7. Copy of septic drawing if this applies?
8. Copy of past building permits and are they closed?
9. I will retrieve the real estate taxes off of the county website.  If need be I will FOIA this as well.
10. Some FOIA's will require different agencies, ie, Health Department, Building Department, Water, etc.

Hope this helps.  It has served me well even if it only verified information I was given by the seller. On one occasion I had an outstanding bill from the grass being cut by the city.  It was 8 years old.  With the interest it was $1100.  Without the FOIA I would have been stuck.  The lien was not recorded because when you go to the city to have the water turned on that is when they tell you.  I have city's by me that automatically turn the water off when a sale occurs to force you to contact them.  Just an example.

Good Luck.

Congrats Simone! You deserve it as you def put in the work. Now perhaps after you & your partner are compensated you can find that true buy & hold you really wanted, Keep going!

Congratulations @Simone Johnson! Those are amazing numbers. Regarding the decision to sell vs. rent, as an alternative to selling, did you consider doing a cash-out refinance in order to pull out the equity in excess of what you had into it? Based on the numbers, you should have been able to pull out at least $130-140K, free of taxes and selling costs. 

@Simone Johnson I have to say you are my Atl hero and inspiration. Being new myself and new to the area, you doing this just reaffirmed that their are good people here willing to help you if you show them commitment and drive. Rock on.

Congrats!

@Simone Johnson

Congratulations Simone! The house looks amazing. I am looking forward to see where go next with your REI start. 😊

Congratulations. The property looks great. Where is this property located in Atlanta?

@Simone Johnson

Congrats on a wonderful deal!! I used Marta near the end of my last flip as a project manager. She was great. Did you use her contractors to complete the work?