All Forum Posts by: Tim B.

@Colleen F. @David Lu thank you both. I went by there again yesterday eve and saw a few notices to the landlord posted on the door. It looks like someone tried to do a forceful eviction which makes me think the seller isnt being forthcomming with the tenant situation. That would explain why the owner doesnt want to deliver vacant. Decided to pass on this one since I don't want to risk being wrapped up with eviction court for several months.

I am considering making an offer on a Condo here in LA. Contract price would be below market, and I am considering this as a flip. The condo currently has a tenant that has been there for 8 years and is month to month. Owner says they pay on time but for whatever reason he does not want to evict them before the sale so it will convey with tenant. So I will need to serve them a 30-day notice after I close escrow. Has anyone been in this situation? Anything I should be particularly concerned about, especially given the Covid eviction moratorium? Wondering is this is a pretty standard procedure or if I should consult with a real estate attorney beforehand.

@Adriana Osorio I’m an LA realtor also investing out of state. Not as scary as it seems once you actually Get started. I’ve made a few small mistakes along the way but this market is very forgiving, and always someone here willing to help.

Thanks @Brenden Mitchum! Thankfully my lender talked through this with his underwriters and figured out a way around it (it mainly has to do with how the property will be appraised, and the interpretation of 'Livability'). I sent you a PM to get your lenders info in case of any other eleventh hour surprises.

Hi BP, I am under contract to purchase a 3 bed 2 bath in Atlanta, GA. The second bathroom is in the middle of a renovation and a leaky shower, the toilet, and vanity was removed. The master bath is good to go. The seller will not finish and wants to sell as is. I am using conventional financing for the purchase. I have one lender telling me it can be done with 2 options: appraise as-is, or appraise at finished value ONLY if I escrow the funds required to complete the 2nd bath renovation. I have another lender (who will save me about 5k in loan costs) telling me it cant be mortgaged as-is. He is currently confirming with his underwriters. Has anyone been in a similar situation and had success with getting the loan approved? 

I'm currently under contract with a property through Roofstock. So far from my experience, communication leaves much to be desired. If you do go this route, keep in mind that Roofstock is a broker that represents the seller. Be sure to conduct your own due diligence. A few times I have found that the estimates they use on the pro forma (such as property taxes) seem to be off, and their market rent estimates (I believe they use zillow?) are pretty aggressive. Tends to make alot of their marketplace properties seem like a deal when I have found that most, when analyzed correctly, are not. Have a lawyer, agent, or someone that you trust review the Purchase sell agreement to make sure the terms work for you. I'd be happy to share my full experience with you after closing.

I have been using DealCheck to analyze properties but there are alot out there. To echo @Michael Margarella , you can use sites like zillow or rentometer but make sure you are using similar comparable properties in the same neighborhood because rents can vary by a few hundred bucks based on the street you are on and finish level. For me it seems like Zillow's analysis has been on the more aggressive side with pretty high rent estimates. I also make sure I get input from my local realtor and I have read that folks also get input from property managers that operate in the specific neighborhood where you're looking. 

For what its worth, one mistake I made early on when analyzing deals was not correctly accounting for property taxes. Investor property taxes in Marion County are about 2% (which is likely double what you will see listed for previous year taxes for owner occupants).

Anyone have experience or insight on this area just outside 465? I am looking at a potential deal in one of the subdivisions off of Mann Rd. Rents seem to range between $1200-1400/mo. I noticed a lot of the listings mention that they are within Decatur township schools, but based on the 'Great schools' rating that doesn't really seem like anything to brag about. Do these schools have a better local reputation? Based on the types of homes here I'd assume a majority of the rental pool is families. Any insight is much appreciated.

@Tucker Cummings Hey Tucker, thats pretty impressive for a year. Mind if I ask if you are a local investor or out of state? And which market(s)? I’m assuming you bought the first and then refi’d to get the others? Thats the strategy I’m going for, but having trouble snagging the first. So much competition right now.

Hi all. Out of state investor looking for recommendations for an agent in Charlotte that can help me with a potential deal. Would appreciate any recommendations. (I am clumsily trying to learn my way around this mobile app so apologies if this information is easy to find/search for).