All Forum Posts by: Tony Gunter

@Joel P.

It's not a BRRRR as there is no value add involved.

If there is no rehab skip the hard money and just buy it with a 30 year loan.

@Nicholas L.

That 5% is concentrated in ATL and surrounding counties.

@Paul Smythe

Market conditions change over time. They always do.

@Tawanda B Baxter

Greetings from Cherokee County GA. It’s on the NNW edge of the ATL metro.

You can start an LLC yourself for $150 through the GA Secretary of State website. Your operating agreement is the thing, but that's not a huge problem either. You'll need both to open a bank account. No need to go the NV route IMHO.

What part of GA are you from/moving to?

@Tyler Lingle

Absolutely you can BRRRR MLS listed properties. The MLS is just a tool, the issue is the market. There's still too many people chasing too few existing properties. So the properties on the MLS now typically don't have the delta between PP and ARV to make sense. I've been watching the same tired old listings in west ATL for a while in some cases. What most wholesalers are hocking publicly looks the same as the MLS now. Sometimes they are trying to wholesale listed properties.

It doesn’t matter where it comes from, provided the numbers work.

@Randy Dulac

It sure sounds like a to the studs gut. 1900’s house, expect plaster and lathe over studs for the walls and ceiling. It’s a big demo.

The biggest danger is hidden structural damage. Water and termites are the concern. Go under the house and inspect all the floor joist, sill plates, rim joist, support piers, etc. Make sure the foundation and the wood components sitting on top of the foundation is solid and not rotted out. Expect to have lead and possibly asbestos to deal with. Lead in the paint, asbestos in heat protection uses, siding, and potentially in the plaster as well.

If I was budgeting site unseen I would be around $80/sqft. I like these properties, but I would “fine tooth comb” the property before I pulled the trigger because a slip up on a property that needs a lot of work has more potential consequences than a light rehab. Decades of cumulative neglect involved typically in these older properties.

@Jay Hinrichs

Those days are gone in the southeast too. In 1992’ish it started changing.

@Cordell Critchell

Start small. Try eating a mouse before an elephant to see if you like the taste or not.

As Jay mentioned, cash up front on the land purchase. Soft cost upfront shouldn’t be underestimated either. It’s a slow moving process too. Ground breaking to the first slab being poured could take 2 years on a 30-40 ac subdivision in my area. Depends on the terrain. They are typically moving LOTS of dirt on these new developments trying to push the units/ac on the zoning. Zoning… that can be an issue anywhere. The bane to new development, NIMBY’s. Even if an area is zoned for what you want to build you should expect delays because of public hearings and just general public angst that you have the balls to try to build something in the “countryside”. We have become the US of NIMBY. A major reason why we have a housing shortage, but I digress…

I know about this stuff from being a forester and working with land forever. 

Start with 2-3 acres and put a few quads or garden apartments on it. That is much more “doable” out of the gate IMHO. Plus, score one for experience on the resume after it’s done. If that interest you around Atlanta let me know. I’m open to discussing options and possibilities as our goals seem in reasonable alignment.

@Brenden Mitchum - thanks for the plug. Haha, that’s a high bar you set for me brother. 🥴

@Jay Hinrichs - Jay. Does what I outlined sound like a reasonable strategy to push into land development? Asking for my own interest and goals as that’s one of my own…

@Justine Veal

Greetings from Cherokee County. Where in ATL are you?

I’m a GA licensed General Contractor. I have structural engineer I work with as needed. I’m certified in foundation work with helical piles and focus on finishing basements for customers from the retail world. I can tell you if it’s good work or not. Reach out and connect with me if your interested.

@Brian Dennis

Greetings from Cherokee County neighbor.

Your question covers an ocean of territory. You might want to sharpen the focus down a bit.