All Forum Posts by: Thomas Williamson

My first reaction was only 600.00 per month for 200,000?  If the rents are only 600.00 a month, that should tell you all you need to know.  I have a quad 25 miles east of Atlanta.  I purchased for 154,000 (asking was 114,000) foreclosure, and all units rent for 750.00 each. I have a low mortgage on the building, so it's a cash cow.  Mine is in a really great area with good schools and great neighborhoods all around it.  All I could get the rents up to was 750.00 per unit after massive re-hab.  So if the rents are maxed at 600.00 I wouldn't touch that.  Usually when I see a nice house with unusually low rent (which is common around Atlanta) that tells me the surrounding areas may not be the best.  Food for thought.

That's a great area.  I would buy there.

If you buy something that's in a "safe" area then sure house hacking is a great strategy.  If I were in your shoes (I'm assuming no wife and kids) I would sell the personal residence in a heartbeat and rent.  One of the principal reasons for doing that, is now you don't have your personal home loan counting against your first four Fannie or Freddie loans.  Your home mortgage counts in the number of mortgages you have / can have.

It's easy to get your first four loans for investments properties, but after that it's gets a little tougher.  So make all four of them count toward investment properties.  

Atlanta can be a tough market to to find a decent tenant.  I invest in good safe areas around Atlanta, and I still have difficulties finding decent tenants.  I personally would not buy anything in the Stone Mountain area.  Do the research on the schools and crime in Dekalb County as well as the City of Stone Mountain.  If it's the Gwinnett side of Stone Mountain I wouldn't buy there either.  All of the schools on the Gwinnett side of stone mountain are in very rough shape academically speaking.  There's a good reason why the price on those homes are dropping the way they are.  

I never have and never will charge late fees.  I let tenants split their rent, they don't have to have the first part of the rent to me until the 15th of the month.  I've got a handful that have been with me for over four years, and usually I don't see rent from some of them until two or three days into the next month.  But they always pay without fail.

It's not that I'm lazy, or don't keep close tabs on my properties, but I've learned over the years what keeps tenants happy and paying.  When I first started, I stressed all the time when the rent wasn't paid on the due date.  I finally realized for my own sanity I had to stop stressing over that all the time.  I also had to come to terms with, not everyone is like me and pays their bills well in advance of when they're actually due.

That being said, If someone has been with me less than a year and they start paying late, then I get them back on track to the agreed terms.  Once tenants have been with me over a year, and we're comfortable with each other, I give them a little more slack.  

The reason I operate this way is because the tenants want to stay with me longer (years) because they know other landlords most likely aren't going to work with them like this.  I would much rather operate this way than to have constant turnover.....that's what I hate most is turnover.  

@Emma Chen you have heard correctly.  I personally feel it's difficult to rent properties in the Atlanta market.  I have properties in four counties and the rents range from 750.00 to 1200.00.  Most of my rents are on the lower end.  I don't take section 8 and I don't allow smokers or pets.  I know that cuts down on my pool greatly, but I just can't bend on that.  One thing that has really surprised me in the nearly five years we've been renting property is how very, very, very few people Ive screened even have ok credt.  These days I'm happy to see a 500 score.  It's not solely what I use for the final decision, but it does make wonder about this entire market.  I've also thought about selling everything and buying in stronger markets.  Hope that helps

@Neda Navidnia I feel your pain right now. I've got one (Atlanta suburb) we purchased in August and rehabbed it. It's been on the market for rent since mid September. It's a 4 bedroom 2 bath, over 2000 square feet. We purposely bought the house because of the school district it's in. Other homes of this size routinely rent for 1300, 1400, or even 1500 in the area we're in. We started out at 1300.00, and have since lowered it to 1200. My wife is a real estate agent, and it's been on the MLS since mid September as well.

I post new ads almost daily on Craigslist, and have tons of ads on Postlets, as well as all the other outlets, and a video tour on YouTube, and signs in the yard.  We've only had a few people show up for showings, one said she wanted it, and took the application.  After she left, I never heard from her again.  We're even offering other agents 650.00 if they bring us a qualified applicant.

I'm in agreement with what others have said, right now I think it's just the time of the year. We're determined not to throw just anyone in there to cover the mortgage, like others have said as well, I've been through several ugly evictions.  I wouldn't wish that on anyone.  Good luck to you, I know it will rent soon as ours will.

I quit listening to the L.U. podcast a year ago, nothing of value there.  It's simply sell, sell, sell, with the same old things talked about every single episode.  Del is extremely narrow minded and basically calls people out as being lazy and worthless if they're not pursuing a lifestyle that he has obtained.  There's nothing wrong with pursuing success, but he seems to make it all about the money and the house he lives in.  I used to follow him on FB, but I had to cut that out as well.  

Sounds good we'll probably run into each other at one of them.

Welcome @Erica Baruti from a fellow Loganite.  I live in Loganville as well, and have properties in Walton, Newton, Gwinnett, and Jasper.  If I can help, let me know.  Nice to see someone so close on here as well.