BUILDING THE A-TEAM: ATL HOUSEHACK by April 30th

BUILDING THE A-TEAM: ATL HOUSEHACK by April 30th

Flipper/Rehabber · Atlanta, GA · Member since 2016 · 66 posts · 14 votes


Hey Investors,

I’m in the process of purchasing another primary residence in metro atlanta and need some solid teammates to help me navigate this. I’m looking for a lender who can be creative with financing solutions, as my goal is to keep the down payment as low as possible.

I’m self-employed and an investor, so my tax returns from the past few years reflect a strategy focused on minimizing taxes and maximizing legal write-offs. Given this, I’m exploring options like a bank statement loan or other investor-friendly lending solutions that work with my circumstances.

In addition, I’m also looking for an experienced realtor in the Metro Atlanta area who can help me find the right property.

We’re targeting properties in or near the Douglasville area with the following criteria:

• Finished basement with a kitchen, living room, and at least one bedroom

• Garage

• Yard space

• Open-concept design

The location should be west of I-285 and relatively close to the airport.

If you know of any lenders or realtors who can work with investors and self-employed buyers, I’d love to hear your recommendations! Thanks in advance for your help.

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Residential Real Estate Agent · Atlanta, GA · Member since 2009 · 381 posts · 134 votes
1y

I Darian, I am a investor friendly agent.

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  • Realtor · Atlanta, GA · Member since 2021 · 239 posts · 120 votes
    1y

    Hey @Darian Richardson, You have a pretty solid wish list there! Which luckily for you, is doable, especially in the Douglasville area. I've been seeing more properties with private entry basements popping up, but the thing is they don’t hang around long.
    So, first things first, I have a lender who’s perfect for your situation. They specialize in working with self-employed people like us (because we both know how tax write-offs can complicate things). Feel free to shoot me a message, and I’ll send you their info so you can get started. 

  • Real Estate Consultant · Roswell, GA · Member since 2023 · 50 posts · 26 votes
    1y
    Quote from @Darian Richardson:

     So by looking in the Douglasville area, what exactly are you looking for? Is it cash flow, appreciation, or a flip opportunity?  There are better areas nearby that I could enlighten you with. I have helped a lot of investors make good calls based on strong analysis assumptions that are accurate and conservative. I can show you a lot in about 15 mins.  Feel free to shoot me a message.  I've also got a few lenders I work with. Each has their own strengths 

    Thanks! 

  • Flipper/Rehabber · Atlanta, GA · Member since 2016 · 66 posts · 14 votes
    1y
    Quote from @Lateefah Mathews:

    Hey @Darian Richardson, You have a pretty solid wish list there! Which luckily for you, is doable, especially in the Douglasville area. I've been seeing more properties with private entry basements popping up, but the thing is they don’t hang around long.
    So, first things first, I have a lender who’s perfect for your situation. They specialize in working with self-employed people like us (because we both know how tax write-offs can complicate things). Feel free to shoot me a message, and I’ll send you their info so you can get started. 


     Thank you Lateefah, looking forward to connecting with you!!

  • Flipper/Rehabber · Atlanta, GA · Member since 2016 · 66 posts · 14 votes
    1y
    Quote from @Mark Faulkner:
    Quote from @Darian Richardson:

     So by looking in the Douglasville area, what exactly are you looking for? Is it cash flow, appreciation, or a flip opportunity?  There are better areas nearby that I could enlighten you with. I have helped a lot of investors make good calls based on strong analysis assumptions that are accurate and conservative. I can show you a lot in about 15 mins.  Feel free to shoot me a message.  I've also got a few lenders I work with. Each has their own strengths 

    Thanks! 


     It is a personal preference, this will be my second primary residence and we like the close proximity to the airport. 

  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    1y

    @Darian Richardson feel free to reach out

  • Real Estate Agent · Atlanta, GA · Member since 2020 · 1k+ posts · 1k+ votes
    1y

    @Darian Richardson, keeping the down payment as low as possible will be challenging since most lenders require at least 10% down for a bank statement loan. Moreover, higher interest rates and origination points should be expected since the lender assumes more risk due to self-employment status. You'll want to consult either with a mortgage broker experienced in sourcing bank statement loans or a local credit union. Big-name banks are less keen to offer non-QM products, so don't waste your time and energy reaching out to larger financial institutions. Furthermore, as I'm sure you're well aware, be prepared to provide a lot of information to the lender because they'll undoubtedly be requesting it, respectively—two years of tax returns and bank statements, profit and loss statements, DTI assessment, business license and articles of organization, credit score assessment, cash reserves, other asset holdings, etc. How is your LLC structured? Do you pay yourself as an employee through S-corp status?

    I'm a fan of your house hack strategy and often advise other primary home buyers to explore it further to help offset living expenses and mitigate risk. Have you decided whether to rent out the basement as a long-term or short-term rental?  

    If you need further assistance, I'm happy to connect you with my mortgage broker to help get the ball rolling.

  • Residential Real Estate Agent · Atlanta, GA · Member since 2009 · 381 posts · 134 votes
    1y

    I Darian, I am a investor friendly agent.

  • Real Estate Agent · Atlanta, GA · Member since 2020 · 414 posts · 233 votes
    1y

    Darian - love the idea.

    Have a good lender that should be able to help with bank statement loans.

    Also, would be happy to chat on helping you find a property. Personally, my wife and I have house hacked before we got married for a few years which was a great intro to land lording. Over the past 12 months, I've helped investors close 31 properties and was involved in over 40 escrows. 10 of those transactions we're off market.


    Please feel free to reach out to me - would be happy to chat (contact info is bio)!

  • Flipper/Rehabber · Atlanta, GA · Member since 2016 · 66 posts · 14 votes
    1y
    Quote from @Michael Dumler:

    @Darian Richardson, keeping the down payment as low as possible will be challenging since most lenders require at least 10% down for a bank statement loan. Moreover, higher interest rates and origination points should be expected since the lender assumes more risk due to self-employment status. You'll want to consult either with a mortgage broker experienced in sourcing bank statement loans or a local credit union. Big-name banks are less keen to offer non-QM products, so don't waste your time and energy reaching out to larger financial institutions. Furthermore, as I'm sure you're well aware, be prepared to provide a lot of information to the lender because they'll undoubtedly be requesting it, respectively—two years of tax returns and bank statements, profit and loss statements, DTI assessment, business license and articles of organization, credit score assessment, cash reserves, other asset holdings, etc. How is your LLC structured? Do you pay yourself as an employee through S-corp status?

    I'm a fan of your house hack strategy and often advise other primary home buyers to explore it further to help offset living expenses and mitigate risk. Have you decided whether to rent out the basement as a long-term or short-term rental?  

    If you need further assistance, I'm happy to connect you with my mortgage broker to help get the ball rolling.


     Thanks for the input Michael, 
    We are getting creative on the lending solutions, and making some great progress. 
    We are planning to rent out the basement as well, so we are attempting to use that as income to help with the D.T.I. 

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