All Forum Posts by: Azeez K.

Hi @Indya Foster foreclosurebidlist  (.com) is where you can find foreclosure properties. Good luck

Hi @Sara Als.

I am currently building 5 townhomes on Memorial Drive so my response below is based on my experience. Hopefully, it provides you the guidance you are looking for:

1.  The average cost to develop is between $110-$120/sqft. My current average is about $110/sqft

2.  You don't need to subdivide the land during development. You can phase out development. I paid close to 60K-70K for architecture drawings, civil, mechanical, permit, surveys etc. 

3. Last question - I interviewed several developers some seemed promising but ended being fraudsters, slackers, non responsive etc. so decided to get all sub-contractors and finish the job. 

Overall I have a lot of lessons learned and would be hard to share on the post. Feel free to PM me and you are most welcome to check out my project and share notes. Getting the development cost close to $85-$95 is going to be challenging in this market. You will quickly find there is shortage of trade and this has driven the prices up.  I have included some pictures of my project. 

Hi @Johannie Keith Uy

This agent specializes in short term rentals www.abovethelinehousing.com and could be a good place to start. 

PS. Do your own due diligence

Good Luck

Hi @Steve French

Below are my answers to your questions in general terms. Keep in mind the answers may vary depending on individual situation, deal, site etc. 

• Is it cheaper just to raze a dilapidated property and build new?  You could spend  4-6K just for demo of labor plus you would need 30 yard 10 dumpsters to haul . Each 30 Yd dumpster cost between 400-450 so you may spend about 10K to demo. Again this is generally speaking brick house vs. hardi 
• How fast does building happen in Atlanta, still relatively quick? No City of Atlanta is notoriously slow you can expect 6-8 weeks for the permit.  You can build a house in 6-8 months again generally speaking
• $/sqft for new construction? 100
• Demo costs (with/without lead and asbestos)? A few quotes have varied by 300%! see bullet 1
• What are things going for over there? 10% over list, 20%? depends 7-15%
• Our rent expenses are roughly estimated to be about 40% of a comparable rental rate, after a mortgage it leaves $100-$200 a month in cash flow, is that par for the course in Atlanta, specifically in those areas? It doesn't seem worth it (rehab and rent) for those kinds of returns. Would need more info. 
• Is there someone a little further (or a lot further) along than we are that would be willing to dispense some knowledge? Sure- Check my profile feel free to hit me up and PM. I have a few project going. BTW I like the above areas as well. It scares a lot of investors but I am looking to buy there any day and actively looking
• Could any RE investor here benefit from some technology/software assistance? I'd gladly swap my tech skills for some hard-earned RE knowledge. Sure - You know SEO?

Good Luck 

Hi @Jeandre De Beer

Welcome to BP! I just posted a thread on MF here in Atlanta.  https://www.biggerpockets.com/forums/432/topics/52...

To answer your question start by networking with local investors/agents here on BP.  In regards to PM there are a few I know who seem to do a good job. PM me and I can send you some names. However, please do your own due diligence when speaking to any PM referred by anyone. 

Good luck 

Hi @Aaron Shuman

I have assisted several buyers and sellers in purchase & sale of their MF properties. In addition, I have personally purchased and sold a few recently.  Finding a good cash flowing MF is becoming very challenging because these properties are in short supply. I can't tell you how many buyers reach out to me asking for the same thing you are looking for i.e. (good cash flow, good area, low price, good location, house hack etc).

It sounds pretty straight forward but the reality is different i.e. most MF properties are priced high, good MF properties have multiple cash offers over and above the asking price so tough competition in general. 

You have to be very patient to find the right deal. There are multiple strategies to find the right MF property but you have to put in a lot of work and have your ducks in a row so when the right deal comes along you are able to pull the trigger. 

Some examples of MF properties I closed:

In regards to locations - Decatur - You can certainly find MF properties here are few properties I sold/bought in Decatur 1600 Line St, 1610 Line St, 1467 Janmar St, 1479 Janmar (due/diligence ), 1481 Janmar (due/diligence)

In Marietta recently sold a quad at 1220 SE Oakplace and this property appraised a lot higher than the purchase price. The buyer was very patient and waited for over a year to find the right property.

In Atlanta recently bought & sold a quad 1171 Sells Avenue.

Long story short lots of variables at play to find the right property. Persistence and patience will pay-off. Take your time. 

Feel free to hit me up as there are so many variables to consider it's hard to list them all on the thread. 

Hi Ashley I sent you a PM lets connect today if possible. Thanks Azeez

Hi @Wesley Coleman

I am bullish on the area around Vine City and English Avenue from long term point of view and have been looking to buying properties in the area. I have a commercial lot very close to the new stadium and have been looking to pick up additional properties for long term buy and hold.  As @Sharon M. pointed out there are a lot of developments in the pipeline and I see that as positive sign. 

In regards to your question about buy and hold or fix and flip depends on your objective and cost of capital. 

Hope this helps! Good luck

@Ben Hooper there is a great demand for Crash Pads especially by the airport as long as they are in a safe area and closer to marta you could rent it out on a daily basis. You may want to look into the same. Good luck. 

Hi @Tracie Cabler

I would do it myself as the process is pretty straightforward

Step 1: Navigate to https://ecorp.sos.ga.gov/

Step 2: Select online services 

Step 3: Select create or register business

Step 4: Follow the prompts on the online form 

Step 5: Make a payment 

Step 6: Apply for EIN https://www.irs.gov/businesses/small-businesses-se...

For Operating Agreement depending on the number of individuals and complication you can hire a professional to draw up the contract.

Cost Range: $100 - $300 (same day)

Hope the above helps!