All Forum Posts by: Andy Sabisch

As others have said, either the paint was oil based and you used latex based paint over it but in any case, remove the old paint and use oil based primer (we swear by Red Kilz) to seal it and then paint over it with a latex flat ceiling paint . . . you should be fine.

If the ceiling is drywall, make sure it is not wet indicating a leak from above (either the roof or from something above it)

Original paint was not done correctly or there was moisture that allowed the paint to pull free.

Appreciate the feedback . . . confirms what we thought and while personal issues derailed us from renewing earlier, we are where we are.  We let the buyer know that the lease expires at the end of July and wanted to let him decide if we should renew and if so, at what terms.  We will let the tenant know by the end of June so they are not jammed up if a move is in the cards.

Once again, great input from the BP family!

We have a property that is under contract to sell by 07/09/2025 and has a tenant that has been there for several years and is a solid tenant.  Their lease expires at the end of July 2025.  We provided leases to the buyer for both units (the other side's lease runs until April 2026).

Question - would you renew the lease (we usually renew the month before) as the tenants want to stay of allow the new owner to determine if a rent increase is desired?

Thanks . . . 

This is a good example of the pitfalls of remote investing . . . not trying to rub salt into your wounds.  Permits are always an unknown and a few calls to local investors or REIGs beforehand might have identified what the typical time frame was (hate to rely on contractors as they will often use that Money Pit movie line . . . 2 weeks!)  

As far as options, do you know that Atlanta has implemented restrictions on STR and MTR properties with additional licensing and requirements? If you have not looked into them, you may find more headaches than you had bargained for. Add the TRUE cost of the STR / MTR game being remote and your net may disappear like smoke especially in a market that is regulated and saturated in many parts.

You may want to reach out to a local REIG member and see if they could work with you for some percentage to take it to the finish line and sell the property (Atlanta Real Estate Investor Group | Facebook).

With the volatility of the market today and trying to do this remote, investors winding up in this situation will become more common.  Hopefully you can get the property finished and marketed so you come out relatively unscathed but smarter for the next one.

If you know the details of the local market the deals are still there and in recent cases with us, we wonder how they were overlooked.  See what property sells for in an area and then look for properties that are marketed below the average - drive by and see why?  It may be smaller, it may be the worst house on the block . . . any number of reasons but do the numbers work.  Trying to do this long distance is often a recipe for disaster as neighborhoods even a short distance away can hold vastly different property values.  That deal can turn into a diamond or a lump of clay.  Be happy to discuss further with you if you want.  WSe have made some great deals with listed properties but remember, you make money on the buy not the sell . . . so getting it right when you buy is critical.

As they say, it all comes down to numbers but with the multitude of lists that are readily available, most have names that are being called by dozens of people fishing for leads.  We get numerous calls based on us being out of town landlords and not having mortgages on some properties so I question the value and accuracy of many of the lists out there.  I know there are leads to be had using that route but would be interested in hearing how many leads to cold callers find in a list and then how many actually result in deals that are closed.  We have relied on quality wholesalers to bring us deals (not those that inflate ARVs and under-estimate repairs) as it takes none of our time to find them.  The ol' time value of money comes into play - I let them find the deals and am willing to pay a little to get them brought to me.

How much are you budgeting to find leads both in terms of time and money?  See if that is something you want to spend both on.

Sounds like that is what it is . . . "BiggerPockets along with Foreclosure.com have compiled over 1 million distressed assets — all in one place. Search nationwide for your next investment, analyze properties, connect with investor-friendly agenda, and more."

We have not as it is a service that is also available outside of BP and we have found that the lists are either dated or generate a feeding frenzy.  Hopefully you will get some feedback from others that have and get pros and cons

Since it is on the market for $335K, I would hope that the agent you listed it with provided you with a CMA to support the price.

Obviously a lower price would drive a quicker sale but there are other options.  Countertops appear to be formica which may play into decisions.  They are not huge so replacing them might be a start - a few of the others in the area are granite.  The wood paneling is a tad dated.  Stars on the ceiling is another odd distraction. The backyard needs some love . . . not sure what the block structure is and the grass could use some attention.

The price is not out of synch with the area but enhancing the cohesiveness might help move it.  Is this a flip you did?