All Forum Posts by: Asim Alam

Hi @Jeffrey Johnson, do you come across properties on the Northeast quadrant of Atlanta, particularly in Dekalb County? If so, put me on your cash buyer's list! 

I can PM you with my details.

Posting 9 months old... But I'll ask anyway: Is it still available? I'm VERY interested!

So I'm looking at my first rental property (yeay!) and just discovered that Fixed Rate Interest Only loans on investment properties. So I'm hoping someone in the BiggerPockets Community would be interested in offering a private loan.

Here are the specs:

$183,000  Purchase

$1,700      Gross Monthly Rent *Tenant already in place

I expect fast & furious long term appreciation (hence the interest only). I'd like to devote 50% rent ($850) to an interest-only mortgage loan. Only 6%??? To sweeten it, I'm happy to share the equity appreciation.  In other words:

$164,000   Principal Loan Balance

6% Fixed Interest

$820 Monthly Payment

Secured by first-position lien.

I know it's a long shot but with the shared equity, it's an attractive offer. Anyone interested? 

@Brett Alphin: I'm about to use the 89% rule tomorrow. Wish me luck and I'll tell you how it goes!

Excellent point, @Patrick Young. I'm really wondering about the size of the buyer pool. Next time I look at a West End property, I'll take a look at the Days On Market on the comps.  Do you have any tricks or preferred methods for assessing an available buyer pool.

My ulterior motive for asking is there's a sweet deal in Stone Mountain for $85k with a slightly-more-than-cosmetic rehab needs in a upper-middle class pocket where the surrounding houses are in the $150-$160k range. But no comps because no sales in that area. I'm not sure how to interpret that: Stable area where residents don't leave? OR is it that there is soft demand with no buyers?

I am wondering this exact same thing!! I am skeptical about the West End but man, a lot of rehabbers are putting their eggs in that basket.

Thanks @Curt Smith!  I meant to attend the general meeting this month but my nerves got to me. I felt like I wasn't prepared. Silly, I know. 

I'll PM you in just a moment.

@Juan Jackson: Awesome!! I'll reach out to you this week!

@Matt Lineberger: Would you mind sending me your preferred listing agents as well? I'm in Dekalb County and putting together the pieces for my first flip. I'd love to begin building a listing agent relationship... And GC's/Handymen if you have any that you're willing to share.

@Pavel Redko: Would you mind sending me your recommendations as well? I'm in Dekalb County and putting together a vendor's list as well.

@Deborah Pyburn: Have you found anyone good?