All Forum Posts by: Basu G.

Hello,

We have 26 unit apartment in Atlanta, GA - that are very much like townhomes. To reuse the space, we want to put the units in the attic ? Does the code allow that ?

Also if there are any HVAC contractors that can do this, please send your contact details

Hello,

We are 3 partners involved in Rental Real estate. For simplicity lets say A, B & C each with 33% equity. All of us have individual IRA. Would it be allowed for A to lend to B and B to C and C to A. These all would be unequal amounts. Note that the lending is from IRA to individuals as hard money and they in turn would invest in buying the real estate together. The Real estate entity would pay the interest it would pay any hard money lender, but the money would instead go through the borrowers to the IRA. In effect IRA would still be generating market or better than market returns.

Any suggestions ?

@Jerry Padilla - We have 9 properties that are financed and 4 that are in various stages of completion (2 of them triplex) and 2 single family that needs financed. We have put cash on all of them. The minimum value of each of the property is 150K and the maximum value (of the triplex) is estimated around 450K.

the properties that are financed are all rented, with average rent of $1450. 

Originally posted by @Jerry Padilla

Hello,

We have gone to the conventional lenders and have been able to do cashout refinance on our investment properties until now. We have hit the threshold and the lender whom we usually work with says he can't do more loans because of Fannie Mae restrictions. Are there Local private / portfolio lenders , that might be able to help on a fully rehabbed and rented property for cash out refinance?

Originally posted by @Nicholas LaGatta:

Fair warning, you are attracting lower quality tenants, unless you are in an A neighborhood, college area, or plan for vacation rentals (I have a couple units like this).  Your turnover and trouble tenants will be much higher. 

 Thanks for the inputs @Nicholas. The area is close to Mosley park. Both the floors are little more than 2000 sq ft and we think it would be better to find tenants who work in the city or students that go to colleges in the area. Downstairs has 4 doors, so it might be a good fit for a 4 efficiency units, while upstairs, we are thinking 1 larger and 1 smaller unit. 

There is enough parking, with at least one parking spot for each unit if we were to do a total of 6 in this one. I will look up regarding ADU.

Originally posted by @Andrew Johnson:

@Basu G. You'll have to look up what that actually means in the city where you're looking to buy the property.  I'm no developer but I don't think it's a quick process to go from 3 units to 6 units.  Maybe you just do it with a simple variance there?   I know in some areas there's local appetite to "grandfather in" the unpermitted "granny flats".  But in those areas you can decide to take one large granny flat and just split it up into efficiency apartments.  What this all boils down to is who is the "we" that you reference in "we were told"?  Someone from the city?  Your neighbor?  Can Walter who lives next door and doesn't want cars cluttering up his street decide to object to this? 

 A developer, who has done something like this and working on this project told us it might be a better idea to do it this way. We would do this only if it is legal 

Originally posted by @Andrew Johnson:

What’s it zoned?

 Tax records say - 

Zoning

R4

Property Class

R3-Residential Lots

We recently acquired a whole sale deal, that is a legal triplex.  1 floor has 2 units, with each unit having 2 doors and 2nd floor has 1 unit with 2 doors. The units are little too big and our developer says we should convert the unit to four efficiency units downstairs (each one having its own door and kitchenette) and two standard units upstairs (with full kitchen). I asked our developer regarding legality of it as we can't add more kitchens than permitted by law. We were told Kitchenette are not considered kitchens and as long as we provide enough parking for all the units, we should be fine. Any suggestions ?

@Jay Ragland - we don't have one yet.  Property is a block off North Ave about 0.8 miles from tech.

Charlie MacPherson - we tried to work with the realtor , but he seems to agree one day and not agree the other . He said today that he doesn’t care and we can go complain to the real estate commission I will get the form notarized and file the complaint next week