All Forum Posts by: Berny Petersen

Like stated earlier, every area is different as far as contactors licensing goes. Here, it looks like this:

A Contractors License (General Contractor) is required in Georgia when the project exceeds $2,500.

• As of 11-1-2016, pre-approval from NASCLA is required to sit for the examination. This is done by submitting a completed application.
• Please note that the Georgia Business and Law exam is also required to be passed to obtain your contractor’s license.
• Licensure will be required for the practice of contracting in Georgia for any job over $2,500.
• Applicants must have a minimum of net worth of $150,000, one must have a CPA submit a reference letter/form attesting to either a review or audit.
• Must provide copy of an insurance certificate showing proof of workers compensation insurance as required by Georgia law and liability insurance in a minimum amount of $500,000. If applicant is applying as an individual, such proof shall be on behalf of the individual. If applicant is applying as a qualifying agent, such proof shall relate to the business organization.

Work that can be Done Under this License

A General Contractor is unlimited as to the type of work they may do. It also does not limit them as to what type of contracts they are eligible to bid upon. It provides for private, commercial, institutional, industrial, public, and other buildings and structures. This does NOT include HVAC, Plumbing, Electrical, Low Voltage, or Utility Contracting. There are no limitations on project size.

I'm sure you can find your requirements online as well - good luck! 

Welcome to BP!

Did he reply with active listing prices vs sold prices? Realtor.com gets its info from the local MLS, so that part would be the same. Almost all of the top apps get info from the MLS, they just don't update as often and are often incomplete. As far as the best ARV pricing strategy, I use recently sold, similar floor plan and SF, trim level, and distance must be very close. In most populated areas a mile is way too far. I like to see comps on the same street - at worst in the same neighborhood or the one next door. In this market values vary wildly from one street to the next. Good luck!

@Athan D. SFR = Single Family Residential

The right agent can help some when searching for off market properties, as it just adds another networking arm to your search. The more people you know that know people...etc, etc.  The most talked about ways are Driving for Dollars, Craigslist and other public marketplace type sites, and targeted direct mail - absentee owner, probate, pre foreclosure, etc. The massive letter sending strategy you mention can be effective, but only if you commit to doing it for the long term. Most people don't react until after the 7th or 12th or 22nd touch. When they decide to do something they need to think of you first, because you have been consistently marketing to them every month without fail. You have to send to a lot of addresses a lot of times, and it takes time and money. I would only recommend that strategy if you are ready to stay in it for the long haul.

Welcome to Atlanta real estate, where for every "deal" there are a line of buyers all the way around the block! I'll chime in on a couple of your points. You say you are looking at "rental properties on the usual apps" - does that mean you are searching for investor properties on sites like Zillow, etc? If so, that's the first place all the other "investors" will go. It would be more productive to search property not listed as an investor deal or a rental. Just a regular ole SFR in a decent area that someone who can afford to pay the rent would want to live. There is a long list of ways to search for property, distressed or not, to use for a rental investment. The catch with almost all of these avenues is that you'll need all cash and you'll need to be fast. Fast to offer, fast to complete DD, fast to close, no contingencies, etc. From your post it sounds like you're not a cash buyer, so that will change your criteria. You either need cash in place from a lender (private, hard money) so you can produce a POF at offer, or you'll need financing. If you need to get a mortgage that will automatically exclude you from any of the deals the other people are going after. You'll need a more traditional route, such as a regular homeowner selling a regular house that's listed on the MLS or equivalent. You'll need appraisals, inspections, etc etc that won't be possible on a typical investor deal. It's certainly doable, I see it all the time. I would adjust my criteria to look for 1% or better, and not in Buckhead or intown. Using your criteria again, 30 - 40 minutes outside the perimeter in any direction would be a good start.

Granite suppliers/installers are everywhere. Just open your local (or nearest)  Craigslist to the services or materials section and type in "granite countertops" and there will be plenty - provided of course you're not in the middle of nowhere. Depending on how much you need, you can often find remnants on hand for a much better price. The level of trim you use will depend on your desired end result (flip vs rental) and your competition. In my market I could never use white appliances and laminate, and potential buyers would run away, no matter the price point. Also, in my own experience, buying the absolute cheapest of everything will be very apparent and noticeable, and not very appealing.  

Welcome! It sounds like you have put some thought into your plans, which is a great start. 

I always like to start here: https://www.biggerpockets.com/real-estate-investin...

Good luck!

Welcome! I always like to start here: https://www.biggerpockets.com/real-estate-investin...

Don't hesitate to post any questions, as there are lots of people here ready to help.

Good luck!

You'll need to get accurate comps for what the lots are selling for. The county tax records will give you size and zoning use, but not real current value. Do you have a real estate agent you can work with that knows the area?

I'll second what @Mark Gallagher said. You'll need a working knowledge of repair costs and be able to write the contract without contingencies. It will need to be an all cash offer with quick closing, so have funds ready ahead of time. And if it is truly a deal worth having, you need to do it all fast - or the other 18 people they responded to will. Good luck!