All Forum Posts by: Brett Hoover

@Joe Martella , 

Great post. I own 3 rentals right now about 1.5 hours from my house. I've got 2 rentals under a PM and am about to start self managing my 3rd rental, and will eventually bring the other 2 under me. Everything you have said is truth. My only thing is showing the property since I'm over an hour away. I got my current PM to show the property and they get 1 month rent and then I take over management from there. I'm leaning towards Innago or tennant cloud for PM. I like that they both have an app. 

Ah gotcha yep I know what COMPS are I had never heard the term CMA, thanks for the resources I really like rentometer.com!

@Pyrrha Riversundefined

Taxes are $1791 a year, insurance with State Farm $545, HOA dues $0, yah if the purchase price is around $100,000 it would cash flow and still allow for $800 a year in maintence and 10% property management fee, with rent being at $1,050 a month. Yah I would bank finance it. @Adam Drummond

@Adam Drummond

 @Trevor Fritz

 @Carolina E.

 @Jean 

@Jean Bolgerundefined

Gotcha, makes sense that HOA is a deal killer. I have a townhome community that is fee simple (dues are optionary) dues are $200 a year. Its in a very popular class A-B area in Atlanta in an up and coming area of town. Prices are at the 2007 high, there is one for sale for $130,000 2 bed, 2.5 bath, with basement, move in ready. Rent would probabbly be around $1,000 -$1,200 a month. So its under that 1% rule but if I could get one in the community for around $100,000 I'm thinking it would be a good deal.

@Todd Whiddon thanks Todd I'll have to start looking at non MLS deals sounds like.@Ben Rutkevitz   @Mark Updegraff  thanks Ben and Mark, I may have to reexamine the type and location of property  I’m looking in. @Christopher Telles tells thanks for sharing the Elon Story . @Louise Courville @Jesse T. thanks.

@Shannon Sadik thanks sounds like you know where I’m at, I had forgotten about craigs list, thanks for the reminder, and yes sounds like working with the listing agent I might need to try, to me it seems you have to be more careful b/c the listing agent is representing the seller and buyer so I would have to make sure my best interests are being taken into account. 

Jesse T. Yes he use to be years ago and then “cashed out” needed the money, and the holding costs became to much as the rent rates went down, so idk, I’m skeptical of if he bought good investments or not. 

@Pyrrha Rivers thanks sounds like you know I feel. Whats a CMA? I like using Truilia they have a topical crime map of how safe the neighborhood is, what do you do to get the crime rate? If you are happy with your REA I'd love to know who you are using, if you want to PM me.

Thanks @Troy Sheets @Mike H. Thanks Mike, yeah I’m considering other areas properties or ways of finding them now. @Michael Noto no exclusives were signed. @Henry Melair

 I agree. 

@Jean Bolger gotcha yah I'm just now staring to open up my search To find a property the market is hot in Atlanta got to start looking harder for deals. @Adam Drummond yah makes sense they would need to be fee simple(optional). Thanks! 

@Jeff Morelock thanks, I agree there are most definitely markets w/in markets especially here in Atlanta. thanks @Joel Owens I'll start looking at foreclosure's, trouble loans banks need help with owners. Ha although my agent actually said that today when I was talking with him that people are "selling equity" anymore, I guess what he was saying is that there aren't many foreclosures on the market. I'll have the conversation with him and have him call the banks on the FDIC website as well. I think I will open the search to single family homes as well maybe I can find a deal easier as there is more of that inventory on the market. @Frank Iglesias , What did you mean by work with several agents and looking for "most saavy to help in this area" don't all agents have access to the same resource, the MLS? Or are you saying reach out to listing agents to see if they know what properties are going to be listed before they hit the market? Or some agents hear things before they hit the market?

Are town homes a good buy and hold investment? 

Okay, wow thanks @Joel Owens yes I think you hit it on the head, and thats what I was thinking. I am like man these prices are so high and the numbers just don't work I gotta throw in like 30% to make it a safe conservative investment. I didn't know if it was just me being new to this game or if in fact it truly is a frothy market. Yeah I think a lot of people are buying with the hopes of appreciation and rents to continue to go up. Atlanta has a lot of cool live, work, play developments among other cool developments going up around the city. I think those structures are driving up prices as well. I'm just looking to by a good conservative 1st investment property, one where I won't get hurt. I feel like its  a little bit dangerous out here at times.  Thanks @Frank Iglesias for the encoragment and confirmation. So I should be patient, stick to my guns and let prices come back down? Like I'm thinking in a few years if people are overpaying for these properties then they should go back on the market at a more reasonable price b/c people bought bad deals.