All Forum Posts by: Lelith Walker

Do you know if it needs repair and if so how much the repair will be?

You also should interview the owners and find out how much it costs to maintain it? For example, are there HOA fees, how much does gas, electricity, and water costs per month?

When you go to the city housing website does it indicate if there are any liens on the house?

Some states offer low down payments only to first time home buyers or people who buy in certain neighborhoods.  Sometimes they still make you pay pmi.  I am not sure if Cape May does that.

A lot of people left because at one time the schools lost their accreditation.  However about a year ago they regained it back.  A lot of REITs have invested in the area but they mainly are sweeping up the one family homes at the auctions.  They are going to expand the marta lines down in some parts and the airport bus.  College Park is iffy, some parts are good and some areas are dangerous. If you have visited the property in the day and in the night and are quite comfortable with it then go for it. 

Is there parking nearby or is it on the street parking only? 

Atlanta is a good place to invest in multi family.  The population is growing and more and more conferences are being held down there.   Atlanta has a lot of Fortune 500 firms located there. 

You can have regular tenants or do short term rentals.  If you do flips or lease option it can take up to a month or two to get someone in there.

 I am not familiar with Tucker though.  I am doing two lease options in Riverdale and currently reviewing a deal to partner in Decatur.

1. You are getting into a wealth generating journey that has its ups and downs.

2. Contact your housing department to see if they give free courses in your area regarding laws effecting landlords. You can also visit your local REIA and Neighborhood Housing Services.

3. From previous experience its best to move in first then get your tenants.  When you do this then you will know what needs to be done.  After a week go get tenants and screen them carefully.  If you are getting a realtor, get one with experience.  Make sure they screen criminal activity, housing court records, bankruptcy. Make sure you ask them the questions that matter to you.  For example: I do not want people with animals, so I will ask them.  My uncle is asthmatic so if you smoke you cant live in his house. I am asking about hobbies, how long they have been on their job and in career.

I second Robert Witcher. He did the closing on my two homes he represented the other party.  Only thing was that client, Wendy Lovejoy, was dishonest.  It was not his fault.

I would recommend speaking to a lawyer first.  You may find that some lawyers and the SBA counselors do not agree with what is taught by a lot of real estate gurus.  Some states will require that you register your business in that state even if you incorporated it in a different state.  You should check that.  Some states also will only give grants, subsidies etc to llcs or llps etc that are setup in their state.  If they see that you are set up in another state they will not give you anything eventhough the property you acquired is in their state. 

I find that it is easier to find tenants in Atlanta than in Kissimmee which is close to Orlando.  I really did not have to advertise for the Atlanta properties.  When people saw contractors working on the property they asked.  I have no experience or contacts in Jacksonville but I know its a good market.  As for secondary market I know more people investing in Indianapolis who are doing good, but like you said appreciation is not as good.  Prices and taxes are cheaper there than Chicago though.  Chicago appreciation is pretty good so I am not sure who told you it was bad.   

@Levi Thornton

Thanks I am still awaiting a response from the lawyer

Thank you

@Meghan Martinez, @Nick Britton, @Kyle Forsythe, @Joey Hak, @David Dachtera  for your input.  I am going to contact the lawyer as many have suggested and find a reader. 

Kyle-they are not really bad tenants because they have paid their rent every month.  Its just that they moved in 3 people and its a 1 bedroom.  I know because my uncle lives down there and he collects the rent plus goes over the property to make sure things are ok.  Unfortunately, uncle can not read either.  My uncle only speaks English and sometimes does not understand them because they speak with a heavy accent.   I never had to do an eviction there but I will definitely look into what the cost would be to do so as opposed to paying the people to leave.