All Forum Posts by: Brian Eilering

@Jack Forester My main house (3BR/2BA) is renting for $950/month.  If I ever get my studio back in order, I will either try an Air BnB or rent it for $500/month.  I don't see any issue getting the $500.

They have separate electrical but the same water, I may end up having to pay the water bill once the other gets going.

I am looking for a multi-family here in metro Atlanta or in Augusta.

@Richie Choy

@Richie Choy I do charge an application fee but I try to make it clear that is not charged until after the initial screening period.   The app fee I charge is through TransUnion Smart Move.  It is the credit/background/eviction check.

As for the Kennesaw area.  We have been getting them over the years.  The homes we have purchased recently have all been in Cherokee and those prices are getting too high as well.  

We have a home (4BR 2BA) off Ben King Rd near KSU, we are getting $1600/month.  We have owned it for a while.  We have another off Bells Ferry and 575 we are getting $1300 for.  It's an older home I actually lived in for 10 years.

My mother in law just purchased a nice little tri-plex in Canton.  We did really well on that one.  2BR/2BA units renting for $800-$1000 (converting a 2 BR into 3 BR).  

It is very hard to purchase in this area that's why we bought in Augusta, so much cheaper!

@Jack Forester

Your MF isn't far from mine.  How many units is it and what kind of rents are you getting?  Also, what kind of shape are they in?  Good stuff!

@Richie Choy

I live in Cherokee County but we have several homes in Cobb County as well.  The homes I have in Cobb County are in Kennesaw very close to Cherokee County.

When I put a home for rent in Cobb/Cherokee, I will get 30-60 inquiries.  I ask that they fill out the application (got from BP) and if all goes well, I will then show the home.  I will not just show the home for the exercise.

Several times, I have had many applicants and I choose from the best of the bunch.  It helps to find a quality tenant.

In Augusta, I found it much different. I had the same amount of inquiries but not near as many willing to fill out the application before I would show the house.  My process was the exact same, just different results.  

It took me longer to find a quality tenant willing to follow my rules, but in the end, I believe I found one.  I think it is just a different mindset from 150 miles down Highway 20.  I have not decided if I would tweak the system just yet.  I won't change my stance, I don't show the home just to show the home no matter the location.

@Jeff Betschart I live in Atlanta and started investing in Augusta a short time ago.  I recently renovated a distressed property and put it on the market.  I had 40-50 inquiries.  Not all of them solid but inquiries nonetheless.  

The home sits between two strong hospitals and several universities.  I ended up finding a few medical students looking to room together as opposed to paying more and living separately in an apartment next to some railroad tracks.

So far so good, contractors are a point of contention with me though.  I have yet to find a decent one.

It is a strong rental market for sure.  I did find that renting homes in Augusta was tremendously different than renting them out here in the metro Atlanta area.  I would be glad to share those experiences with you as you progress.

Good luck!

@Roger Poole  

I wish I had some contractors for you.  Decent ones are very hard to come by in the area.  The cottage referenced above has been put on hold due to this fact.  I haven't felt comfortable enough with any of them to give them such a project.  I have a handyman doing solid work for me but is slower than you could ever imagine.  It would take him a year to finish this project for me.

@Winn Merwin

Sorry for the delayed response.  I had stepped away from the forums for a little while.  My apologies!

We are getting $950 for the main house and are pretty happy with it!  I have gone through so many contractors, we are now shopping for another one to put our cottage back together.  I either don't trust the ones we have used or don't like their speed.  We just haven't found one we like.

Which house is yours? Go up and down Stovall St all the time.  

The one next door to me is being renovated fully.  It is a triplex plus a cottage.

There is one across the street and a couple doors down that is also under a full renovation.

There were three homes under full renovation on John's Rd as well (just one street over).  The whole area is doing great!  I will be cashing (cash out refinance) out soon and all of this rehab work is going to help.

I will be headed back to Augusta this coming Sunday and staying a day or two.  Would love to chat if you will be around.

Thank you for the reply @Thomas S. . I understand each state has different landlord/tenant laws. I am reading now for Georgia regulation and it seems, as I expected, we have a 60 day notice which we are fine with.

It sounds like you are suggesting I do a new MTM lease for these two tenants in which a no smoking policy is in place?  Do you have a suggestion for a relatively easy way to accomplish this goal?

WE just purchased a triplex in the Metro Atlanta area.  It is in the northern suburbs.  Two of the tenants are month to month and the other just signed a years lease before we purchased.

My intention was to bring the rents up close to market rents using nearby apartments as comps.

Obviously, the one that just signed the new lease is locked in for the duration of the new lease.  They appear to be the best overall tenant.  Clean unit paying on time.

I would like to raise the rents of the two MTM tenants.

Tenant 1.  She is a hoarder but seems to be a decent tenant.  I would be fine if she were to stay with the increased market rents.

Tenant 2.  This unit is in the worst shape and has a smoker in the unit.  We would like to renovate this unit and simply find a new tenant.  Can I ask them to vacate while we are renovating then they are free to re-apply once renovation is complete?

In short, all three units require a different strategy.  I wanted to see what the thoughts were on different ways to accomplish what needs to be done.

I just came back from Augusta and was on Kissingbower several times.  It is right around the corner from my house @Winn Merwin . I actually looked at a home close to the railroad tracks on Kissingbower.  I like that area, just don't want to get too far on the "other side of the tracks".

We are about a week away from the main house being completed and I have begun marketing it for rent.  Hope to have renter in place before completion.

The rear house needs some roof work.  Do you have any recommendations in the area? 

@Chris Majors the house is off of Wrightsboro Rd in between Trinity Hospital and the VA Hospital. Close to downtown on a very quiet street. Not sure if you know the area but it's a nice little area we've come to like very much.