All Forum Posts by: Brian Eilering

Hi @Jinwon H. .  As a real estate agent searching for investment properties for some investor clients of mine, I am familiar with the struggles of finding deals in the Metro Atlanta area.  The deals are few and far between.  When they come on the market, I have seen as many as 20 offers.  I saw the writing on the wall locally leading me to change directions.

I expanded my search to surrounding areas.  You can check Rome, Cartersville, and along the belt line through Atlanta.  Rome has a couple colleges near by which was appealing to me. Their job growth was not as promising to me as Augusta.  Augusta is a bit further away but I am managing.  I essentially go from Tue through Thur/Friday and have a trusted guy on site.

Good luck as you continue, I am more than willing to share my experiences.

OK, thank you very much @John Leavelle.  I see now, quite easy, thanks for the tip.

I will shop around the area my house is located.  I live in Atlanta and travel back and forth.  I have been looking on line for lenders and can't seem to find exactly what I'm looking for.  Maybe I will try the credit union route.  Thanks again.

The bank would be glad to see the contingency to sell their existing home however the listing agent won't be nearly as excited.  If you can get the listing agent to agree to what would be an amendment to the contract, that would be the best case scenario.

I have nearly completed the main house on the property and will be addressing he accessory unit later this week. I do believe it is time to start the third "R" on the BRRRR strategy, refinance.

For those that have executed this strategy, how did you find your lender?  Did you try to stay local or go with a larger outfit maybe one of the ones advertised on the podcasts?

We ended up purchasing with cash and would like to cash out for the next property.  Thanks again!

 Kenneth,

I just closed my first property in Augusta yesterday.  It's an older home and needs some work.  Any input you might be able to provide would be fantastic.   I live in Atlanta but am headed back to August to meet a couple contractors tomorrow. 

Have a great day.

Before I start, I have not figured out how to @ (mention) someone, I'll take some instruction for that part as well...

Thank you Chris for the suggestions on finding contractors.  I think those are some great ideas.  I will definitely reach out to some of the other BP investors in the area and see if they have a suggestion or two.  

Joseph,

I am actually applying my commission from the sale to the closing on the home.  My cash to close is essentially $1800 less than it normally would be.

As for repairs, most of the house is in reasonable shape.  I will need to redo two baths in the main house and the kitchen in the main house as well.  The floors and walls are in pretty good shape.  I intend to refinish the floors and repair a little drywall.  All in all, I hope to get all repairs on the main house done with about $20K...hopefully less.

The cottage needs more repairs but of course it considerably smaller.  Maybe another $10K on that house.  

I should be all in at $90K and have an ARV hopefully closer to the $140 mark...could be higher. A house a couple doors down is on the market for over $200.

Thanks for all the feedback, it is much appreciated!

I'm posting in RE Success Stories but I really only have the first part done.

Like many others around here, I had a hard time choosing what path of RE investing to go down. I ended up choosing the BRRRR strategy.

My next problem was location.  The area I live in Atlanta is HOT.  There are no 2% deals here in Metro Atlanta.  Hell, you'd be lucky to find a 1% deal.  Most homes rent for less than 1% of purchase price in our market.

As Brandon and Josh constantly say on the podcast, if you drive a couple hours from your home city, you will find a good opportunity.

We then focussed on some surrounding areas only to be less than excited about what we found and the prices remained higher than we were willing to pay.

As I started to slow the search down, we found an emerging market about 3 hours from our house...Augusta, Ga.  This little city is ready to grow.  Job growth is there along with city planning willing and able to accommodate the upcoming expansion.

Like other cities, Augusta has some good and bad areas.  We were lucky enough to find an older home in need of some work listed for $80K in one of the good areas.  We offered $57K and with a counter of $60K, we gladly accepted their terms.

The home, without repairs and before closing, appraised for $75K.  I already have $15K in equity without swinging a hammer!  After repairs, I anticipate the home to appraise in the $120-$140 range.

Here is the kicker, the home actually has a secondary home on the property we call the cottage.  We plan on turning the cottage into an Airbnb hoping to hit a HR during Masters Week in Augusta while having a permanent tenant in the main house.  I should be able to get 2% on the main house allowing the cottage to just be icing on the cake.  There are hospitals, an army base, a university, amongst other things helping support the Airbnb theory.

There is some work to be done on the home.  I know finding contractors can be a task.  Any suggestions on finding contractors would be great!  

I really appreciate the podcast and countless articles/blogs/forums on the site. Without all of the great ideas, I would be nowhere closer to passive income and financial freedom! My wife and are quite excited and just about ready to start shopping for investment home #2 and rounding out the last R in the BRRRR strategy!

Thanks again

Well, you just inspired me.  That is an awesome story...start to finish.

Great question!  I would love to see some responses.  

This was a great post.  I have been getting very close to purchasing one myself.  The calculator was quite useful!