All Forum Posts by: Peter Seely

Hi,

Another question in regards to the SFH under contract in Mableton Atlanta. In my contract it says it is the buyer's responsibility to ensure no certificate of occupancy is needed, where do I find this out? This will be a rental.

Thanks

Peter

Hi,

I am finding this discussion very interesting considering I am in a situation now where my agent (who has been great)found a property that I liked (Fannie Mae) after my due diligence/research I put in an offer because I like location and thought the home was a steal(I have not seen it yet). Then after offer was accepted I then am told about HVAC missing, water heater missing approx $5000 in repairs are needed. The bank does not disclose this prior. I also ended up bidding higher then listed price due to multiple offers. Would I have bid as I high had I known this prior...NOT A CHANCE I have yet to send my earnest money...due tomorrow and not sure I should and go through with inspection since the inspector will not have water....how can an inspection be done properly without this?

So my two cents: Had this information been disclosed (not at all blaming my agent as I believe the bank did not disclose this to her until they accepted the offer)a lot of time could have been saved by all parties involved and I would have offered less then I did due to the needed repairs. One way another this would have been discovered as most smart buyers will get a property inspector and see the property while they can. I am going to be there within that 10 day due diligence period.

The question is: Should I pull out knowing before the inspection I am looking at approx $5000 in repairs and the inspector wont have running water while inspecting the property?

Hi

Interesting discussion. From my little experience and lots of research, its all about if you want a job done well, do it yourself and do the due diligence. I gave up on using a wholesaler and birdogs because I realized these professionals just did not work for me. Whether I ever choose to work with a wholesaler or birdog I would always do my necessary due diligence regardless, this to me is the most important action to take when buying any form of real estate or investment for that matter. Ask questions and get answers.

Just my 2 cents on what I have learned so far.

Peter

Hi ,

Can anyone shoot me a PM or provide a name of a reputable property manager in Atlanta, prefer someone close to Mableton.

Thanks for your help.

Hey J,

You have been a huge help. When I am heading to Atlanta I will buy you a beer or drink of choice, its the least I can do. My wife and I will be there July 23 for 3 nights.

Thanks again.

Peter

Hi Joel,

Thanks for the reply. I will shoot him an email for sure. Great point about the Flood zone, that is the last thing I want.

Thanks

Peter

What do you think:

SFH Mableton 1991
1500 SQ feet
$35000
1/3 acre

Fannie Mae

will Rent for $850,,,advice on Mableton appreciated. Where is it going? Increasing or decreasing in population. Looked at city data and so far am happy.

Crunched my numbers and used the 50/50 rule including a 10% vacancy rate and misc account of $400 yearly on top of this.

Net 415 a month.

On contract just curious on your opinions.

Would also love some referrals on a really good property manager as I am out of country and this is VERY important to me. I will be in Atlanta July 23-26th to meet them. I will take one or two or three and speak with them all.

In addition, any advice on insurance agencies in Atlanta.

As always thanks for any and all help. I am hopefully soon going to be a real estate investor in the US pending inspection.

Peter

Hi All,

I am wondering if anyone used this company to set up their LLC. GeorgiaBusinessFormation. They are part of LLC Expert. The BBB rates them A-.

They will set up our LLC, partnership and also act as a registerd agent yearly for a fee. This includes operating agreement.

I complete most of the requirements online and they I assume process the information and files to the state.

Before I decide to use them I thought I would check with the experts here.
I found a lawyer who will do it for double what the site charges plus a much higher registered agent fee.

Thanks

Peter

Thanks J. Scott and Joe, I might check them out. Cheap sometimes isn't better. lol

Peter

Hi Brad,

Thank you for your feedback, a huge help and great advice. I am still searching for an accountant in the Atlanta area but I have found a Lawyer.

Thank you again.

Peter