All Forum Posts by: Canesha Edwards

@Jason Owiti

Hello Jason-

I Understand the appeal of new construction and how right now it seems as though this is an easy and lucrative route in real estate investing. However. there are many factors to consider when thinking about development.

#1: Do you have the capital available to support the project? Budget for 25% down. Also, include items such as drawings, permits, engineering studies, etc.

#2 : Find a solid team. New construction is all about having a solid team of contractors.

#3 Understanding your area’s zoning/planning codes.

#4. Don’t close on land without full entitlement.

When looking for plots of land , beware of leftover lots in developments. These parcels of land are obviously cheap and appealing for a reason. Remember, if the prior builder could have easily built a house on the lot, they would have.

Obviously, this is a simple break down of a few items to consider when getting started. Feel free to reach out, if you would like to talk in further detail.

Best,

Canesha

@Clarence Villar

I agree. Buying at the right price is key. Buy in a decent location ripe for growth. The area doesn’t have to be A Class A location at the present moment as long as the potential for growth is there.

Property that has multiple exit strategies.

Best,

Canesha

Here is my take on the situation.

The next real estate crisis will not directly h he arm the residential buyer. In 2008 basically anyone with a pulse received a mortgage. Keep in mind during that time the mortgages were adjustable rates and underwriting was poor.

Homebuyers in the last few years are locked in at extremely low rates for 30 years. This is why fundamentally the next crisis will not be a 2008 situation. Homeowners are safe if they just sit tight through the downturn.

Now, I have said this time and time again, this next crisis will play out on the institutional level. Keep in mind that over the past few years we’ve also seen institutional buyers step into the residential space at a high level. This is also playing a roll in extremely low inventory. If you take all the homes that’s been purchased by Zillow,Opendoor,Offerpad, etc and put them back on the market, what does inventory look like. Still low, but you get the point. Especially since their buying strategy, which is ran by an algorithm, is to buy at market value, throw a little lipstick on the house, and sell at a higher price. These companies currently have tons of inventory sitting on the market. They are going to be forced to sell a lot of homes at a discount when the tide turns.

Or what about the massive build to rent projects or syndications being underwritten at a 3% cap? This still amazes me. The increase in rents are just as bad as the increase in housing prices. It’s unrealistic for rents to keep going up and wages are basically going backwards in this inflationary environment. I honestly wonder how many of these companies actually considered a drastic decrease in rents as part of their underwriting? Or better yet, when it’s time to refi or restructure the debt, can the project support higher rates?

I’ll say it again- The average homeowner will be safe from the next fiasco if they just sit tight. Everyone else is in for a rude awakening. Lenders, syndications, institutional buyers will start to have real trouble when the value of assets start declining. When that will happen who knows.

Am I waiting to buy properties, hell no!! There is value to be found in every market, it just takes a little longer to find in a hot market.

Just my 2 cents.

Canesha

@Rendy Richiez

Buying a property does not mean it will automatically appreciate. The location of the property, planned developments, school system, etc play a part in a property’s appreciation growth.

Appreciation comes in two forms. Natural and forced.

Natural appreciation happens over time as the area changes. Forced appreciation happens through renovations.

Properties can also lose value. I’m sure you’ve seen the market is crashing posts. I don’t recommend investing based on appreciation growth. The past 2 years we’ve seen unprecedented growth in the housing market, but house prices have not historically grown by such large percentages in a short period of time.

Best,

Canesha

@Jack Carmody

Hello Jack-

Like so many others, you might be a little late to the Atlanta investment party. Especially, with the criteria you have outlined.

As an agent and investor in Atlanta, take it from me, the days of picking up a turnkey property sub $200k in any area within the metro are over. I would suggest Columbus or Augusta for that type of investment.

Something turnkey in going to run you a minimum of $250k and this is for the south side of Atlanta, out by the airport. Anything closer to the city is going to cost a lot more. Now, a lot of people hear bad things about the south side. I actually live in the area so here’s my take.

Many of the people living on the South side are here because of being displaced and priced out of other markets due to gentrification. My kids attended public schools here and frankly this is one of the biggest downfalls of the area. The county is working to change things around, but it will take some time.

However, Woodward Academy, a very prestigious private school is located on the South side, which provides a great alternative. There are multiple charter schools in the area as well.

Additionally, there is a lot of economic development going on in the area as well. The city of college Park is developing a mini downtown Atlanta. The project is called Six West. Look it up.

There are still deals to be had in Atlanta, it will just take some time and you might have to be flexible on your criteria.

Feel free to reach out any time. I’m always to help anyone looking to invest in my city.

Best,

Canesha

@Kanchi Ji

Congrats on passing the test.

Don’t worry about any of that. The car or how you dress has nothing to do with the quality of the agent. As others have stated stated, knowledge and hard work make the agent.

I drive a ‘93 Chevy s 10 pick-up with a very Loud squeaky door. Lol. I proudly hop out of that car in any area ,whether I’m showing a million dollar home and an abandoned property.

Don’t worry about wardrobe either. Always dress appropriately…..but don’t feel like you have to wear fancy suits. Sometimes I show up in sweats and a hoodie and sometimes I’m in a suit. But every single time I show up…I am prepared and give my clients 100% effort and that’s what it’s all about.

Be your authentic self and provide great service. That’s all that matters. True character lies in the person, not in material possessions.

Best,

Canesha

@Nicholas Knaebel

You need to research excavation companies in your area. Call around, explain what you’re trying to do and ask for quotes. Also, reach out to the city to determine the process and fees for utility connection.

Best of luck.

Canesha

@Adrian Wooten

You need property insurance of course to cover the building. I would also get general liability insurance to cover the common areas and parking lot. Tenants should be required to carry personal property insurance. I suggest talking to a few insurance brokers to see what type of coverage is offered and compare rates.

Best,

Canesha

@Earnest Johnson III

You’re probably having trouble because the FMLS is not where Commericial brokers list their properties most of the time. Costar is the go to for commercial properties, but a subscription is pricy.

Best,

Canesha

@Tahmid Sm

What type of help are you looking for?