All Forum Posts by: Cate McConnell
Cate McConnell has started 1 posts and replied 9 times.
Post: Atlanta REI Meetup - February 2021

- Posts 9
- Votes 26
Let me appreciate how much I've learned through this group as a newbie. Vince Crane puts his heart & soul into curating great experiences for the Atlanta REI Meetup group, and has kept it all together online. Such a great group - where else will you get such a great mix of urban and suburban investors in all property types? Come hang with us and 10x your business!
Post: LLC on Title of your Real Estate?

- Posts 9
- Votes 26
Hi Toni,
Congratulations on your first property! So, have you asked your lender about this? No lender I have spoken to will allow an LLC to hold title to residential real estate. And quit claiming your deed over to an LLC post-closing could trigger the mortgage to be owed in full since you are changing ownership without the lender's agreement. I know they say everyone does it, but do you really want to lie to your lender and risk the consequences?
Of course, if you are obtaining a commercial loan for the property then you can title it to your LLC, but you will still be personally liable for the loan. Discuss all of this with your lender, and probably an RE attorney.
This question has come up on BP Forums before so search for your question and gather in the wisdom. :)
Post: New to Real Esare. Where should I begin ??

- Posts 9
- Votes 26
@Jayquan Ortiz
Hi Jayquan I echo everything said by others. The best thing I’ve done to learn is read books like the ones from BP, and practice analyzing deals.
Your profile says you’re a contractor. Could you partner with a RE investor in your market on a fix & flip?
Good luck and let us know how it goes.
Post: Best suburb near Midtown Atlanta (~$400k, long term investment)

- Posts 9
- Votes 26
@Nate Baum Hi! I’ve lived in Atlanta since 2005. Know that Atlanta is a massive city consisting of 4 or 7 or 11 counties, depending on who’s counting. You can drive for over an hour and still be in metro ATL. You really need to visit.
Till then, study the maps. The city is divided north/south and East/west by highways and circled by the Perimeter. Inside the Perimeter (ITP) arguably has more cachet and is more expensive than outside the Perimeter (OTP.) Northern suburbs are growing but can have horrible commutes into downtown.
Also, you MUST pay attention to schools in each area since you might raise kids here. Homes 1 mile apart could have different price ranges based on the public schools - look them up on GreatSchools.com or be prepared to pay $$$$ for private schools.
As to areas - Alpharetta went through steep price appreciation in last 10 years. Peachtree Corners is more affordable as is Sandy Springs. Johns Creek and Cumming are good for larger houses as long as you don’t have a commute downtown - mass transit is available but limited to a few routes. Just be aware that builders follow a template for home size - suburban homes built since 1965 will likely be 3/2 or 4/3. 5 bedrooms are rarer in my experience.
Happy to connect and chat more.
Post: Airbnb: Lake house vs Beach house?

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- Votes 26
@Ross Bowman - When you look at lakes, be sure to look at the 100 year flood map as well as the last 5 years of water levels. We've had droughts in the South and the lakes go way down. That means your dock is stranded (or flooded) and you have to move it.
You will find more "deals" at the ends of coves, but that's also where the water is the lowest during dry periods. Again, get an honest RE agent who's done a lot of deals on that lake.
Post: Airbnb: Lake house vs Beach house?

- Posts 9
- Votes 26
Hi Ross, My brother and I also have been looking at both lake (SC/GA) and beach (Gulf Coast FL) properties. Our timing is terrible because it's a sellers market now! High season + people can work from anywhere - no commuting concerns. While we look, here are a couple things we learned:
- It's the water, always. Buy good water. You can fix the house but you can't fix the water.
- Lakes have different characters, so study them. Keowee is more upscale than Lake Blue Ridge for example, so it costs more. You may think about getting a lot and building to suit if you can't find a house.
- In GA and SC, most lakes are man-made and are used for power generation. Find out about the Army Corps of Engineers rules for your lake before you buy. They determine which zones are "dockable" and which are "beachable". You want dockable and a low Corps line for best value. Your RE agent can help.
- With the beach, you have to ask about hurricane insurance. it has gone up a lot for coastal residents in last 10 years. Also, I think you are looking at a beach condo not a house, unless you are OK being blocks from the beach or your rich grandma left you bags of money.
Good luck and let us know what you find!
Post: This is Not the Real Estate Environment for Rookie Investors

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- Votes 26
The variety of opinions here reminds me of my husband’s saying about the RE market: “Everyday is Christmas to the right person.”
Are you positioned and willing to go after the deals that are in your market at this time? If so, it’s Christmas! If you’re not positioned or willing to house hack/wholesale/flip or whatever the numbers call for, then wait till you are. Learn and get ready. Knowledge is the ultimate leverage. Know yourself and your market as there is no single right answer. Christmas every day!!
Post: This is Not the Real Estate Environment for Rookie Investors

- Posts 9
- Votes 26
@KevinHill, you are spot on! My husband is a RE broker with 40 years' experience and he is seeing crazy heat in our market (Atlanta, GA.) Market prices are increasing 4% or more per month, driven by low rates, FOMO and people fleeing in-town neighborhoods to get green space. Rents are NOT increasing to keep pace with our COCR targets and we are becoming concerned about renter solvency. You have to know your market!!
We are small, careful investors so white hot mania isn't for us. Meanwhile, we invest in education: attend BP webinars, read RE books, analyze at least 30 deals/month, look at different asset classes and deal structures, and save, save, save. We built a deal sheet with different target cap rates that shows us what the purchase prices need to be. When we see some softening, we'll move.
One last thing to consider: beware of looming property tax increases. Property price increases + cash strapped local governments will mean bigger tax bills. If you're flipping, maybe not a concern. But if you're planning to hold and rent, +15% or more property tax increases could erase your monthly cash cushion. We've seen that happen here from 2017-2019.
Post: Background checking commercial tenants?

- Posts 9
- Votes 26
Hello. We're small landlords with office condos. Has anyone found a great service/tool to background check commercial tenants? Cozy and TransUnion SmartMove are fine, but are for residential tenants. Appreciate suggestions, thanks!