All Forum Posts by: Pyrrha Rivers

Hello,

Apologies for the long post below.

I just came across what I think is a great opportunity but have no idea of how to proceed. I'm a buy and hold investor and rather new at that, so this is completely out of my league but I believe it to be a great opportunity for growth.

I found a vacant lot in a very nice area of Metro Atlanta. It is next to 8 very nice townhomes and across from a small gated community of townhomes. The area is very conveniently located. It's near the Atlanta airport but tucked away in a quiet pocket very close to the Jefferson Park Community which those familiar with Atlanta know is very hot right now. 

I called the Realtor listed on the sign and this is what I learned. The developer who built the 8 townhomes purchased this particular lot as well, but in the crash was not able to develop the entire area and stopped at 8, having to give the remaining parcel back to the bank. The town-homes sold during the 2010 / 2011 time frame at sales prices between $150,000 and $170,000. These are Two-Story Brick and Frame with Basement, so they look 3-story high with garage in the rear. According to the Realtor, there are people who attend the HOA meetings to see if anyone is interested in selling, so he is encouraged that there would be demand should additional homes were built.

I see potential to build at least 10 additional townhomes for which the lot is zoned. It is a 0.603 acre rectangular lot at least twice as wide as the are holding the 8 townhomes, has a retention pond in the back but the Realtor explained that in the REO process the engineering information is missing.

In all honesty, most of what he said was Greek to me but here is what I would love to do:

I would like to reach out to an experienced builder/developer to partner with. However, I would like your advise on how to protect myself and insure I am included in the deal once I share the information. The red rectangle is the subject property, the 3-story town houses are to the left and at the bottom of the image you see the last section of the gated community of town homes. The two parcels on the right have single family homes on them. The house on the corner, 1463 is boarded up and quite out of place in the area. Realtor suggested trying to acquire both those lots and extend the project to the corner and perhaps even make it a small gated community.

I could purchase the lot myself for under $100K, but then I have no idea what to do with it. 

Silly, I know! 

But this is why I'm asking the BP Pro community.

What would you do?

Thank you!

Pyrrha

@Vonetta Booker Thank you for posting this question. I happen to be in a very similar situation, not with a flip that didn't sell, but with a property I purchased in my LLC and have not been able to refinance. Same situation, after cash purchase and rehab, my money is tied up and there are other opportunities I would like to get involved in but like you, I don't want to over leverage myself and create problems.

@Rhondalette W. Great advise and thank you for the reminder that Real Estate is a is a get rich slow adventure. I too have been feeling stuck and at a stand still, but have been considering @Charles McCabe suggestion of partnering which is easier said than done but I am interested and trying to learn as much as I can about partnering.

@James DeRoest What neighborhoods are you invested in? 

I may be a little detached since I'm living abroad in one of the safest countries in the world. However your implication that only those investing in war zones should be concerned for their safety is quite surprising. US news and today's world climate for that matter, support my cause for concern. 

Best wishes

Is no one concerned for their personal safety? Picking up rent even if it is not in cash cold very well attract undesirable attention and place you at risk.

Please consider your safety.

@Jesse LeBlanc Thank you so much for your reply! I will contact those two companies to see how they can help.

Thanks again,

Best wishes.

@Ev Senter

I'm sorry for your troubles and I hope you are able to catch that rat.

Would you please share what lender should we stay away from? I you do't want to post it here, please PM me. I want to know!

Best wishes,

Hello BP,

I just had a turnover and my deadbeat tenant left us among other things the gift of roaches. 

What pest control company are you using in Atlanta?

I will provide it for the new tenant and then make it her responsibility to keep up.

There are so many companies out there but most want the monthly contract and apparently come out to spray bug vitamins so you have to continue to use them.

Any reasonable and effective company out there?

Thanks!

Love to go there to get away from the cold when Japan's winter is stretching into Spring. Would love to be there during Tet but there are no school holidays around that time.

By central Vietnam do you mean the Hoi Ann area? Love the French influence in the city.

No help here with the questions you've asked but I want to congratulate you on going for it and getting started. I love Vietnam! I was just there two weeks ago to experience the magic of Halong Bay and hope you can successfully navigate the laws around the business and work on that niche which I believe is quite underrepresented.

Keep us posted on your progress. I for one would love to go back to Vietnam and perhaps have a few friends join me to stay in one of your rentals.

Best wishes!

@Ayodeji Kuponiyi I was looking into the program you're using but saw quite a bit of back and forth about their performance so I decided to try Cozy. Like I said, the first report came back right away with both credit and background. Very user friendly in terms of ease of understanding. The second report was the one I contacted customer support about because it had been a couple of days.  Now I've been waiting a while and it is on their end because the prospect has already submitted the application. The credit report is coming quickly but the reply from @Gino Zahnd suggests that some may be fast and others may be super slow. 

Thank you both for your replies.