All Forum Posts by: Chaz Jenkins

Awesome - curious how you do you screen your tenants? What were your requirements/background check tool(s)?

I have cash or hard money buyers depending on the deal.

I am hoping you found your manager. And what happened with the eviction? I'm personally always worried about tenants trying to damage the property out of spite so hoping everything went smooth on that end.

I second this. If you yourself are a buyer and check the home history and realize there is no permit history then how would you react? Would you assume the work was done according to code? It eliminates certain hesitancy and questions. Even if you plan of holding the property - your tenants will appreciate especially if you get into a landlord/tenant dispute. Gwinnett is not City of Atlanta in terms of permit issues but let me check with my contacts to confirm length of time for permits typically.

This is really the key. Most investors have their numbers and that's where it's art vs science. Should an investor use 50% of ARV as their purchase price cap? 60%? 70%? How many days of DD is fair to both sides? Stipulation? Investors of course will run their own comps to confirm the ARV so regardless of how you price the deal people are very willing to walk away because this is their job. Some folks are individuals doing this and others are working in companies and have folks who are developers, land specific professionals, and etc and can fact check. Again putting yourself in the buyer's shoes for any industry where you are trying to sell something is key.

I'll be able to provide an update Wednesday night - what is the age of the property and are you talking a full gut or partial gut?

Selling now? You could. However I think the area is going to improve in the next few years + have equity gains. 4 bedrooms + 3 baths seems like a decent amount of space for a tenant. Are you marketing this yourself? Who is your tenant profile? Padsplit introduces other headaches but you could work for sure. For longterm rentals, I'd just really try to understand your core tenant profiles and market directly to them. There are voucher holders looking for places to live.

The replies above answer your question in terms of furniture impact. I'll just add a local perspective: North Atlanta ie city, Sandy Springs, or Alpharetta? All have different perspectives in terms STRs and how your neighbors could potentially impact the experience. I imagine you're not in a HOA? People definitely want to be near the lake and some of the amenities if you're talking that part of North Metro ATL. The trade off course for STR route is more management/cleaning of guests coming and going/risk of no bookings vs not needing to deal with long term renters months at a time if that once they move in. In short consider the amount of hotels/STRs/major attractions near you.

There's great advice in this thread already. I'd say practice patience. I'd strongly recommend against a single family home and only target properties with at least 2 units otherwise it'll be difficult to cashflow in this high interest rate environment unless you plan on using a large amount of liquidity in the purchase. I've personally invested and work with investors - it's critical to get your numbers right on the front end. Also don't be emotional about the purchase. It's just business.