All Forum Posts by: Colleen Weaver

Hi @Andrew Freed thanks for the response! No- I am not referring to owner occupied. They were discussing specifically investor loans which caught my attention because I have always had to put 25-25% down. I may have misheard but it didn’t sound like commercial loans either- it sounded like single family investor owned properties. They said it is a new loan product being offered in todays environment. Just curious if anyone has done more research on it. 

In a recent podcast episode there was talk about certain credit unions now offering mortgages to investors that only require 5% down. Has anyone figured out which credit unions are offering this product?? 

@Mark Perea the previous comments are so right- definitely read the fine print of your mortgage. And if you don't understand something- ASK. One thing to note is that- Another time a mortgage can be called is if the individual buys the property in their personal name and then "gifts" it to their own LLC. A lot of people do this for protection purposes- and just assume that their mortgage won't get called. Technically this violates the terms of most common mortgages and the lender CAN call the mortgage back. It's not happening much these days because the economy is doing well- but if we had another downturn you could see this happening a lot. This may be what happened to you friend..?

Good luck to you in your purchase!!

Investment Info:

fix & flip investment in Atlanta.

Purchase price: $450,000
Cash invested: $125,000
Sale price: $670,000

Third Flip

Lessons learned? Challenges?

Two major lesson learned on this one:
1- be careful where you spend your money. We replaced the driveway on this house.. a splurge on our end and definitely did not get the ROI with that one.
2- The importance of STAGING!! The living room was opened up (and really was too big) and buyers could not figure out where they would put their furniture. We finally broke down and staged it- house went under contract shortly after.

Investment Info:

Single-family residence fix & flip investment in Sandy Springs.

Purchase price: $452,000
Cash invested: $115,000
Sale price: $685,000

Second Flip

Lessons learned? Challenges?

The biggest issue with this property was the back yard. This house was amazing- but buyers wanted a flat grassy knoll.

@Nick Ferrari that's a great point about hipsters! We are seeing that here in ATL- there is a HUGE "hipster movement" in the in- town neighborhoods that are gentrifying. The houses have gone up 5x in value and the schools are awful. I am focusing more on blue collar neighborhoods.. multiple generations live in one house together, lots of painters/ carpenters etc. live in the area. My biggest concern is having a property sit vacant for 6 months because the school is bad. The feedback that I have gotten is that it doesn't really matter too much- but I still want to be in the best position possible I guess. 

@Adam Scheetz YES Augusta has some of the same school problems as ATL.. it sounds like we are on the same page. Equity/ ROI and cash flow are my focus- but I dont want to buy a rental that is hard to rent out simply because of the schools. Maybe I am over thinking this haha

@Jonathan W. That’s definitely what I see with my flips.. better schools sell much faster and with fewer upgrades. Wasn’t sure if rental would be similar. Seems like the answer is yes and no haha 

@Joe Splitrock I didn’t think about focusing on elementary schools.. Thanks for the tip! 

@Pat L. haha it sounds like you’ve got some good stories!! Thanks for the feedback.. quality of tenants is definitely something to consider!