All Forum Posts by: Colleen Weaver

@Bob Anderson thank you for the insight! Your thinking is similar to my thought process. I’m looking at lower entry numbers- as I am just starting out- if I completely miscalculate I’ll only have 200k at risk in a C class vs. 600 for an A class neighborhood. My strategy is simple- have the renter pay off the mortgage to own the property free and clear in 15/ 30 years. Any market appreciation is a bonus in my mind. The taxes in ATL are really high in A class neighborhoods (as I’m sure they are everywhere) but it takes a huge chunk out of the cash flow for those properties. Thanks again- I appreciate the response!! 

@Anthony Wick My apologies- I should clarify!! “Good” should say “better”. I am looking at C class neighborhoods that have 4 school district ratings vs. a 2 or 3 (believe it or not even a 1) rating. You are correct- I have not found any 5+ schools in a C class area. So even if it’s not a “good” school, some schools are better than others and I am just trying to figure out how much of a difference the ratings make/ how much focus to put on this factor. 

@Pat L. And @Jonathan Watt

Thank you for the info! Question to both of you- does this apply across the board to all neighborhood classes? (I am looking primarily in C class areas). What has been your experience?

Investment Info:

Single-family residence fix & flip investment in Atlanta.

Purchase price: $335,000
Cash invested: $100,000
Sale price: $465,000

This was my first flip in late 2017

What made you interested in investing in this type of deal?

The schools were good, house was "granny chic" and the numbers looked like they would work. I saw the potential to add a laundry and bathroom to add value.

How did you find this deal and how did you negotiate it?

It was listed on the MLS, I saw it when it was originally listed, then when it came back on the market and had a price reduction. I figured the seller would be motivated.

How did you finance this deal?

Cash

How did you add value to the deal?

Added a laundry and bathroom. Renovated all bathrooms and the kitchen, opened up the living area for more modern day living.

What was the outcome?

I made money! And became obsessed with real estate investing

Lessons learned? Challenges?

Lessons learned- use a licensed plumber and electrician. Even if your GC has experience. That will come back to get you in the inspection.

Thanks everyone!! 

Hi! I am looking to buy my first rental property as soon as I can find the right deal. Question for experienced rental property owners out there- is school rating important when it comes to a rental property? Is it a deal breaker or a non issue? What are the pros and cons- and for people that have owned rentals in good AND bad school districts, do you see a difference in cash flow or vacancy rates? 

I am coming from the flip world where schools make all the difference. Just wondering if the same rules apply for rentals. 

Thanks!!

- Colleen

@Ashley Hamilton

Your episode was so inspirational!! Honestly- for days after listening I took a step back to analyze things in my own life. Of course people are going to have their opinions about your business- but what makes an opinion valid? They are just jealous that you had the opportunity to be on the BP Podcast haha

The “right” deal is different for everyone- if it was the same we would all be going after the same properties right!? So tune all that noise out- You’re doing amazing things and are clearly going to achieve more than you ever dreamed you could. Keep it up!! Rooting for you!

- Colleen