All Forum Posts by: Curtis Rouse Jr

Hey @Chris Goershel,

Do you have a good bank recommendation for getting a commercial loan in the Atlanta area?

I'm working on a 12 unit MFH deal that I'm currently underwriting, but most likely going to put under contract within the coming week (if offer accepted).

Any recommendations would be greatly appreciated and could possibly save me some time.

Thanks,

Curtis

Hey @Jarvis Broughton,

Welcome to BP! I've played golf with your father Tony on numerous occasions and he told me about you being an agent.

I'm currently investing down in Macon, GA but have also been looking for MFH's in the metro Atlanta area as well. Do you by chance have any of these listings?

I'm more than welcome to message you exactly what I'm looking for.

Curtis

Hey @Joe Fernandez,

Welcome to BP!!! This site has taught me everything I know about real estate, which lead to my first deal earlier this year and recommend to everyone I know.

So yes, the Atlanta market is kind of scarce for deals, but they are there if you dig deep enough. That's why I shifted my investing down south in the Middle Ga/Macon area. I'm finding the returns that "I'm" personally looking for and the competition isn't as bad.

Good luck on that first property and make sure you stick to your numbers

Curtis

Hey @Account Closed was talking about is the homestead property exemption in which you have to live in the property for 2 of the last 5 years to pay not capital gain taxes up to a substantial amount. Don't quote me on this amount, but it's something like 250K depending on your state. This is like a 1031 exchange without all the crazy deadlines and loopholes you have to jump through.

If you want to sell and don't want to pay a high commission, list it as an off market FSBO and advertise it online. I would also try to rent it at the same time and weigh your financial metrics.

I hope this helps and I wish you the best of luck!!!

Curtis

Hey @James Park,

Great analytics and you are spot on with the metro Atlanta trajectory for the coming years. There is inventory, but very tough to get the returns I am looking for and that's why I shifted my approach to Macon/Middle Georgia.

With a SFH under my belt, I have shifted my approach towards finding a 4 - 12 unit MFH in south Atlanta with around a 6 - 9 cap. If you have data in Bibb county or the Southern Atlanta market that would be great.

Don't get me wrong, I love my Gwinnett area, just not the returns from an investors point of view that "I'm" personally looking for. Maybe I'm not looking hard enough, so enlighten me if I'm wrong those of you who invest up in this area....

Curtis

Hey @Randi Williams,

Welcome to BP! I was in your shoes around last time this year, completely new to real estate with only reading the Rich Dad Poor Dad books. To date, I have gone through 173 podcasts and just now getting into the forums and it has completely changed my life. I purchased my first deal earlier this year and in the process of putting offers on others. I know you to will do great things with the invaluable tools on the site and the other investors as well helping you along the way. Atlanta is a great market to be in and there are deals out there just waiting. I wish you the best and good luck!!! 

Hey @Lourdes Scott

I would first start off by educating yourself going through every podcast and reading as much as you can on the forums because they are FREE and contain invaluable information.

Then I would find somebody in your area that is doing what you want to do and ask them how you can be of value to their business. There is someone like this in every area who is looking for someone like this and you can find them everywhere from local REIA to browsing here on BP.

I hope this helps and I wish you the best!

Hey @Sanford Short,

Welcome to BP!  This is a great site and I can truly say I have learned everything from this site. From listening to 175 podcast and going through many forum post, it gave me the tools I needed to purchase my first deal earlier this year.

Whatever you need help with, there are sooooo many investors here to help. I wish you the best of luck!

@Chase London

Hey Chase, I understand where you are coming from and that can be a tricky situation. Like yourself, I also have 1 property that I paid cash for, but I'm not house hacking. From listening to 175 podcast and reading a lot from the forums, I have learned there are a few things you can do:

  * Try going to a local/community bank and see if they can do a blanket loan using your existing property as collateral. This avoids the credit score issue that you would possibly have.

  *Ask the seller if they would do a carryback for the entire asking price and if not then a partial to cover the down payment. I always ask sellers for this because you could possibly get a property for $0 down.

  *Ask around for private money to see any friends or like minded individuals would be interested in making more than 1% (money market account) or 4-6% (stock market). I would definitely recommend using the calculators on BP. They are amazing and really help not only you analyze a deal, but to also present financials to investors.

*Ask if the seller would be interested in subject-to in which you would basically takeover their existing mortgage payments to the bank. You would get the deed to the property, but not have to assume the loan. It stays in the original homeowners name, but you control the property and make the mortgage payment on it. The thing is, if you don't make the payments you could lose the property and any equity accumulated in it.

I hope this help and let me know if you have any other questions.

@Mindy Jensen This is awesome!!! The site only gets better and better helping investors all over build their business. I'm still upgrading my membership to Pro, but this is a great addition so thanks again.