All Forum Posts by: Taylar Caraway

We are in the process of moving to Marietta/Smryna GA and plan to use a 203k loan to fund a multi-family property. Our lender has provided a brief outline of the closing process when using a 203k loan. They mentioned that getting contractor bids is typically the biggest sticking point. To streamline the process, we are looking for GC's experienced with 203k loan rehabs. We plan to use the 203k loan 2 or 3 times to build a solid foundation in our real estate portfolio. Maybe all we need is just a really good GC regardless of their experience working a 203k loan rehab? Thanks,

--Daniel

My fiance and I are moving to Atlanta this fall and are going to use a 203k loan to rehab a multi-family (duplex, triplex, quadplex) and kickstart our real estate investing career. We have found a lender that we would like to use. He has answered all of our questions about the process and the steps that need to happen, however, we would like to speak with investors who have been through the 203k loan process and have used these loans to fund deals. We want to know the pros and cons; what was easy or hard; were there any bottlenecks or major complications; Do we find 2 or 3 lenders and get prequalified with all of them?

@Jill DeWit thank you for the response! We will most definitely join a local REI club to further build our foundation in the Atlanta market.

Good morning Atlanta!

My fiance, Taylar, and I will be moving to Marietta, GA after our wedding in August! We are interested in multi-family buy and hold investing to start. Our first property will be owner-occupied to accelerate our beginnings in real estate investing. While living in our first property we plan to invest in more multi-family properties and potentially SFH's as well. We follow 3 main guidelines:

1. Add Value

2. Invest Where You Know

3. Cash Flow

These are actually Paul Morris' main guidelines from "Wealth Can't Wait". We look to rehab all of our properties based on what the local market can support and then hold the property (passive income) or sell the property (generate capital) depending on how we think the property fits in our portfolio best. The core of our mission statement is to add value; add value to our properties, tenants, and all others in our life. We add value to the people around us by providing a healthy and supportive environment through an abundance mindset. 

Our weakest spot at this time is "Investing Where You Know". We visited Atlanta back in April before we decided to relocate. Other than that our experience and knowledge of the area is limited. We are reaching out to learn more about the Atlanta market and to surround ourselves with local like-minded people!

Last week we started sending emails and began receiving responses and scheduled phone calls with other BP members. All we can say is this community is fantastic!

Reach out Atlanta! We look forward to hearing from you.

--Daniel & Taylar