All Forum Posts by: Darrel Maxam

Tariq Bahay can you please tag me in your response so I get the info thanks

Tariq Bahay I am currently using my VA loan to purchase my 1st property @215k . At the end of the year I will be looking to purchase a 2nd property. I am looking to purchase in the 300k range. So that I don't have to put money down and keep the cash in my pocket for minor upgrades is it smart to refinance house #1? So it will free up the 417k fully. If so what type of loan should I be getting ?

Keri S. I am working on number 2 in college park. My philosophy is buy hold and turn into short term vacation rentals.

I am currently working on getting my 2nd place in historic college park.

I currently do Airbnb and home away in ATL. Private message me

Hey Keri I'm also in ATL area. Nice to meet you

I currently am purchasing a 3/2 that has been completely renovated. In the 80s it was a duplex. The city records still has it as a duplex. Here is the kicker! This current 1 level ranch sits on a basement that was once the additional apartment. the investor abandoned the project due to lack of cash flow. I am buying this property to convert it into an Airbnb. Since the basement is unfinished currently I foresee putting in 25k. The top unit will bring in 2700 monthly and the bottom will net 2250 based on the lowest occupancy rates. I got these figures because the home is in the same area as my first home where I make better monthly returns. My question is that can I turn the basement back to a duplex? If I am not allowed to by the city , there is a better reward than the risk (even with a hefty fine). Once the basement is converted to a 3/1 can I then resell in a couple years as a 6/3?

Welcome from a fellow ATLiens!

@Timothy Colman so what you are saying is that if I live in the home for a year /365 days in Atlanta  I can then technically convert it to a rental. Then I will be able to find another property in day 366 in Atlanta and then consider that my primary residence. Is that correct? 

My end goal is to acquire 10 properties all in the Atlanta market. With my strategy listed above is it possible. The reason why I am utilizing VA is because of the no money down factor.

I am in the process of purchasing a home that is VA backed that is 215k. It is a 3/2. And has an unfinished basement that made the home a duplex in the 80s. I plan on finishing the basement and converting it into a 3/1 or 3/2. Am I able to convert it into a rental with me looking to purchase a property in the same area i.e.: ATLANTA. ?