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All Forum Posts by: Account Closed

Account Closed has started 9 posts and replied 80 times.

Post: ATL Investor Looking for Agent to make offers

Account ClosedPosted
  • Investor
  • Canton, GA
  • Posts 88
  • Votes 63

I have been investing for about 2 to 3 years now, own 9 rentals, and am moving to the next step in my business.

I am currently streamlining my process for acquiring fix and flips plus rentals in the Atlanta area.  In doing this, I need a licensed real estate agent who is well versed in making offers and negotiating for investors.  I am not looking for a newbie but a seasoned agent who knows how to low ball properly and make creative offers that motivated sellers will want to take.  Must work in a local Atlanta office - doesn't matter what brokerage firm.

I am also looking for fix and flip properties (off market and MLS) in addition to my own manual searches. Properties must meet the following qualifications...

  • Total cost of the property must stay at or under $250,000.  This includes purchase, rehab, and closing/selling costs.
  • The property must have a 70% ARV for my private lender to fund.
  • My contractor and I must be able to get physically into the property to inspect it.  No auction properties at this time.
  • Property should be preferably vacant, but will accept an occupied property as long as the tenant knows to get out before closing.  I don't want to deal with evictions.
  • For buy and hold, I'm looking for easy entry so subject to, master lease options, seller financing, etc are preferable but not required.

If you are interested in working with me, please PM me so we can swap contact info.

Post: Good third party website for rent collection

Account ClosedPosted
  • Investor
  • Canton, GA
  • Posts 88
  • Votes 63

Cozy is one of the best options I've used.  https://cozy.co/

Post: How Much Real Estate VS Stock Do You Own?

Account ClosedPosted
  • Investor
  • Canton, GA
  • Posts 88
  • Votes 63

@Paul Allen And as a Libertarian I say all power to you.  If that's where you want to put your money then great.  I personally don't think it's sound though.  The returns I was seeing in the stock market over the past 10 years did nothing for me compared to what real estate is doing.  I don't think there is any hard evidence to back up your claim of stocks outperforming real estate and precious metals either.  The value of the dollar has sunk tremendously since 1913 when the federal reserve was enacted so your 100% portfolio is based on a house of cards being the US Dollar.  Paper is worth nothing compared to precious metals and real estate.  The Fed is rampantly printing more and more Dollars every year and having to use QE practices to sustain this mess we're in.  I'd rather own something that can retain value better over time like a house and is subject to natural supply and demand of the markets.  A government deciding the value of my portfolio is not in my best interests...

Post: How Much Real Estate VS Stock Do You Own?

Account ClosedPosted
  • Investor
  • Canton, GA
  • Posts 88
  • Votes 63

I personally don't think you should own any stock.  I don't.  I'm 100% in real estate and precious metals.  Stocks are digital nothing.  You can't hold them or store them anywhere but a computer server.  If the economy crashes in real estate you can know it will affect your stock portfolio as well because many funds are built off the back of real estate as an underlying component.  Also, know that even during the crash in 2008, many investors didn't lose their properties because they invested properly.  They didn't over leverage themselves and made sure they had rentals in solid markets.  It was mostly the retail buyers/owners that lost their jobs and foreclosed that got hosed.

Overall, I don't think owning stocks is a good idea.  It's too much like gambling.  Read Peter Schiff and James Richards books.  Ron Paul also has some good books outlining what true wealth is and how it differs from our fractional reserve banking system we have today.  You want hard assets you can measure, touch, weigh and physically see.  That wealth is far greater than a stock based on a company's potential performance.

Post: Nationwide Rentsure - Anyone use them?

Account ClosedPosted
  • Investor
  • Canton, GA
  • Posts 88
  • Votes 63

@Sky Mikesell I am very interested in speaking to you about your programs, but I do have some recommendations to make based on looking at your website.  I do have to backtrack and say that not seeing a physical office address, BBB info, or any info about yourself and your team gives me an impression the company may not be legit (even though I'm sure you are).  Your marketing could use substantial improvement in order to give customers confidence you are not a scammer.  Putting sample policy documents up on your site would be helpful so we can see what they look like and what we're getting for our money.

Also, your website says that tenants pay your fees.  How?  Do my tenants pay me and then I pay you, or do they pay you directly?  I don't get it.  I have property managers on all my properties so how do you rope them into the equation?

How does a landlord like myself prove that malicious damage was done?  My property manager can easily document things and does on my behalf but it's kinda hard to determine the reasons behind said damage.  I had a property go vacant in Ohio recently and had a few thousand dollars in damages that seemed to be malicious because I had to evict the tenant for not paying rent.  Would you cover something like that without question?  That's the kind of protection I'm looking for in a plan like this.

Post: Atlanta area GC needed for SFR rehab

Account ClosedPosted
  • Investor
  • Canton, GA
  • Posts 88
  • Votes 63

@Adam Abdel-Hafez , yes I made up the scope of work with the contractor.  All those items are needed.  Trust me.  The home needs a cosmetic makeover.  If I put in the bare basics, it won't sell for what it's worth.  I've looked at other comps in the area and the investors decked out their flips to make them look really nice.

@Richard Balsam  I agree with most of your post.  That doesn't help me find someone who can do the job cheaper though.  I do plan on subcontracting many of the jobs out to get the cost down, but I'm going to have to sit down and call many companies to come out and provide quotes.  That will slow down the job considerably.

@Daryl Askew  I understand there needs to be a contingency for under the hood repairs.  Would you be able to do the job cheaper and with the same quality of work?

Post: What system do you use to collect rents on line and pay owners ?

Account ClosedPosted
  • Investor
  • Canton, GA
  • Posts 88
  • Votes 63

Another vote for Cozy.co.  It's a fantastic website / tool.  I highly recommend it.

Post: Atlanta area GC needed for SFR rehab

Account ClosedPosted
  • Investor
  • Canton, GA
  • Posts 88
  • Votes 63

You're exactly right Jarrett.  I don't know if I could get it for $48k.  The original asking price was in the $70's.  I may be able to get it down into the $60's but that's pushing it.  I see other comps in the area for 2b/1b homes going for $130k and higher in some cases.  It makes me wonder if there's a chance with this little home (if I market it just right).

Post: Atlanta area GC needed for SFR rehab

Account ClosedPosted
  • Investor
  • Canton, GA
  • Posts 88
  • Votes 63

Thanks Adam. This won't be a rental.  I'm planning on flipping it as a retail purchase.  That's why many of the things are on there.  There are a lot of cosmetic issues with the home that need to be addressed.  Appreciate your input though.

Post: Atlanta area GC needed for SFR rehab

Account ClosedPosted
  • Investor
  • Canton, GA
  • Posts 88
  • Votes 63

Is there any general contractor from the Atlanta area that can review this quote and let me know if I'm getting hosed or not?  The house is only about 960 sq ft.  2 bed / 1 bath.  This is mostly a cosmetic rehab.  Home has good solid bones.  One would think this should only be around $25k to $30k in total costs.  It's in a decent neighborhood in Decatur.  Here is a link to the home so you can review some of the details.  https://goo.gl/maps/pShejxDL62B2

Private message me if you want more details about this project.

Location Description Qty Unit Cost Total
Exterior Remove and replace section of driveway 18 x 20. This includes removal, dumpster fees, prep, and new concrete. 80×2 360 16.00 5,760.00
Roof - Full removal & haul away & replacement with 3 tab shingles in black or brown. Includes up to 2 sheets of sheathing, ice & water barrier, 15# felt, NEW flashing, NEW pipe boots, drip edge, shingle over ridge vent, starter, ridge cap, nails and caulking. 30 215.00 6,450.00
Remove awnings at front and all debris throughout yard 1 200.00 200.00
Clean out gutters 1 150.00 150.00
Paint exterior brick, trim includes paint prep 936 1.50 1,404.00
Add cement walk way home to the exterior door 15x4 60 16.00 960.00
Replace front window close to drive way 36x60 1 500.00 500.00
Replace damaged and rotted fascia at front 50l feet 50 5.00 250.00
Replace 2 sconce lights at front door 2 50.00 100.00
Replace front window on right side 8x8 1 850.00 850.00
Replacement torn screens as needed 1 125.00 125.00
Install conduit at electric panel that is worn out 1 125.00 125.00
Replace 15 feet of gutters at fron right 15 5.00 75.00
Remove old hand rail and install pressure treated hand rails 15L feet 15 15.00 225.00
Replace crawl space vents all of them 1 100.00 100.00
Replace dryer vent 1 25.00 25.00
Replace side door sconce door 1 50.00 50.00
Replace older window next to storage roomy 36x60 1 500.00 500.00
Install kick strikes at both doors 1 50.00 50.00
Replace door at storage room 1 175.00 175.00
Redrywall storage room 150 sq feet including removal and patch and paint 150 3.00 450.00
Remove all debris 1 300.00 300.00
Remove gate and side section at driveway 1 25.00 25.00
Install 60 feet of gutters and 2 15 feet of downspouts 90 5.00 450.00
Replace 6x9 sq feet of siding and repair any rotted studs 1 500.00 500.00
Replace 3 flood lights at backer home 3 50.00 150.00
Grind down old carport metal posts at back driveway 1 25.00 25.00
Replace carport flushmount 1 50.00 50.00
Replace mailbox post, mail box, numbers 1 125.00 125.00
Install all new Vents to crawl 1 75.00 75.00
Pressure wash home 1 300.00 300.00
Living room Install fan in living room and wire line to switch at front door 1 250.00 250.00
Repair drywall at bay window 5x4 section includes window sill 1 200.00 200.00
Replace vents throughout 7 7 25.00 175.00
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Bed 2 Replace flushmount with br Nickel flushmount 1 50.00 50.00
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Bed 1 left Replace flushmount with 52 inch bn fan 1 150.00 150.00
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Hall Replace flushmount with bn flushmount 1 50.00 50.00
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Bathrooms Remove tile and hardwood floor 1 150.00 150.00
Install 24 inch vanity 1 400.00 400.00
Install 5 square feet of granite to match kitchen includes back splash 5 35.00 175.00
New sink white oval -undermount 1 150.00 150.00
New bn faucet --single hole 1 150.00 150.00
Vanity plumbing hook ups 1 75.00 75.00
Replace toilet 1 225.00 225.00
Remove wall tiles throughout repair drywall to paint 1 400.00 400.00
Replace tub 1 700.00 700.00
New tub faucet and hookups 1 150.00 150.00
Tile tub all the way to the ceiling with white subway tile -3 sides 50 7.00 350.00
Install new shower head 1 25.00 25.00
Install concrete boards to tile walls in new tub 1 200.00 200.00
Install towel bar, towel ring, toilet paper holder 1 80.00 80.00
Remove medicine cabinet and install 24 inch mirror including drywall repairs 1 100.00 100.00
4 bulb vanity light in bn 1 75.00 75.00
Install tile at floor 50 sq feet including closet 50 7.00 350.00
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Dining room Replace flushmount with 5 light chandelier bn 1 105.00 105.00
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Kitchen Replace cabinets 21 plus wine cabinet above fridge 21 150.00 3,150.00
Replace counter tops with granite tier 1 36 sq feet with 4 inch back splash 36 35.00 1,260.00
New sink --undermount double bowl stainless Steele 1 250.00 250.00
New faucet- SS single hole. 1 150.00 150.00
Plumbing for new hook ups 1 75.00 75.00
6 can lights 1 600.00 600.00
Plumbing for dishwasher 1 75.00 75.00
Stove SS-- self cleaning with window and clock. 1 675.00 675.00
Microwave ss-- undermount vent hood/micro combo 1 292.00 292.00
Dishwasher SS-- tall tub 1 485.00 485.00
Fridge Ss top/bottom with no ice maker 1 750.00 750.00
Repair subfloor 1 250.00 250.00
Replace elec panel cover 1 75.00 75.00
Install backsplash -- subway tile 1 500.00 500.00
Address lean on entrance to dining room and widen towards the left about 1 foot over 1 350.00 350.00
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Move water heater in to hall way closet. This includes plumbing and electrical any repairs needed 1 750.00 750.00
Install expansion tank to water heater per code 1 250.00 250.00
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Interior Final sales clean 1 300.00 300.00
Paint interior: walls, trim, ceiling. Client to choose color 936 1.50 1,404.00
Completion Package for: light bulbs interior exterior ,all new doors stops BN, cover plate, all new outlet and switch plate covers. 1 350.00 350.00
Replace all doors and hinges 7 doors 7 125.00 875.00
Smoke detector in each bedroom 2 35.00 70.00
Replace 7 door knobs 3 private 4 passage BN 7 45.00 315.00
Hvac New Hvac system 3 ton this system includes furnace, evaporator coil/air handler and exterior unit 1 4,687.00 4,687.00
Nest thermostat 1 500.00 500.00
Add cage to exterior condenser 1 500.00 500.00
Flooring Sand and finish all hardwood floors 750 3.50 2,625.00
Tile kitchen floors and bathroom floors 200 7.00 1,400.00
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Laundry room Plumb washer hookups properly and add new spigots and trim box before new drywall 1 375.00 375.00
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Estimated days to Complete 63 TOTAL $48,597.00