All Forum Posts by: Rick Baggenstoss

@Keri Win - A complete kitchen with stove makes the suite a 'dwelling unit' -- a definition you'll find in the Code of Ordinances. Atlanta has the most forward thinking Code around ADUs (suites that may be attached or detached). You won't find any of them allow a permitted, legal basement ADU.

You'll find permitted guest suites with kitchenettes -- just no stove.  OR, permitted ADUs that are detached.  Guest suites have restrictions on length of stay.  

The most common issues limiting turning a basement into a good, liveable apartment are -- basements leak, limited room in the electric panel for another stove and/or HVAC, Code, Neighbors who would not put up with anything, and sometimes layout (private entry and egress).

I think it's a great idea.  Learn a bit more about these issues and be prepared to address them when you find a good house. 

Remind that you can park across the street for free and play frogger OR pay $10 for valet.  Costumes are encouraged, but they are optional.  Some food and drinks are provided.

@Shaan Washington.  You have to narrow it down.  The outskirts of Atlanta covers 20 counties and millions of people.  A good way to look at Atlanta is by interstate corridor and quadrant, e.g.  Northeast I-85.  

@Elani Sevilla.  Welcome to BP!  It's a great place to learn.  Start by analyzing some deals that interest you.  You'll quickly narrow your search based upon what's feasible and a part of town where you want to be.  Talk with an investor friendly mortgage broker to determine your budget for a single-family and a small multifamily property.  You have to nail down your price range and property type first.

There's a big meetup October 30th, in Buckhead, if you come into town.  Look it up on GaREIA.  There are also some meetups in Smyrna, Kennesaw, and Gainesville if that's more suitable.  

Sometimes we have to make mistakes to learn.  Sounds like you have some great lessons from this one.  I suggest stepping back from what has happened thus far and determine whether you'd buy this deal as-is.   Could you execute from here?

You may not noted all these things but ...

1. Don't borrow money from HML associated with the wholesaler

2.  Don't use wholesalers contractors

3.  Don't pay large, if any, deposits to contractors EVER.

4.  Always get title insurance.

5.  Only buy deals you can execute (you nearly have the team and nearly have the knowledge).  

I'm not saying all these apply, but your story brings them up. If you PM me, I'll evaluate the deal. I feel like I know the HML and I may be able to resolve some issues there.

There's a networking meeting (vs educational) October 30th at the Ivy - about 100 people signed up.  It's free, some drinks and food included.  The theme will be scary real estate stories.  In the past, I have learned a lot about what not to do (or who to avoid).  GaREIA is the host.

Great job @Jesse LeBlanc.  Glad you posted and made it easier to discover this guy.

Please come to the Ivy in Buckhead on 10/30, to share this scary story.  People need to hear tales like this so they keep their guard up.  I'd love to meet you as well.

This is the BIG Meeting - Come share your scary real estate story, come in costume (prizes), and/or meet Atlanta's most active, sharing real estate investors.

Drinks and hors d'oeuvres are included in the price.  

Georgia REIA is the event sponsor - a non-profit group of investors helping one another. We meet up 10+ per month about different strategies.

It's not too late .. just another chapter in the never ending story of real estate.  Next chapter is untitled, but I think it looks pretty good from here. 

Be cautious about jumping into someone's bad multifamily deal.  There should be some good opportunities.  Network and you'll find people who want to invest in multifamily in greater Atlanta -- they just don't have time to find them or the capability to operate them.  They are happy to provide capital to the go getters.

I'm still a buyer in the area.  Plenty of fixer uppers remain and the commercial properties have just begun to revitalize.