All Forum Posts by: Doug Davis

Ok thanks.  I see it says this: "Basement has 2 separate apartments; one studio and one 2 bedroom"

To make sure I understand, does this mean that this has three units?  The main one and two in the basement?  

I'm not sure if I would know how to look for something like this.  A Realtor may know, but I would like to be able to find them myself as well.

So here is the full story: My sister is renting and has been for a while.  Basically, her job doesn't pay much.  She has been a good tenant for years, but wants a change.  We recently inherited a house and are about to rent it out, and would like to continue with investment properties.  I have some cash if needed.  Her job is near the Atlanta Zoo and she currently lives in Lithonia.   She would like to buy a home, but she doesn't want to do a one unit.  This is something we want to work on together.  

It seems that when I add "In law suite" to a search, the prices go up significantly.  For the low cost ones, they don't actually have an in law suite, they just somehow show up in the search.  Maybe it's that I don't know what to search for.  Or maybe there is nothing specific to search for, I just have to look at many listings.  We will get an agent, but I want to see what type of properties people are referring to so I can be more educated.

On realtor.com, I am looking at a very large area, Stockbridge, Lawrenceville to Canton etc. just to get some practice seeing what's out there.  However, I suspect that she will be ok with anywhere in Metro Atlanta except something too far north such as Canton.  We will discuss that though.  

She is going to look into an agent and someone to help with the loan.   Previously loan officers have not been very optimistic, probably due to her income.  Also, I'm not sure if the agent she was talking to previously has worked with any investment properties.

Thanks for the advice

Thanks all.

I hope to get something this summer or later.  Just looking at realtor.com now, I see some million dollar properties and not much else. Maybe I'm not sure what to look for when finding a property with an in-law suite.   Or should i be building  something?

Could someone point me to an example?  And/or tell me what to look for in a listing for the type of house you are referring to?

Thanks

This is good information.  Thanks.

Hi All,

This summer, I would like to buy a duplex to live in and rent half.

I subscribed to BiggerPockets so I have access to the tools.

I read this:https://www.biggerpockets.com/...

Is there any specific advice you would have about buying a duplex in the Atlanta area, or building one if that is possible/feasible?

Also, many duplexes that i see for sale already have tenants.  Not sure how to navigate buying one specifically to live in.  I'm not seeing many great options online.

Any thoughts would be helpful.

Thanks

I would like to remove a diving board.  I have already removed thr board part, but it looks like the metal part is built into the cement.  I see no screws.

Who should I call to remove this?  I guess someone with acetylene torch.  A welder maybe?

Thanks.

Me and two siblings inherited a home and borrowed some money from relatives to fix it up so we can rent it.  Also using some of my own money.

My siblings have an LLC that we all members of. The LLC is new and has no credit. We will put the house in that LLC. I will probably have to put the mortgage in my name.

There's a 46,701.44 balance left on the mortgage.

I would like to do a $20k cash out refi to repay relatives and myself (20k + 46,701 balance), however, it seems most banks don't want to do a refi that small.  They seem to start at a total of over $100k.  

Are there any alternatives you can think of? 

Thanks.

My sister and I inherited a house built in the 1960s with a pool that was unused for many years and has leaves and a couple of turtles swimming around in it.  It also has a fireplace.  Also, the neighborhood may not be all that great.  We have fixed many issues in the old house, we are working on the pool and we are thinking of selling it instead of renting it and buying something more simple to rent.  We don't trust people with operating the fireplace and think the pool will be a hassle to maintain and a drain on revenue.  It has really old carpet that needs to be replaced in a couple rooms, but the rest is tile and hardwood. 

Options:

1. Sell as is to an investor

2. fix the rest of it up and sell

3. rent (we are not too sure about this one)

If we do finish fixing it up to put on the market, how do we know what the right amount to fix/improve is?  Or the minimum?  Should we get an inspector to look at it now?  Is there a list?

What are your thoughts?

Thanks.

Ok thanks.  I will look into loans.  Although, I thought a way that would avoid personal debt and more interest would be better.  

What is better about the loan rather than cash?  Is the idea to hold on to the house I have for longer?  Note that I plan on moving out sometime soon anyway.

HI All,

I am a soon to be in the rental market and am new to being a landlord.  Currently me and my siblings are fixing up a house to go on the rental market (my Dad's old house).

I also have been living in a house for 20 years and have probably 160k equity in it.  It's a small (1150 sq foot) house. I have about 45k saved up.

I was thinking about moving out and renting my current place.  However, I thought of an alternative:  Sell the house, and from that, I could buy two or three of rental properties and have some money left over.   One downside to that is for the new properties, I'm guessing that I wouldn't make much profit right away, because the mortgage would be higher than the home I have been in 20 years.  Also, I still need to get more well versed in valuation of properties. So far I have done some reading and online seminars.  But, I'll work on learning more.

Any opinions or ideas?  Which scenario do you think would work better?

Thanks!