All Forum Posts by: Elizabeth V.

Quicken Loans will finance just about anything, but the terms are terrible. Just throwing it out there as an option if for some reason that makes sense for you :)

Hello! I'm relatively new to investing. I became an accidental landlord when my house couldn't sell in the down market. Several years later I purchased a condo not knowing how to analyze deals, but knowing it was cash positive. 

I'm in the market to buy another property. I've been keeping an eye out for Atlanta, Athens, and Winder, Ga. The problem is, when I use the advice of the BP folks-- to calculate as if I'm financing even if I'm using cash, to leave room for vacancies and property managers even if I won't necessarily use a manager, etc. -- I get NOTHING that is over 12% ROI. Even if I fudge the numbers so that I'm paying a ridiculously low amount AND don't have payments, I still don't get 12%. 9% seems like a miracle.

The BP folks say you have to keep looking, but honestly it is absolutely exhausting to not find anything day in, day out. I met with wholesalers who never got back to me (wasting my time). One wholesaler sends me deals, and then has NEVER been able to let me view a property because he gets "too busy." So he wastes my time. FISBOS have taken a lot of time to check out, and then the owner reneges or doesn't want to accept an offer that would lead to a cash-positive deal. 

The super cheap deals in the Atlanta area tend to be in very sketchy neighborhoods. More decent "up and coming" neighborhoods such as Kirkwood and Edgewood seem like there's no way they could be even cash positive, let alone a 12% ROI.

So investors, where the deals? 

I feel like I'm doing a lot of looking and analyzing, and getting nothing out of it. It's depressing. 

Yes! Do not be afraid to walk if this is not sorted out in advance. 

It seems like getting a contractor/builder out would be a good first step. There are a ton of questions a qualified person would need answered to even provide a ballpark figure for you. 

Hello and welcome! I'm in the Atlanta area and on buy and hold side. I went to a GAREIA meeting recently, and they seemed like a good group if you're looking for other folks to network with. PM me if you'd like to connect. 

Where do you find information on tax sales?

I just listened to BP podcast episode 50 with Mike Simmons. Things might have changed a lot since they recorded that episode, but Mike has 50/50 partnerships with investors. The investor puts up the cash, Mike does all the work with finding the deal and managing the flip, and then the two split the profit 50/50. Might be worth investigating for you since you don't have a lot of cash to start. I know you mentioned being wary of partners, but it may be your only way to get started down this path. 

Here are some ideas. Of course, you probably wouldn't need a double vanity if this isn't attached to a bedroom, but maybe these ideas can get you started, or help someone else come up with a better idea. Good luck!