All Forum Posts by: Ericka G.

We’ve talked about this deal offline but i’ll chime in on here too...it seems like a great deal for a move in ready 3/2 in Buckhead, walking distance to MARTA.  That said, I never buy anything that I can’t rent out from day 1 for a profit...so if the market test isn’t giving you the rent you need to make money, this probably isn’t a good investment.  As a place to live tho, that seems like a great price in a great area.  Not sure why you aren’t getting interest from renters.  I paid $1550 for a 2/2 in that area 5 years ago and loved living over there.

@Michaela G. all of my ATL rentals are SW, so I’d be interested In connectIng.

@Curtis H. Ugh, the app started to type in all caps so I had to start a new comment. ATL is a very competitive market so you should hire someone If possible. I’d be happy to recommend the person I used for our STR in that area, she Is a desIgn student who also has an InterIor desIgn company - dId a great job wIth our place for a VERY reasonable budget. handles gettIng and Installing furnIture and decoratIons. Uou can then focus on getting the linens, household stuff, cable, and utilities set up. She also owns/runs an aIrbnb here In atlanta so could also give tips on that specifically. Your timeline will be tight so I think help would be wise. Feel free to DM me with any questions on the area or if you need a good securIty camera Install guy, handyman, lawn guy, cleaning crew, etc. good luck with it!

@Curtis H. I run 4 furnished rentals, one not too far from your new purchase, right by Tyler Perry’s studio. You can do this in a week/weekend but it will suck. For the out of state rentals, I used to give myself a week to get the units ready, would rent a uhaul and pick up most everything from local estate sales and thrift stores, except beds and mattresses which I buy new.

@Kristian A moreno I’ve given this topic a lot of thought and personally, as someone who has both rented and owned while being a landlord, I have concluded that is is usually better to OWN. in our case, looking at the past 4 years, accounting for expenses, we would have been down/spent -$118,200 if we had continued to rent a two bedroom apt in our area, but Instead would be up +$109,324 if we sold our 3 bdrm townhouse tomorrow (after accounting for all expenses over last 4 years and the downpayment). i think if you can buy for less monthly than rent, it is a good bet to buy. Run the numbers and calculate how much you’d pay in rent over the next 5 years and then calculate how much you’d spend in mortgage + taxes and repairs over the next 5 years. Also factor in conservatIve estimated appreciation on your purchase. Pick whichever scenario has the best number. Your rent is fairly low and purchase prices in your area are high, so you might be better off renting?

UnIt: $700 1bd/1ba In B/C area Tenant is in his mid 20s, police officer relocating to area for work Has solid income and paystubs but hasn’t started new job yet, has offer letter. Starts next week No evictions Good vibe/nIce Credit is below 600 One small dog Offered mom as co-signer. She makes six fIgures BUT credIt is also below 600 :( everythIng else Is solId Would you rent to thIs person?

@Charisse Daving what is your price range? Generally areas with solid schools that aren’t too far outside the perimeter are good bets. What areas of ATL are you currently invested in? Looking for SF or multi? So many factors to consider...but happy to make a reco once you share a bit more about what you’re looking for.

@Anne Williams I don’t know your market but I don’t think this is a good strategy. I’ve bought 10 units at this point, in various markets (nyc, Atlanta, Detroit) and only had 2 appraise for less than the offer price. One was under by a couple of thousand and the seller grudginly came down. The other, which I didn’t buy, appraised for ~$40k less than offer and seller refused to come down. We wanted the property but had to walk away as the gap was too large and sellers were not reasonable. I don’t think you should offer more than you want to pay for a property or more than you think it is worth. Hope isnt a good business strategy...based on my small sample of 10 units, there‘s a ~10% chance that the plan will pan out. My realtor told me the same thing initially “hopefully it will appraise low...” so far that hasn’t really worked out for us

@Matthew John I’ll add that detroit metro/Michigan is a tough market for good tenants, prices are still low enough that most people with good credit buy rather than rent. You may need to have some flexibility on your credit requirements...if they have solid income, good rental history, no evictions/convictions - grab them before the weather gets cold. You need to fill the spot before the end of October or the odds of finding someone solid will go down significantly. Lastly, double check that your unit isn’t overpriced...might be worth it to price it a bit under what the competition is charging just to get folks in the door before winter hits and increase interest? Good luck with it!

@Matthew John try posting on Zillow rental manager. It is free and will post the unit to hot pads and trulia automatically. I found this a MUCH better source of decenf quality tenants than Facebook marketplace or Craigslist.