All Forum Posts by: Ethan Atkinson

Take some time each night and write letters to some of the multifamily owners near where you want to be and send as many letters as it takes and they will start calling you. Tell them you want to buy their property. Eventually you will find that diamond in the rough that an owner could be Willing to finance for you. Or even let you take over payments if they already have a loan in place(subject-to). Don't stop sending out letters. You need to find something that will help you get $400 per month or more. There are deals deals deals just waiting if you take action and don't worry about what's listed for sale. Go and find the stuff not advertised.

Tax liens are not as great as they sound in Georgia.  You buy it wait for 12 months, then you can take possession as long as you correctly foreclose the right of redemption from any and all possible heirs or people who would have an interest in the property. Then if you are going to try and maximize the return in a flip, you also must have a quiet title action done by an attorney who specializes in these.  It's almost the same as what you just did for the foreclosure ot right of redemption.  It will seem odd to serve the people twice but currently the title insurance companies require it in Georgia. Eventually they might change this because there is a no provision that after 4 years it is a super clean clear title.  But the title insurance companies are nationwide so they haven't caught on to this yet. 

Go visit both.  Helen seems to have much more to do with a whole town of attractions, restaurants, etc, and a huge weekend for Octoberfest, plus all the other weekends like Labor day and memorial day would be pretty great rentals. AND Blue Ridge is a dry county!  It matters to plenty of vacationers, so keep that in mind.  

What you need here is a "Private Lender" - One who is ok with being in second position to your mortgage will be tough, but if you have a great deal that you have found to purchase, maybe they lend a little bit on both. This is when you need to get creative. The BRRR strategy also only works if you can refinance the rental property, which can also be based on normal lending criteria using your credit score.

Check out Lima One!  

Welcome @Matt Schambeau and also welcome @Marcus Cannady.  Atlanta is one of the greatest places to be if you want to be an investor, watch almost championship teams, have a great job, and sit in traffic, then eventually become your own boss and work even more!!  

Try and follow @Azeez K. as well as some other folks who host meetups around town.  

Definitely hit up the local REIA with Atlanta, and then Georgia. I attend Atlanta REIA the most and have made some great contacts. BUT, Take some ACTION! that is all you have to do in this business. Write letters, call brokers, network with family and friends from years gone by and tell them what you are doing. Send letters to properties you might want. Do all that each day or couple times a week and you will find that deals just fall in your lap. They only fall there because you take action. Don't be afraid to make a few lowball offers just to get that fear out of the way!

Hey - Depending on where the house is, it may sell very easily and for a great price on the regular market with an agent and thus help your cousins each receive a larger portion of the sale. The Atlanta market is truly exploding and many people get multiple offers in the first week or even first few hours it is on the market.  

If you know the address send me a PM and I can look it up and let you know how easy or hard it would be to sell quickly and for how much.   

Hey @Joshua Whitman welcome to The real BP.  Don't get to overwhelmed.  Talking to an agent who is an investor also would be smart.  If you live down in Fayetteville then you should talk with a guy named Chris Littleton. He is an agent, investor and property manager that has hundreds of doors under management.  There are some really great interest rates, and you won't need that much for a downpayment since you would be an owner occupant even though purchasing an investment. Talk to a good lender as well. Call @Chris (CJ) Geiger about that. 

If you need another Atlanta agent call this guy who is an investor and agent. 

@Azeez K.

Thanks for putting this together!  Hope we can get @Lem Egipto to come out and meet some other investors in our old stomping grounds.  I am coming in from Athens if you want to hear about another awesome market.  

@David Zheng That's a great story.  I love the BRRRRRRR strategy.  (More R's because you have to keep Repeating)  If you care for any more advice - I think you should take all the extra cash flow and build up reserves for that property of at least 6 months just in case the worst case scenario happens.  Once you have done that, and maybe saved up 6 months reserves of your own personal monthly needs then make an extra $2000 per month principal payment.  You can pay it off much faster that way and by the time you are 41 or so, the place will be paid off, and you have already sold and moved on, or the monthly $10k or more rent will be quite a nice cash flow. 

Did the GC pull a permit in the county for the job? If so who's name is that.  Plenty of people work under someone else's GC license. Does that make Mr Breech bad?  Depends on how he represented himself to the owner and public.