All Forum Posts by: Ethan Atkinson

@Andrew Cordle

I'm Making plans to come. Would have been easier on any other day of the week though, but for Holmes I can make an exception. I'm talking to the other Athens investors about this too. 

Charelston is one of the best cities in the US. Seems you can't go wrong providing a good product there.  Is the building for sale?

Jack thanks for looking out! I've been working with her husband and his father already. It is a small world after all. Making a second offer tomorrow morning.

Go talk to all the smallest banks around the area of the potential rehab if you really want to borrow from a bank. Second option - go talk to all your family and rich friends. If that won't work go to the local REIA and find the good hard money lenders, or other folks who might just partner with you for small profit.

A 50/50 split on a deal seems to be a good ROI for the money partner if they are not "doing work" on the deal, but in reality this is all relative and subjective to the deal in question. What is also important to think about is the time value of this money and the length of the project. If it takes you 4-6 months for renovations and holding time until it sells, and you are splitting for example, $30,000 Total profit, or $15k each, then this is NOT a good deal for the rehab partner/project manager unless he has multiple other streams of income whether rehabs or contracting work. Or in my case, I am doing this along side my business as a full time real estate agent. $15k for 6 months is a terrible split, when you also consider this is pre-tax income!! If you are able to have 6-10 a year like this then, BLAMMO you are reaching into the upper middle class brackets.

Great story.  Good to hear stories about sweat equity and hard work paying off.  Also good to hear stories of local banks working with investors to do better than 20% down!!  Come on over to Athens. There are always deals if you work with the right guy looking under the most rocks.  Hope we can do something in Athens, GA one day.  You probably know there are plenty of rentals already. 

Great connections made. As soon as Home Depot comes out with great new things to help investors let's have another meeting there and maybe more networking opportunity time.  Thanks @Andrew Cordle

 and don't forget @Azeez K.

Hey welcome to Atlanta. I was born and raised in Atlanta, and spent many years in the North Metro-Suburbs which are super hot like Sandy Springs, Roswell, Alpharetta, etc. You will also find some great networking opportunities at the Atlanta REIA. Dustin, who runs that REIA is a great person to meet along with many of the people who regularly attend. Next week is the main meeting and there are a bunch of other sub-group meetings throughout the month. Every once in awhile it seems @Azeez K. has a BP meetup for networking with other people too.  In my opinion Atlanta is one of the best cities in the world, and only follows just behind Athens, GA where I live now.  : ))    Hope to connect with you soon.  I also like meeting new contractors whenever possible as well. 

We are now entering the buying season!  What building is going on? Spec or custom?  If you have a couple going on then its a much safer time for you to spec build. I would seriously consider splitting into 2 semi-equal lots. Almost 3+ acres per lot is still good. Find a good local bank and a contractor that can partner on the spec build. Are the finished homes selling for more $400k? Find the top agent around and get them on your side.  They might be a builder too.  Many builders are licensed agents or related to one.  You are still in a great position. Just make sure and get 18 SEER HVAC systems for that Florida heat!

A+++. Hope you come talk about this deal at our next meeting for the Athens REI club. Always great to hear about good owner financing deals.