All Forum Posts by: Ethan Atkinson

I’ll throw my input for Athens, GA. It’s going to be one of those unforgettable cities if you hang out for at least a few days. One of the best college cities in the country, also labeled by many as top place to retire, and with my experience raising 4 young kids I wouldn’t want to be anywhere else except for often the beach trips. “Deals” are tough to come by, but with patience you can uncover what you want. The small to medium apartment like you just sold would be nearly impossible but it can happen, just depends on what return you need. Hit me up and Georgui Kasaev and I will show and talk about all the right things you need to hear and see.

@Alan Berlin I would like to second Alan's question. I was just searching for a Commercial LOI and knew that @Mindy Jensen would have a good answer for the BP world.  

Nice day to plan a meeting, cause that's my Bday!!  I will try and make it if I am still in town.  Might be heading out early for a weekend venture.  We should talk soon about some great plans I have for some upcoming meetings.  You will be crucial in helping me get them off the ground too!  

@Karim Jiwani  - You should also think about the cost of refinishing and patching  compared to replacing that same area with new engineered hardwoods that are becoming very popular with remodels and new construction all over the place.  Depends on the rest of the house and if it doesn't look too much out of place, but there are some really great deals at places like ifloor.com, lumber liquidators, and floor and decor(which has a buford and norcross location).  I just put flooring in that is real engineered hardwood with installation for $4.50 per foot including new shoe mold(or quarter round trim).  This is in a real nice $370k home also.  

Count me in. Although we’ve been keeping many of the deals we find.

@Ryan Beasley - Another great option would be to refer the listing to another local Commercial agent and ask for a referral fee. Keep asking until somebody agrees to pay you when they get it sold/leased whatever.  You could ask for whatever is agreeable.  10%-20%30%.   I actually just got an email that was sent probably to eveyone in my board of realtors from another local commercial company offering/asking for referrals from other residential focused agents.  This was a brilliant idea, since lots of people think it's easy to tranisition or do both in a small town. It ain't easy and I am speaking from experience. 

@Austin Young and @Georgui Kasaev - Athens REIA Networking meeting for Free tomorrow evening! Come on out! Logan's Roadhouse. Networking starts at 5:30 pm

Another late notice for the Athens Investor Assoc, the greatest networking meeting for experienced and new investors. We are having a Lender Panel Discussion. Please come and join us to hear about where and how to get funding for your next deal.  Lenders from three different local banks, as well as maybe a Private Lender will come and share their knowledge and products available.  What do you need to help you get the best rate and most money?  What is a good Debt-service-coverage-ratio?  Is this a commercial loan that requires re-casting every three years?   

As always bring deals you have that would be good to share with the group, and if you don't have anything this is a great time to talk about what you are looking for whether it's a specific property type, a contractor, attorney, where to start, basically any question is good and welcomed at this group. 

5:30 Networking starts 

6:15 Haves & Wants meeting 

6:45 Panel Discussion 

Originally posted by @Joel Snipes:

It was great hanging out with everyone yesterday! 

@Ethan Atkinson Is there still a REIA meeting this weekend?

No meeting this past weekend. Sorry for the delay. I am getting a great meeting for early november. I think I will also organize an easy social get together this week for the regular Athens REIA. Now I have some good folks helping me organize and keep things on track. A conference is definitely in the works for a Saturday coming up soon. Stay tuned.

Lets look at this from an investor perspective. Offer much lower first of all. Secondly you need rent total of at least $2500 for this to be a starting point of an ok deal. If you aren using a loan or house hacking the cash on cash return might be ok if you actually collect $1250 rent per unit. Taxes are likely wonderful. Investors are helping to dry up supply and keep paying higher prices. Comps will not help you because they will only confirm impatient investors are buoying stuff up. You can get a couple condos in Athens, Ga for the same price where the students will definitely be tenants, rents will be $2500 or more. That might also mean 2 loans. Or even get a quad if one comes available for $220,000 in some neighborhoods where rents should be $700 per unit. On the other hand you can keep looking in that's area and go to the Atlanta REIA and Georgia REIA to find some deals.