All Forum Posts by: Gurshan Bansal

 Thank you, Kyle! 

 Hey Jordan,

Memphis and Atlanta are vastly different in my opinion. Atlanta has a thriving tech scene in Buckhead which brings a lot of jobs to the city. The last time I was there in May I counted around 20 cranes in Midtown alone. Midtown, Downtown, Buckhead, and surrounding areas like Chamblee and Brookhaven have exploded in the last decade. Atlanta has many walkable communities and dozens of boutique restaurants centered around new construction apartments. The only way I can see Memphis and Atlanta having similarities is probably in the south side of Atlanta (nearby Hartsfield Jackson). I think the average home sale price in Shelby County is ~$220k and the Greater Atlanta Area encompasses 3 counties; Fulton, DeKalb, and Cobb County. In Fulton Co. alone, the average home price is almost ~$430k. Would be happy to chat in more detail if this was helpful!

Hey Chris! 

I just moved to the Woodland Hills area and am an experienced real estate investor. I grew up in Memphis where I own 4 long-term rentals that are SFHs. I know the city inside out and lived there for 20 years, visiting regularly. I most recently lived in Atlanta for 10 years where I have one Airbnb and long-term rental that are both SFHs. I also own a 5 unit apartment in Cleveland which I manage with a partner. My last real estate transaction was being a GP in a 144-unit apartment syndication in St. Louis raising $500k for the project. I'm looking to connect with like-minded investors and can help with the neighborhoods of ATL. I've lived in Inman Park, Old 4th Ward, Buckhead Chamblee, and Sandy Springs. Please let me know if I can help out! 

Hi there! I'm new to the Woodland Hills area in LA. I am a semi-experienced real estate investor always seeking to learn and grow. I grew up in Memphis where I own 4 long-term rentals that are SFHs. I know the city inside out and lived there for 20 years, visiting regularly. I most recently lived in Atlanta for 10 years where I have one Airbnb and long-term rental that are both SFHs. I also own a 5 unit apartment in Cleveland which I manage with a partner. My last real estate transaction was being a GP in a 144-unit apartment syndication in St. Louis raising $500k for the project.

While I'm not new to BP, it's been a while since I've engaged with the community. I'm looking to connect with like-minded investors for coffee or just a chat over the phone. Please let me know if I can bring any value to you about the markets I've referenced. Cheers, and happy investing!

My main question is about the commercial loan. What's one or two big things you would have looked into more or asked the bank that you were not aware of the first time going through it. 

From there I wanted to share my next 5 moves (i.e, exit strategies, what to do with tenants in the house, what to repair to get the units from $650 > $850, etc) are to see where holes could be poked.

Hope that clarified it, thanks for the response! 

Hi BP!

One of the most valuable resources I've used in my short investing career is seeking advice from people on BP that have gone through the same milestones I am trying to reach! I started my journey during the summer of '19 and I was in what's called the "motion" (James clear has a book called atomic habits that explains motion vs action) phase of my development. I made it a weekly KPI to talk with at least 1 person a week on the phone that I met on BP. It was awesome and I ended up getting my first deal through a wholesaler that I spoke whom I met through another investor... what are the chances ;)

Now I've got a commercial property (5 units) accepted and under contract. I know nothing about commercial loans and I'd like to pull on that resource a few more times just to learn about what I am getting into. To add complexity to this, the property is in Ohio and I am in GA. Finding the bank and THEN getting approved by the bank was challenging because I am out of state so they came at me with these terms: 30% down, 4.51%, 15-year term, fixed for 5 years, then reset every 5 years, FHLB rate + 3.25%, and asked to establish $20k deposit account. The purchase price is around $250 k so I didn't mind paying more down because this thing is a cash cow but I wanted some better terms so I found a local partner through my realtor and we're going in 50/50 on the deal. 

The bank would not budge on loan terms bc my partner's DTI is kind of high (he has 14 units and going through a separate closing) so we're closing the loan under my name then putting it under an LLC. He's bringing 50% cash to the closing table and I decided to partner with someone even though it didn't help me out on the loan front, there is inherent value in working with someone who's 4 or 5 levels ahead of me.

I'm not scared of all this, it's exciting, but I want to be cautiously aggressive and learn where I can limit risk and would like to brainstorm my next 5 moves with someone... anyone interested? 

Gurshan Bansal

I'm trying to find a general contractor who can also do architectural work and design. It takes a lot of time to figure out what the right finishes should be in some of these larger flips. Basically, I am trying to find a designer who can also do all of the ordering and coordinate the installation for all the finishes in this 5000 square-foot single-family ranch that I am finishing.

I found this company Sweeten but they want to do the whole project, I need someone to come in and choose all of the cabinets, countertops, vanities, toilets, tile, and all of those little finishes and just knock it out to include the laundry room, pantry, and all of that stuff.

So far what I have found is companies just do either countertops or cabinets but getting someone who is good at the design and picking the finishes but also can operate and execute getting the installation done is something I’m having a hard time finding in Atlanta, GA.

I'm trying to find a general contractor who can also do architectural work and design. It takes a lot of time to figure out what the right finishes should be in some of these larger flips. Basically, I am trying to find a designer who can also do all of the ordering and coordinate the installation for all the finishes in this 5000 square-foot single-family ranch that I am finishing.

I found this company Sweeten but they want to do the whole project, I need someone to come in and choose all of the cabinets, countertops, vanities, toilets, tile, and all of those little finishes and just knock it out to include the laundry room, pantry, and all of that stuff.

So far what I have found is companies just do either countertops or cabinets but getting someone who is good at the design and picking the finishes but also can operate and execute getting the installation done is something I’m having a hard time finding in Atlanta, GA. 

Hey Francisco. The house did appraise at $90k, twice! I did get $900 for rent. I had a $12k budget, I spent like $14,860 I think. The AC was a major expense that I had to replace while the tenant was already living in the property and the inspection report said I should probably replace it and I missed it - lesson learned. I threw that cost in along with a few other things that popped up into the rehab cost. No worries on the q's man, good luck and talk to as many people as you can!