All Forum Posts by: Jeff Brown

I have a fourplex that I am looking at purchasing and I feel like it’s a decent deal but wanted more opinions.

They want 265k for the fourplex. It contains two 1/1 and two 2/2. The 1/1 are renting for $650 and the 2/2 are renting for $785 per unit. Population is over 100k in a good school zone and good part of town. Currently land lord pays for water, sewer and trash but I may be able to switch that to the tenants.

What are y’all’s opinion since I would probably have to put 20% down on a 20 year loan. Any help is appreciated.

@Ian Jimeno thank you!

Does anyone know any meet up groups in Atlanta or in the state of Georgia?

Does anyone have any sub contractors they would refer for new construction that can service the Alpharetta, GA area? Looking for contact information for all trades. Anything helps, thanks.

@Jeff Brown

Potentially House hack, sorry for the typo

Good morning everyone, I am looking at a property currently in North Georgia right outside of 285 Loop. Wanting full asking price at $370,000 and I am looking to Potentially how tax this new blank that's in a great school zone. The one of the current tenants is on a month-to-month lease and the other it has a contract until 2022 and they are both renting for $1000 a month. I believe with the great school zone that it's in and the area that it's in that you can up the rent to close to 1300 to 1400 bucks a month but not guaranteed. (after a fresh coat of paint and maybe some new flooring) I believe if I lived in one and rented out the other after one year I could move out and cash flow pretty well on this property, and get a 30yr. the only thing that I am concerned about doing is putting a large 10% to 20% down payment on this property knowing that I won't cash flow the first year because I will be living in it. Also not sure my COC return won't be great? My current expenses are about 2600/month where I currently rent.

Any thoughts on this deal or concerns? Should I pass and try to figure something else out?

@Michael Guzik I do have a bit of luck on my side as my dad would be the GC for the project. My situation is a little unique I guess? He is a local builder so hopefully that would help me cash flow more and also bring down my costs. He mentioned that it would cost worse case $150 per sqft. And that includes the 60,000 lot purchase.

I was able to get a 30y year loan on this but I am not sure if I will live in one of the units yet. I may just end up renting it out instead. Not sure what would be better. But i feel like if I can rent both out I can cash flow more.

@Brendan Miller I plan to refinance early on to pull out the equity to start on another project. I spoke to a friend of mine that manages some older apartments in walking distance from where I would build and she mentioned to me that I could get 1700 for a 2/2 at 1200sft and for a 3/2 I could get around 2100-2200. I will have a 2/2 and 3/2.

Additionally my dad is a GC so I would be able to build at cost and hopefully be able to save more money and cash flow even better. He is the one who told me to figure 400k cost be worse case with the lot included.

@Jeff Brown the 380-400k includes the lot price

I am new to real estate and I just purchased some property. I paid 60k for the property but I noticed that I am able to build small multi family on it. I would like to build a duplex on it and rent in the area is going for 1700 2/2 and 2200 for 3/2. It is in a great part of town and also has an excellent school zone. I would like to build a duplex on the property and after getting some rough numbers it would cost me about 380-400k. I would have to put 10% down.

Would this be a good investment? Any help is appreciated, thanks.