All Forum Posts by: Johnna Lodge

I am a real estate investor and Realtor in GA.

My wholesale contracts state I plan to make a profit. Noone works for free for a living.

I also state I am a realtor.

I have helped so many people where a realtor would not or could not help.

I have had seller's who state they do not want to work with a realtor.

I usually approach the seller by giving them options to list, what needs to be done to get their best return versus selling wholesale.

I've had people tell me they don't wish to do what it takes to list.

Sometimes I just buy the property where a Realtor would not. I do not wholesale the property. 

I have had some issues with other wholesalers mainly due to unethical sellers.

An unethical seller is one who goes under contract with another wholesaler while already under contract.  This scenario gets to be more of an issue when you have an unethical wholesaler on the other end.

In every industry there are bad seeds. It can't be helped because you have ethical and non ethical people in every field.

What I have found lately is inexperienced wholesalers lying to Realtors as if they are buyers. This provides ridicously low offers with crazy terms such as earnest money due after ridiculously long term due dilligence ends. This can lead to a bad taste in Realtors and Seller's mouth.   

Just be upfront. 

In my humble opinion there is a need for wholesalers and Realtors. Be ethical and upfront with everyone you engage with. 

Alton D I reached out to you. Please give me a ring when you have a spare moment.

Thank you all.

I would have to charge them a lot of points to cover amortization.

Yes they may not like a sales price of $274,861 in 10 years but they do not have the 20% to put down today..I just have to lay it on the table for them and they have to decide. This may not work for them. I don't feel comfortable doing any other way for me. 

I explained to them the shorter the period the higher the monthly payment. I think close to $2K in monthly payment would not be reasonable for them and they wouldn't like a purchase price of $274,861.

I was trying to see how to make it work for all.

I have a family who wants a no interest loan.

I explained I could amortize the loan but give them a payment. I ,like a bank,  loan is amortized. due to their culture n beliefs they can't pay interest. 

I require 20% down to owner finance. The property price is $190k this year ( they r going to do a rent to own until they can reach the 20% down).  

They said they wanted pay off for 10 years.

I will not go the route of principle only.

Just trying to find a way to make it work for all parties.

Ty

@April Bellard I think it is a preference April and what is the best deal. Whatever is best for you is right. Ask for opinions but trust your gut. Breath..you have time to learn this and be successful. One step at a time. If you are new to it it can feel like a fire hose..take a few sips to start.

You can buy properties so many different ways: owner finance, subject to , no money down, very little down, get a bank loan etc.

@Dion McNeeley has some very valid points.

Asking, Studying, Evaluating and soon Viola! you will look at a deal and know that that is a really good deal to move forward on.

Best of Success!

HI Michaela,

I have been to your complex in Pittsburg subdivision. I know you disclosed but on airbnb about your neighborhood.

What airbnb suggest in pricing can be too low and will attract clients you may not want nor need.

I advise anyone using airbnb to get on all the fb groups and google email groups and meetups as much as possible. You will learn a lot more from some excellent Airbnb Superhost in Atlanta. This information is INVALUABLE.

I have been told that you or/and your cohost must work on your airbnb site consistently..almost daily. You cannot put your listing up and hope and pray for people to come. The longer a property sits with no bookings, reviews or wishes the further down the rabbit hole it goes. Always be doing something to your listing on airbnb.I find airbnb to be very one sided in regards to leaning toward the guests more than equally with landlords. The whole system of the review can drive any host in to misery from a bad review or getting someone in your property that is paying too low and/or do damage to your property or worse.

Make sure to put your house rules together and be very clear about them. Remember this is still your house. If you have an issue and a guest damages your property and you did not have that in your house rules you will not have a leg to stand on with airbnb. I had 4 guests with no identification or many house rules. I received 3 positive reviews and minimal loss when I was doing self check ins. Jason helped me get started. I felt it impartive to have a cohost bc if I would have communicated with guests i would have driven them away bc of long term landlord experience and what I require from long term possible tenants.

More things I have learned: Have surveillance equipment outside of your property (this can affect your listing bookings) . You will know who is coming and going..and can probably discern who is "authorized" and who is non-authorized. I will now ask for full name and all names and ages of all booked guests. If I don't know who is authorized how can i know if they are unauthorized? I understand you cannot ask for someone's license before they receive complete information on the property after booking but a lot of hosts have changed from self check in to now meeting guests at their properties to obtain a driver's license and walk them thru the property initializing the house rules to confirm everything is clear and guest know where things are. People will not book if there is a required check in with host.If you have lengthy house rules they may not check in either but again this is your property. Every decision you make and implement in regards to your listing can affect your listing.

You must ask yourself what is your expectation for this property on airbnb and see if your expectations are realistic: what do i need monthly from my airbnb? Do I like turning a property around every 2 to 4 days with guests? Is the monthly income what I expected to start off with?

Know when the very slow seasons are. For what I understand Jan to March can be slow seasons and great time to update property if you need to. Sometimes from Thanksgiving to March can be slow. I thought you start off build momentum and you were good.

There are a lot of people who have done very well with airbnb and wouldn't want to do it any other way. They enjoy the social aspect of people coming from all around the world. They have housing for people needing to relocate for short term. When an airbnb host travels they can have their whole family together on a trip that they could not afford thru a hotel.

Good luck to all who do airbnb. Kudos to Curt and Jason.

Best,

Johnna

@Kiara Moon NACA should have approved contractors for you to call on. If you have to go outside of NACA they have to be approved. I think that is 7 days to become an approved NACA GC.

I received a NACA offer on a listing I had...then the seller says he doesn't want to sell. This is an excellent program for a motivated owner occupied buyer who will do what is required and follow steps of the the program. Buyer has a conventional loan that they purchase with no down payment, no closing costs, low interest rate (can buy it down as well), lots of support and once purchased and they continue their volunteer work Naca will cover their mortgage for 3 months if it is a hardship.

https://www.freeandclear.com/resources/mortgage-insights/naca-mortgage-program-pros-cons

This is a great house 5 bed 3 bath minimum rehab in an up and coming area in Atlanta GA 30314. Appreciating Neighborhood with Rehabbers Galore and Young Professionals moving in. Multiple Strategies on this property: rehab and sale, rehab and airbnb, rehab and bed and breakfast, rehab and community home, vey minimal rehab and rent out Section 8 with 14% Cap.

2005 Chicago AV NW Atlanta GA 30314 Fulton County,GA!!

Pine Acres Subdivision

HVAC Hot Water Heater less than 9 years old 

Click here: http://conta.cc/2GIpgp1

Atlanta Housing Authority pays well in this area N21 at $2,100 a month for a 5 Bedroom. If you want to make this a 5 bedroom 5.5 bath this could happen in this house with some changes perfect for a rooming house, bed and breakfast,an airbnb or a great new home for a family.

Quick and Easy Access To Downtown, Marta, Airport and Easy Access to all major interstates.

Bellwood Quarry/Westside Park 300 Acre Park:

"The entire property will be converted into a new 300-acre park along Atlanta's Beltline, a 22-mile corridor of parks, trails, and transit encircling downtown. The new park will be the largest in the city and the quarry itself will become a sparkling 1.9-billion-gallon water reservoir."

Repairs:

If renting paint interior if you like, replace carpeting add refrigerator, laminate trim on side of counter tops in 2 areas, remove dog pen, landscaping back yard.

Renovating: Mild Rehab. Depends on what you prefer to do with property: flooring, granite counter tops in kitchen and baths, new hardware and fauctes, paint interior, remove dog pen and landscape, new mail box.

Section 8 Atlanta Housing Authority Rents for $2,100 a month.

14% Cap Rate Cash Only Sale. As Is

Rental Breakdown Rented as a 4 Bedroom w 1 Bath with Basement

Monthly Rent $2100.

Rents x 12 months $25,200.

2016 Taxes 40.00

Insurance Estimate $900.

Property Mgt 9%: $2,268.

Net Annual Cash $21,992.00

14% Cap Rate   

Repairs:

If renting paint interior if you like, replace carpeting add refrigerator, laminate trim on side of counter tops in 2 areas, remove dog pen, landscaping back yard.

Renovating: Mild Rehab. Depends on what you prefer to do with property: flooring, granite counter tops in kitchen and baths, new hardware and fauctes, paint interior, remove dog pen and landscape, new mail box.

1576 Mims St SW 4/3.5 2,448 sq ft $260K

3 Gertrude Pl 3/3 2011 sq ft $260K

8 S Eugenia Place NW 4/3.5 2,085 sq ft $259,800.

1685 Donald Lee Hollowell Prkwy NW 3/2 1,597 sq ft $205K

533 Park Valley Dr NW 4/2 1,770 sq ft $199,800

2058 Chicago Av NW 3/2 1,272 sq ft $160K

2012 Joseph Boone Blvd 3/2 1,234 sq ft $169,800

* Tax Record Sq Footage

Property is Occupied. Call Johnna Lodge 678 758 0982 for access.

Thank you.