All Forum Posts by: Joe Fernandez

I closed today and got the keys!

I called the tenants and let them know.  I also called the current management company to see if the had a termite bond, they didn't.  I don't think property has ever had a bond.  Should I get one?

I asked about the property management company services, and they handle everything for 10% ($90) a month.  The selling agent said they are great, and the tenants say they are great.

So now I'm having doubts on what to do.  Should I just let the property stay with the management company for now, let them handle all the rent collection and any issues/calls while I work on getting the crawlspace issues resolved.  

...Or do I self-manage, and get the learning experience of being a landlord.  Since this is my first investment property.

Also, I was quoted $750 a year for a landlord policy with Allstate (my current provider), is this high for a 3/2 in decatur worth $100k?  I think it's high.  Any suggestions for investment friendly insurance companies in Atlanta?

Thanks everyone.

The Hard Money is more like Family Hard Money, so the interest is low and flexible terms.  I'm not worried about it.  

My biggest goal with this purchase is to Learn!....even if I lose money (hopefully not!)

A 3/1 on the same street recently rented for $1350, so thats were I'm getting my $1400 for a 3/2.  I know it could change.  Decatur certainly has pockets.   I liked this house because others on the same block have already been renovated and sold for high prices.  I feel like I'm in a good pocket. 

I think I am going to let the tenants stay for now while i get the major issues fixed.  The main one being solving the water in the crawlspace.

Anyone have a buddy with a bobcat that can move some dirt and divert water runoff away from the house??...jk, a company or contractor recommendation would be great.

I'll get a plan in place and then see about raising the rents.  Thanks for that suggestion.

Closing is Wednesday.  What should I do first after that?  I'm guessing I should meet with the tenants (ive already met them, they are good people) and decide how to move forward?

I need a plan for collecting rent, and a way for them to contact me with any issues.  Anything else?

Thanks!

100k in 30030?...i wish.

Its about a mile south, near east lake.

my assumptions are based on comps. they are already in the 150's-200's and rising.

I'm confident in the deal.  I have doubts in my ability to repair and landlord, since I've never done it.

Hi BP, I am closing on my first investment property next week.  I'm jumping in head first!

This was an MLS deal in Decatur, GA. The area is still rough but I think I'm in a good pocket, and I predict property values will soar.

I paid 100k hard money for a 3/2 ranch on a big corner lot.  I plan to re-finance as soon as possible.  

The original plat (recorded in 1960) and legal description shows the property is actually two lots, but the physical house is built on one lot, and the other lot is just the Yard.  I wonder how hard it would be to divide the lots.  This is in unincorporated Dekalb.

I'm inheriting a tenant at $900 a month.  But with some updates i'm confident I can get $1400 a month.

There are issues with the house that came up during inspection. The main issue is flooding in the crawl space.  I need some hardscaping to divert runoff water and possible water proofing (my inspector believes the hardscaping will solve it).  Home needs new floors and a new kitchen.  Everything else looks good.

I read the current lease and it states I can end the lease with a 60 day notice and a $100 fee paid to tenant.  Is this normal on leases? I was expecting to have to honor the lease until mid 2017.

Should I end the lease, renovate, and get the $1400 in rent I'm seeking? or let the tenants stay?  Are there any issues I can run into when ending the lease early?

I'm a week away from closing, I'm a bit nervous since this is my first property, is there anything I should be preparing for?  Tips are welcome.

Any recommendation on contractors that can hardscape to divert water are appreciated. 

I guess I finally have to read brandon's "The book on Managing rental properties".  It's been sitting here gathering dust.

Thanks BP!

I'm headed to see the property today, and have it inspected tomorrow.  Anything I should be looking for today, that I should point out to the inspector tomorrow?

If this post should go in a different forum, please let me know.

Hi BP. So after months of analysis paralysis i finally have a property under contract. I'm a buy and hold BRRR investor (or trying to be). I'm also an agent. Property is from the MLS. Purchase prices is 100k , but comps right now In the area are $130k-200k. It's in Decatur, GA. I believe the area will appreciate significantly in the next few years. Property is leased, so I'm inheriting a tenant at $900 a month till April. Once lease is up, I'm confident I can get $1400-$1500 rent with some updating. What should I be doing in my due diligence period? Right now my plans is: 1. View the property. I've driven by but I have not seen the inside yet. Pictures look promising. 2. Inspection. 3. Survey. There are some petroleum lines underground signs near the home, I want to know what the easements are. Anything else I should be doing? Any tips on handling the tenant, the security deposit, and the current management company? I definitely want the Tenants to vacate once lease expires. I plan to self manage so I need to get rid of the management company. Thanks for any tips anyone can provide. I would have never jumped in without BP!

Hi, Newbie here, both agent and investor.

I found a few listings on the MLS i'm going to make offers on (lowball of course), and hope for a bite. Any suggestions on contracts, exhibits, and stipulations I should include on my offer.

I'm an agent in Atlanta, GA, so I will use the GAR forms which I've paid for.  And my offers will be all Cash.

I will submit the standard Purchase and Sale Agreement (GAR-F20 in GA).  That form includes a due diligence clause, thats important and I'm covered.

I will not include a loan contingency, or an appraisal contingency.

Should I add an "All Cash" exhibit?

Are there are other stipulations at people are adding for these type offers?  Survey contingency, or special stip?

OR should i even bother submitting a contract? And just go verbal or offer via simple email?  I read some people are using Letters of Intent.  I'm afraid my offer will never make it to the owner.

I'm just wondering what other agent/investors are doing.

Thanks in advance for any input.

Richard Balsam - thanks for the tips, makes perfect sense actually. Question, I'm with a flat fee broker, should I still not go through them and save myself the transaction fee ($300), or is there any advantage of going through them? If I didn't use my broker, could I still use my GAR forms which I paid for as a real estate agent? And how do you skip your own broker, do I just find a real estate attorney to handle the transaction. Should it be a different attorney than the one I normally use as an agent? Sorry if my questions are dumb, but I'm a new agent and a new investor. Double whammy. Thanks Joe

I plan on rehabbing and renting.

But I'll make sure I remember this if I come across a flip.

Wow, thanks so much the responses.

@Sandy Suschana, exactly what I'm worry about.  Thanks for sharing

@Nick Fitzpatrick, thanks for the tips.  Do you think thats enough to cover me?

I'm not out to scam anyone, but I will be negotiating to get a deal. My goal if for seller to be happy and eliminate any conflict.

I also want to add that it would be a cash deal, no banks or appraisals involved.  Does that help me?