All Forum Posts by: Kathryne Omaits

Hi BP community:

Twice in the last week on different platforms (Quora and Atlanta House Share) I've seen 2 posts from people saying that if a person is investing/providing housing that they should not be doing it as their sole income and from one, "They have no business doing this as sole income and the bank made a very serious mistake."   I seriously don't understand their thinking.  I want to be self-employed and I'm aware it takes hard work and patience, which providing housing can certainly test.   Would really love to hear comments from you folks.

Thanks Brad for your helpful thoughts on this.

Hi all, wanted to ask, when a real estate property I'm purchasing... using a realtor in this one... has a binding contract and after the inspection was able to further negotiate the price down, is it better to take the decrease in price off the purchase contract (thus decreasing taxable) or put the decrease amount as a credit (decreasing the out-of-pocket at closing).  It is not a sizeable amount.   I'm thinking the former, but thought others may have some interesting valuable comments.

Make a trip to zoning to see the restrictions and tell them why. Check with non-profits.  Reach out to the community/city to find out if there is any need or interest on the non-profit end. Are there are any grants for historic buildings? I somehow think there are people who believe that the value of this building, architecture, and history is worth saving. Check specific sites on the internet in large cities both USA and beyond (Europe) how churches, old buildings can be saved. If you can find a need in the city, you may be able to fill it. Could it be used as a homeless warming shelter? What is the neighborhood like? Think to the future of real estate in that area. On the non-profit side what about a work training rehab for those in need (or would the neighborhood not support this?). Reach out to local schools, universities. See if a workspace rental is viable. Multi-level floors can be added. Reach out to the VERY wealthy to see if there is any interest, very often those with money will support endeavors that speak to a passion. Wholesale it but have your buyer lined up. Call some well-seasoned architects to ask who you could reach out to for ideas on how to save this building. Call an old-timer contractor to question or to take a look at the building as to what you could expect on needed maintenance (bathrooms, water, HVAC); maybe an architect could refer you to a contractor specific to this situation. Maybe you could find someone who would take this on or partner with you. This is do-able, but you would be the one to decide how much time you'd want to commit. The more you cast your net of inquiry, the better your chances. It will take a special niche and that's okay. If I was close by I would offer to work on the project research end with you. Maybe consider this will take more than just you to save. My answer, while speaking to saving the building, acknowledges you need to make money. Long term it could be a very satisfying result. It could also make a name for you in this area and more connections. There was a lot of work that went into this building. It would be sad to see it go. Good luck!

Sorry posted before I finished.   What is the expected turnaround time on cash offers on real estate.    I know if you can get the cash the day of the offer, but how many days after the offer is considered acceptance.  Thank you for your input.

@David Shiling. A tenant paid his full security deposit and first month rent. Written on a check by his sister through a trust account. Funds were good. Verified employment. Payments were almost non-existent for the 4 months he was there. He lived with his sister beforehand (late 30’s/40ish). My mistake not doing better checking-(credit check) he presented well. I know now well placed policies protect lapses in judgement (emotions). Have learned. Tenants can make mistakes in their lives but you want to rent to them after they’ve learned.

Thank you for sharing your situation, it will help me and others.   Being self-employed in real estate investing does seem to require a thick skin.

I have relocated from Michigan to Atlanta (Sandy Springs) the beginning of July.   I will be real estate investing here but at the moment need to change my Michigan auto ins. Would appreciate an agent referral.  I tried online and it was getting too time-consuming to get the info and coverage I wanted.  I also want to start a relationship with an agent.   Thank you very much for your help!

Hello Bigger Pockets Community.   Here is my BIG challenge.   Trying to sell my residential home in Michigan (and moving to Atlanta GA).   Tri-level, 5 acres built 1973, here 20 years.  Upon February inspection, septic field failed - 47 years old.  One  of the costliest issues to have come up.  That's being dealt with.   I have my perk done and permit to start.   Here is the problem I am hoping someone may have some experience and thoughts to share.

Sump pump in laundry room, lower level, drains into field facing east.   Washer located on north side and drains into sump crock; sink-directly across room from sump and shower located south to sump pump also drain into crock.   Plumbing under floor (which has just been retiled for sale).   This is an inspection flag and deal breaker for mortgage companies I have been been told.  I want to list this to any sale market. 

I have been told there is a sump pump unit that sits in canister type set up that can be set on floor and could solve the washer issue (another cost).  

So far my septic man is saying would have to have another crock put in floor for shower/sink (very expensive).   Because of the plumbing being in the floor creating the gravity issue an above ground sump pump unit won't work.  I am repeating discussion and not knowledgeable about sump/septic issues although I am certainly learning now.

Septic person has suggested using a camera to see where lines drain to.  Not quite sure at this moment I undertand this (the conversation just took place this morning) and how that might create a solution (and another cost!).

I'd like to be able to save the sink and shower as this is a selling feature-not sure what to think.  I'm wondering (and hoping) if anyone has any experience or thoughts they could share that would help solve this issue or what other options there might be.   

Thanks so much for taking the time to read this.