All Forum Posts by: Ken Wicks

I know the Atlanta Market pretty well.  If you want I could take a look at the thing and tell you what I think.  Sandy Springs is a good area in north Atlanta and $84 sounds like a very good deal.  That area is only improving with a large state farm headquarters going in and the Braves stadium moving to the north side of town.  I am surprised that you were able to find something like that for that price.  Feel free to PM me if you would like.

Just start hitting up banks and seeing what they can give you. They generally are going to need to see 6 months payments (This includes any HOA dues and taxes) for your rental and your current home IN CASH that you won't be using for the down payment. It can be in a retirement account as well but it won't count as the full cash amount. Expect roughly a full point higher than what a conventional 30 year first home loan will be. I think I got 5 1/8 when the first home mortgage was 4.25. Your credit needs to be on point as well to pull it off with most banks.

Good luck!

I have just purchased my first rental.  A studio apartment near midtown Atlanta.  Right now I have been advertising on Zillow, Trulia, hot pads, Craigslist both passive and active.  I have been getting some notice on Zillow and some leads and I really feel that the rent is fair.  I was wondering what I could do more to get this out there more.  My current tenant is in there until May so I have plenty of time.  I would really just like some advice from some people who have done this before.

Thanks in advance.

Sounds like I would make a run at it if the rental market is there. Just out of curiosity I looked up Mountain Home, Arkansas and it looks as if there is a college near by and quite a few potential renters for the home.  You know your market better than I do and what homes rent for.  It seems as if you've done the research and if you've got the cash let it rip.

I'm also surprised about your comment of nothing to repair besides trimming of a tree and carpet.  Unless it is new construction you may be missing something.  I would talk with a broker to see what your actual overall costs are.  Also still wondering where you get this 73,000 number from.

just wondering where you are getting your estimated property value.  If they are selling it for so cheap is there a reason for this?

Yes it does.  That is what I am figuring we will do.  Do you have any tips on making an agreement with partners because you really cant make it official, especially if the bank goes in and sees the additions to my bank account before the loan goes through.  They said something about a gift but is there an easier way to do this?

I currently have a deal in my cross hairs it's a small one that I could take on my own but I have a business partner that I would like to bring in on the loan.  We have enough cash to do the deal at a 50/50 split.  The problem that I am having is my broker is making it seem like a partnership would not allow the loan to be approved.  Is anyone else having this problem and how could you get around this? I am sure I am not the only one who wants to buy property with a partner.

Ken

If I can escape the office for long enough I plan on attending.

Ken

Cash is king, no one is likely to give you any money without something to put down or a really good chance of them recouping their money.  Just doing the math this thing puts out $20,000 a year so it seems like a really good deal on the surface with a return on assets of 33% which is really good.  Why do you think that you can get it for 60k?  This seems too good to be true.