All Forum Posts by: Kim Bayless

Welcome Tianna!  I had a similar story, moved to Atlanta almost 2 years ago and started over in real estate.  

The best advice I got at the time: Don't waste your money on paid guru courses.  The same information is available for free if you know where to look.  I joined a few local REIAs and investor groups, they have been incredibly knowledgeable and helpful.  If you'd like to message me I can give you specific links on the groups and meeting times.  Some groups are free, and the two REIAs I joined are only $100 a year.  Within these groups you can also find mentors to work with one-on-one if you like.

I've looked at FlipComp, it can be useful.  However if you are just getting started and would rather spend a few extra minutes than $299/month, you can get most of the same info for free.  If you have deals/leads rolling in and need to save time....that's when you can justify it.

Once thing that concerns me with FlipComp is it seems slow to update when listings change or expire. May just depend on the area and MLS office. But for example, a property that expired and re-listed with a new broker in October is still shown at the old price and agent on FlipComp. And the ARV that the software pulls is consistently WAY off base, so it will alert you to "deals" that aren't really deals at all. Still some sifting to do.

Welcome to BP and real estate!  I live nearby in Hiram, invest in the west Cobb area among others.  

Second the suggestion on the local REIAs, they are a great resource. Meetup app lists several in different metro areas/interests. Atlanta REIA has a meeting tonight at the DoubleTree Roswell that I'm attending. If you are interested, details at http://atlantareia.com/.

The main thing I noticed is black range, SS dishwasher, and white fridge lol. But yes the layout is wonky. For a rental though, not sure I'd do any demolition. You can usually pick up a used newer matching set of appliances off Craigslist.

Yes I'd be the seller. Individuals can be exempt, up to 5 a year, but not an LLC.

Georgia law states that any company "who directly or indirectly makes, originates, or purchases mortgage loans or who services mortgage loans" must be licensed. Would this apply to my LLC if I did a wrap mortgage on a subject-to I purchased? Or could I make it work by using a servicer for the loan?

A possible scenario is him buy it, then sell it to you subject to the existing mortgage. That will cost you two closings though. Or have him buy, put the condo in an LLC, and then you buy him out of the LLC. Either way, he would have to be the original buyer to get a conventional mortgage with his credit.

Second that about making tenants responsible....that's usually incentive enough. After a bad issue with an unreported leak that caused major drywall damage, I now have it in my contract. Tenant is liable for additional damages caused from failure to timely report any repair issue.

Bookmarking this for later!  Would love to join up, but I'm only on my 3rd flip.  Experienced in building & rentals prior to moving here, just haven't been in Cobb long.

One suggestion: Look on Craigslist for a set of slightly used matching appliances. I see this a lot, people buy a house with builder grade white or black appliances then want to upgrade within a year. The cheaper appliances are still nice, and perfect for rental units.