All Forum Posts by: Lee Pittman

There 4 other duplexs on the street, may try to track down the owners and see if they are willing to sell

Thanks Patrick, I ran the numbers a bunch, but always helps to get others opinion! First big rental property purchase! 

some floor joists are sagging

stoops need to be regrouted

grounds need to be cleaned up

GFCI outlets need to be installed since it is currently old 2 wire

paint the outside

other than that, not much needed, just needs some elbow grease

Planning to do most of the work myself 

Each unit is a 2 bed 1 bath

Have an opportunity to purchase a Duplex on Lindbergh Dr. NE between Peachtree Rd NW and Piedmont Rd NE. Built in 1955 the duplex has delayed maintenance and would like some input on my numbers and thoughts on purchasing. 

Monthly expenses

Taxes 445

Insurance 102

Mortgage: 1650

PMI: 243

Repairs: 300

Vacancy 150

Expected rent 1600 per unit minimum, 1700 is more likely

Purchase price 375,000

Downpayment 5%

Renovation costs 15000 (new floors/cabinets/appliances in Unit B kitchen)

Both furnaces are 17 years old

1st water heater-3 years 2nd water heater 7years

Roof:12 years

1st AC condenser 4 years 2nd AC condenser 12 years

Would appreciate peoples input, I will be living in unit B (House Hacking) First investment in Atlanta. 

So I just purchased a dilapidated trailer park that came with 6 trailers, 3 of which need to be renovated. I am currently in the process of demoing the interiors and installing metal roofing over the existing structure. From my little experience at this point all I can say is the trailer manufacturers make the trailers to break. I am going back in with standard electrical/plumbing and things that I can fix with parts from Lowes. I will keep you updated on my progress, but they are similar to a home once you get it down to the studs. Looking to get $800-900 a month after renovations. Cost is estimated around $16,000 to do it right. Also going back with sturdier materials that will resist wear. No more carpets!!!