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All Forum Posts by: Brad Woodall

Brad Woodall has started 5 posts and replied 52 times.

Post: Condo Rental - Call me crazy but I don't see a downside!

Brad WoodallPosted
  • Investor
  • Ball Ground, GA
  • Posts 55
  • Votes 16

Read through the by-laws and know them well.

My wife and I have a condo rental property. It was my wife's condo that she bought before we met. When we got together, she moved in with me since I owned a SFH and had a fenced yard for our dogs. We were in a negative equity position with it and had to make a choice of either renting it "under the table" or we were going to walk away from the property and let it go into foreclosure. She was on a waiting list to be allowed to rent the unit and had been on the list for years but because of an "old boys club" of board members who kept voting themselves back into power they kept allowing select people to have the privilege of renting their units even though they were sitting vacant. The waiting list never changed. We opted to go with choice one (Not advocating to do this by any means just telling you what we did) and rented it to a friend of her sister. Then about 6 months later there was finally a board change (lawsuit of fraud involved against the old board), we got approved by the condo association to rent the unit. We came up with an official lease agreement and submitted that to the association. Our tenant moved out of state for work a few months later and we got a new tenant within 2-3 weeks. Fast forward 3 years later and we still have the same great tenant.

The values have recovered enough at this point where we could sell it, but it's cash-flowing pretty well so we're going to hang on to it.

Here are some of the Cons of renting a condo:

1. You will have to deal with rental % limits.

2. We're basically are only allowed 60 days for tenant turnover. If a tenant vacates and we cannot find a new tenant within 60 days we lose our spot to be able to rent the unit.

2. They could do a special assessment which could eat up all of your cash flow in an instant.

3. Condo association dues can be pretty steep. Obviously you would factor this into your numbers. Our dues are almost as much as the mortgage payment.

Post: Vacation property questions in the Outer Banks?

Brad WoodallPosted
  • Investor
  • Ball Ground, GA
  • Posts 55
  • Votes 16

Also depends on what area of the OBX you want it to be. If you're going be in the 158 bypass area of NH, KDH, KH then I'd agree with the above post. Joe Lamb is a pretty big one around that area. There are a billion different management companies up and down the OBX and each have their specialty areas.

I've been vacationing at the OBX since I was a toddler (in my 30's now) staying everywhere from Buxton to Corolla. My mother's family has been going there since before there was a bridge to get there. My grandfather used to own two lots in Duck w/ ocean and sound views but sold them in the late 70's (they'd be worth a fortune now!). We've been staying on Duck Landing Lane in Duck pretty much every year since the early 2000's. We've used Twiddy, Brindley Beach, Resort Realty, and Village Realty for our rentals.

I would love to know how this works out for you. I'd eventually love to own a home or a few homes up there. My wife and I were even thinking about buying a lot up in 4x4 territory north of Corolla.

Post: Vinyl Window IGU Replacement, where to order?

Brad WoodallPosted
  • Investor
  • Ball Ground, GA
  • Posts 55
  • Votes 16

Just search for a local window/door/glass company. They should be able to fix it without replacing the entire sash.

I had one of the upper fixed panes replaced in a house I sold last year. The Low-E coating had failed and began to oxidize causing a metallic "cloudy" look which the buyer's asked to be replaced. I called a local window and door company. They came out and measured then ordered a new low-e dual pane panel and l ater came out to the house and replaced it in like 15-20 minutes. The glass panes were glued into the vinyl frame. He just popped the old one out carefully then glued the new panel back into place and replaced the trim pieces. I was under the impression I would have to replace the entire window unit (double window). IIRC it was about $200.

Post: REI groups near Atlanta, GA?

Brad WoodallPosted
  • Investor
  • Ball Ground, GA
  • Posts 55
  • Votes 16

Brennan,

There are a few REIA groups around Atlanta. The closest one to you is probably the Mountain REIA group Faciliated by Gordon Catts that meets at the Golden Corral off exit 14 (hwy 20) on GA400 in Cumming on the First Tuesday of every month at 6:30PM. I just attended my 2nd meeting this past Tuesday. It's a great group of people.

you can check out http://atlantareia.com/

Post: Paint cedar tongue and groove and beams?

Brad WoodallPosted
  • Investor
  • Ball Ground, GA
  • Posts 55
  • Votes 16

@Chris Brown I've always wondered how the resale market is on "contemporary homes". How is the demand for them? Interested to hear about how the project works out. Is this your first contemporary flip? I recently bid on one. I was looking at purchasing it for a rental though.

Back in college, me and some guys rented one of these (looks almost identical to yours but different color) houses in Kennesaw. We had half-pipe in the garage, hot tub, coke machine stocked with beer, pool table...Good times...  I've always thought they were neat houses.

I like the idea of giving the buyer the option of painting the ceiling. Personally, I would probably leave the beams natural but paint the T&G.

Post: Brokers accepting of investor-agents in Metro Atlanta?

Brad WoodallPosted
  • Investor
  • Ball Ground, GA
  • Posts 55
  • Votes 16

When I'm done studying and pass the exam, I plan on going with solid source for the reasons above. I also have a family member who's a retired/part-time agent and she has her license with them because of the reasons mentioned above so she can keep her license active. She only does 1-2 transactions a year.

Post: First Mortgage

Brad WoodallPosted
  • Investor
  • Ball Ground, GA
  • Posts 55
  • Votes 16

sent you a PM

Post: Under 100k loan..Portfolio lenders in Georgia?

Brad WoodallPosted
  • Investor
  • Ball Ground, GA
  • Posts 55
  • Votes 16

Most conventional lenders won't do loans under $100k because it's not worth their time.

We refinanced our rental ($55k loan) a few months back and the (now previous) mortgage company wouldn't even entertain the idea. I spoke with a buddy of mine who is a mortgage broker and he said what I stated above. He ended up doing the refi for us because we had just purchased our new home through him back in April and he knows I'll be sending more deals his way in the future.

Post: Just Bought a Rental - Should I keep it as a Section 8

Brad WoodallPosted
  • Investor
  • Ball Ground, GA
  • Posts 55
  • Votes 16

@Dan Pepitone This is right up your alley.

Post: Structure basement wall bowling issue

Brad WoodallPosted
  • Investor
  • Ball Ground, GA
  • Posts 55
  • Votes 16
Originally posted by @Richard Balsam:

Luis:

Last year, I went to a 3 hour real estate continuing education class run by Aquaguard (I have a real estate license). They specialize in this type of problem. In fact- they provided us with a book they print that explains all the ways to secure a wall that is caving in - and the methods to repair. This problem is one of those things that look much worse than the cost to fix it. They ran the class to explain to agents that this problem is not a deal killer. I was speaking to them after the class about investment possibilities with this type of problem-they completely agree. Most people run from this problem. They said smart investors run toward this problem! The only downside - it must be disclosed to the next buyer what was done - and the warranty is transferable to them. I'm not sure if companies such as Ramjack does this as well- but it's worth a call to contact them both for quotes. Please let us know what you found out, costs, etc. I'm sure it can help all of us out in the future.

I'm not sure if they still do transfer warranties, but Ramjack used to. My buddy purchased a house back in '06-07 that had a foundation repair done by Ramjack and he got the warranty extended to him. I remember going over to the house for the first time and seeing the giant steel plates on the wall in the basement. Ramjack even had their name and number advertised on one of the plates.