All Forum Posts by: Marcus Cannady

Congrats, Carson! This is clearly an awesome outcome for you, and your family, on multiple levels. 

Furthermore, since I've first made a comment in this thread I've closed on a flip in my hometown of Cincinnati. This thread is inspiration for me to share my experience. Not only will it be my first flip, but it'll be my first out of state flip.

Thanks again!

Thanks a ton for sharing all of this, @Carson Wilcox! I've got a couple buy & holds, but actively exploring a flip opportunity here in ATL. Your transparency thus far is much appreciated. Cheers. 

@Wai Leong I would also add that if you're considering investing in the area think through how you plan on financing. I've been bidding along the westside beltline in Washington Park, Ashview Heights, Mozley Park, and it's more or less all investors selling to investors. No end users are involved so, loans aren't all that welcomed. The exception, of course is hard money loans. 

So, come prepared to offer cash - or - have your HML ready.

mc

I regularly run the westside trail and the progress is clear. Last time I was on it i was able to get on at Lena St. in Washington Park and run it all the way to the Kroger on RDA. I eventually had to get off b/c of mud. That was like 2 weeks ago. I image it's probably paved from Washington Park to Kroger. Of course it's paved from Adair Park to those burnt out buildings. 

All that to say that I can easily see them completing it on time by the end of July. 

I used to live in Ashview Heights and it was not the best. At.All. However, the influence of the Beltline is already apparent. Curbed(!!!) did a spotlight of a home there this week.  

Great question. Newbie here who's looking to buy within 90 days. Really interested in adding banks to a spreadsheet for future reference. Like the rest of y'all....I want to know that i can work around seasoning hurdles so i can use HMLs. Can't secure the wholesale deals without it....since i don't have 30-50k on the sidelines to throw at deals.

Hey, @Michaela G. if i may ask....which 'hoods in ATL are you referring to?

I ask because I'm interested in investing along the Beltline - albeit the Westside Trail at this point. 

Personally, I live in Reynoldstown, so i'm very familiar with how the Beltline has been a game changer for various neighborhoods. We've gone from ignored, to now you can't pass through Krog Tunnel w/o seeing tourists and others snapping shots and shooting videos

@Rush Wall, i'm not interested in this particular deal, however I am keenly interested in deals on the westside of ATL. Will keep you in mind if you have future deals on that side of town.

More specifically, Vine City, Washington Park, Ashview Heights, Pittsburgh, Mechanicsville, West End, and Adair Park...and a few surrounding areas. Looking for proximity to Westside Beltline as well as downtown.

Thanks!

@Ashley Sanchez how stringent they are depends on the loan program you opt to use from them. They have a program that allows you to do a FHA loan and will give you a 5% grant towards closing costs. they're out the deal as soon as you close as the grant will immediately be forgiven. This would work if you're concerned with the lien. That's their, "HOME Atlanta 4.0" program.

Here's the full listing of their offerings http://www.investatlanta.com/intown-living/homebuy...

To @Shawn Ackerman's recommendation, there's also NACA. However, NACA is VERY concerned with you staying in the home as an owner occupied. They can tack on a lien if you try to turn it in to an investment property. The upside with NACA is you don't have to buy in Atlanta only. It's a national program, so you can buy anywhere. They're also going to give you a 100% loan and cover closing cost. You can buy a home and only have to pay for ancillary expenses - inspection/ appraisal/ etc. They also offer a renovation loan component. This program is definitely NOT for an investor, however....surely there are ways to hack this. I would consider NACA for a MFH.

As far as clarity around owner occupied, my experience is that neither program is going to tell you how to workaround their stipulations. There are rumors on how to workaround this, however it's hearsay, and at the end of the day you have to weigh the cost/ benefit of trying to get around it. Ultimately, they want you to remain in the home, and if you buy another home and move to live in it full time you're somewhat exposed to their rules.

Hope that helps a bit. 

Agreed, regarding the mounting pressures on the Westside @Rick Baggenstoss. 

I'm keenly interested to see how it all pans out. 

Good to hear from a fellow techie. I'm thinking my experience in that realm will help out on this new venture. Can't wait to dig in!

mc

I've gone to their Q&A once, and will be going back again 4/5 as you have to return if you don't buy within 6 mos of attending.

They offer approx 5 different options, they vary in terms of the downpayment offered and requirements with respect to your obligation to remaining as an owner occupied person.

You MUST buy within the City of Atlanta, with some caveats which I don't recall fully.

Ultimately, it's a legit program, however it takes time b/c of the demand for their services. You gotta signup for the Q&A class to get the ball rolling. Even if you never use the program I would recommend signing up for that class ASAP so you have the option open for you at some point.

All the best!