All Forum Posts by: Matthew Nicklin

Great tip! The GA Biz register that he is referring to is the GA Secretary of state website. You can look up the LLC and find registered agent info, but it maybe an attorney or designated agent. If it is a big public syndicatior with 506 offerings you can probably figure it out though.

I know of syndicators that invest in Atlanta but they are not Atlanta based. Are you looking for someone local here to connect with or just someone who is familiar with the market? 

If your interested in purchasing a HUD property you have to find a HUD registered Broker or agent. HUD only lets agents/brokers with an NAID submit a bid for their properties. Not all agents are registered but it is a pretty simple registration process.

HUD does have a few different status

Exclusive- Means only open to taking bids from owner occupants and non-profits. 

Extended- Means open to owner occupants. 

If your an owner occupant and you purchase under the exclusive phase I believe you actually have to occupy the home for 1 year, but you can double check that. 

If the property is in the extended phase(which it probably is if it has been listed 100 days) then an investor can purchase it.

As far as mobile homes yes they depreciate instead of appreciate most of the time, but some investors can make money with them. I have never really played in the mobile home space. 

The other difficulty you can have with mobile homes in financing. They typically will not go conventional financing. So you may want to talk to a lender to get some additional info. 

@Lloyd Son I just shared some charts in your other forum post. You can check them out here https://www.biggerpockets.com/forums/647/topics/837746-atlanta-investment-markets 

In a word hot! Buyer demand is very high right now with extremely low inventory. Here are the recent sales prices from FMLS(The primary MLS in Atlanta Metro), this is for the whole MLS so includes tertiary markets in addition to the Metro.

I believe these low interest rates have continued to push buyer demand. While sellers seem to be far and few between right now. Here are the supply inventory numbers.

It will be interesting to see what happens the rest of 2020! 

Where you setup your account or a lender? They need a non-recourse lender. Find a commercial lender that will do non-recourse loans. The rates are going to be higher but that is what you need. 

A lot! I am by no means a land expert but I know a few people who have dealt with land. Really depends on your use for the land. Is it commercial or residential? How is it zoned? Does it need a environmental survey done?  Utilities to the property? Well on the property or public water? 

There are a lot more questions but those are just a few. I would make sure you have sufficient due diligence time in your contract so you can review everything. 

Licensed Brokers and agents can’t tell potential clients that a given commission rate is standard. No such thing as a standard commission exists, or it would be price-fixing. No local real estate board, or any other association of real estate agents, has the authority to set a commission rate or create any standardized fees for services.

I would recommend calling a few local agents who specialize in that area and niche and see what they think. Your probably going to hear varying numbers. You can also ask a Broker to pull a list of recently leased properties and show their co-op fees. These will be all over the place but you can use your best judgement. 

Will the previous owner be vacating the property? Doesn't surprise me that the hard money lender would pull out as pretty much every hard money lender I know wants the property to be vacant. They don't want to have to deal with an eviction if they take the property back. Also they don't want to lend on owner occupied homes as foreclosure laws are not as simple as if they are foreclosing on an LLC or another entity that is in an individual(Legally speaking).

There are a few bigger ones that are very good but they are all paused due to COVID-19. As you can't have large groups meet right now. As Curt mentioned there are several REIAs here in town GAREIA, Atlanta REIA, South Atlanta REIA, etc. Also there is a very large free meetup that typically meets at the Ivy in Buckhead called the Atlanta Real Estate Meetup(If you search it on facebook you should be able to find the group). The Atlanta Real Estate Meetup has been virtual for the last few meetings and has a very active facebook page.