All Forum Posts by: Matt Sicignano

It just depends on your pain tolerance! Do you want the headache of losing income now, and getting over that in a month or two? Or do you want the short term relief of getting a first month's payment, then deferring the headache another couple of months down the road? 

The property management companies have been consolidating in Georgia, recently. Heritage is one of the largest, and there is Access Management as well. CAI is a good start, also try the website for NARPM. The obstacle you will face is cost-economy of scale and computerization means it's not much more to manage a 135 home community than a 35 home community. You should ask them about "accounting only"packages that limits their interactions with homeowners, which is much of the cost. I would say you could get a decent package for about $20/month per residence. 

Why don't you check with the Secretary of State? They are responsible for licensing business that require them in Georgia. 

Considering that they opened in Atlanta in 2005, and less than a year later the market in Atlanta crashed and burned, maybe we could also earn something from them about timing? 

Wow, I'm impressed!  I would love to be able to buy another property, for cash. I wonder what you're doing that I'm not? Oh right, not paying your creditors. 

You got burned-if they would have taken you to court ( not very likely) -they would have had to pay the filing fees , and you would have handily won the case, without it costing you a cent. Then you compounded it by allowing yourself to be extorted in a "free cash for my keys" scheme. You've just empowered them to be even more greedy and unscrupulous to the next landlord. Thanks! 

You're right-it would take an unprecedented level of co-operation between all the heirs to ever consider taking on that chore!

Also, have him check with the state. In most states (not sure about Georgia) the excess proceeds, if any, from the tax sale should go to the owner/heirs. If they can't find them-it sits in unclaimed property. 

It is 5% per month-there is some controversy about that owing to the fact that it comes out to 60% annually, but I had a hard money loan (owner occupied ) out at 15%, contract written by a Georgia real estate attorney, so I consider that a good indication that I was legal! In any event, calling it an "investment property" would not exempt a lender from the usury laws. There must be something else going on. In fact, it may be that the lender is deluded; thinking that that phrase may help him tax-wise. 

Because tax law treats investment and owner occupied property differently, I would imagine that the only consequences would be in capital gains and depreciation changes. I disagree that it is to get around usury laws in Georgia, since the legislature caps it at 5% per month, simple interest. There must be another reason, and it may be the lenders attempts to get around the tax laws.The treatment of the property would not impact the ability, or lack of ability to foreclose in the event of a default. In other words-he would have the same rights of foreclosure whether he agrees that is an "investment" property or not. Unless the contract prohibits the owner from living in it-the statement that it is an "investment property" has no legal ramifications, I think. Anyone?