All Forum Posts by: Account Closed

Hey @Jack Reid, Welcome to BP! You will not be disappointed with what this site and real estate has to offer! I used to live in San Francisco not too long ago! Miss that place, even though it was crazy expensive! I think you are off to a great start with those books! I myself have read them and can say that they really change your perspective on what you are doing in life...for the good. I would encourage you to continue reading, listening to podcasts and educating yourself. Most importantly, start to take action, even if its small things like going to local meet-ups and REIA events. Action and experience is that best teacher and best way to learn quickly.

Best, 

Mehul

Also, this might be an obvious question but given that I am pretty new to this whole landlording thing, where would I find such laws/regulations? 

@Theresa Harris So the current leases are month to month and I would ideally like to raise rents from 600 to 800 and 750 to 850. They are renovated 2bed/1bath units. 

@Evan Polaski Growing rent is not something that I thought of. It sounds like a great idea and I agree that the communication coming from me would be much better than it coming from the existing owner. Thanks for the tips! 

If you are about to purchase an investment property as a long term buy and hold and the current rents are below market, what would you do? Would you ask the current owner to bring the rents up to market value before closing? Would you raise the rents immediately after purchasing the property? you might risk loosing the existing tenants and there are laws about how much you can raise the rent by? Or have done something else that has worked for you in the past? 

@Benjamin Seibert Wow! a conventional with 3% down. haven't heard of that yet. Yeah I am trying to balance out my down payment with monthly cash flow. I guess it just depends on the deal I find. 

If you have house hacked or helped/know someone who has house hacked a small multifamily property (3-4 units), do you think its better to get an FHA loan or a regular conventional loan? I have different lenders tell me different things. One said that I can use the income from other units and that will count towards my income for the loan approval and another said that I cannot. One also said that with 4 plex I HAVE to put down 25% and can only do a conventional loan. I would prefer not to put down 25% and use that money to purchase another property. I am curious as to what your thoughts are on the situation?

@Marc Brenner Yes, I have noticed that there is very little multi-family on the market, especially small multi-family. I was mainly considering DeKalb and Gwinnett at this time but might need to start expanding my search area for sure and even tying to find things off market. 

@Jingru Sui Yes, I realize this is a very broad question. I live around the Ashford/Dunwoody area right off of 285 and have definitely seen a lot of changes recently in both the commercial and real estate sectors. I am mainly interested in long term buy and hold and primarily looking at DeKalb and Gwinnett counties at the moment. Downtown is something that I am not considering at this time as its definitely more expensive. 

I have recently moved to the Atlanta area and am thinking about purchasing a small multifamily rental property. Which areas do you think are currently being developed or are soon going to develop. I am not too familiar with the micro neighborhoods and am trying to get an understanding of what has been happening in the Atlanta metro area for the past 10-15 years. Any striking trends or shifts that you have been noticing?