All Forum Posts by: Melissa Ramos

Seth Williams, look above to Tom Lafferty's response, he beat me to the punch :) But yes that is what it stands for. As far as protection clauses, you can put : "End buyer is not to circumvent between the Assignee and the owner of the property/seller of the property. Doing so may result in civil action against the Said buyer" or something to that effect. But I recommend an NCND rather than a protection clause because NCND's detail all length of communication (do's or don'ts) you choose to have with the your buyer regarding your deal. Hope this helps!

you can always add a "protection clause" to your assignment contract or have them sign an NCND that lasts for whatever period you want. With an NCND, you can legally sue them for going around and poaching your seller and cutting you off the deal.

Hello all:

I have a Conyers duplex ready to be sold! Both units are 3/2.
This duplex is not a fixer upper. It's already been rehabbed but it would be up to your investor if he wants to update. Comps in the area that range upper $150K plus. I am putting a price on this one for $90K. One tenant is paying $650 a month and they pay their own utilities.

Here are prelim numbers and it includes taxes and insurance.

With 2 units $650 each = $1,300 monthly x 12 (months) = $15,600 GROSS yearly income

$15,600 - $2400 (taxes and insurance) = $13,200 / $90,000 Purchase Price = 14% Cap rate

Average rents in this area is $850 for a 3/2 townhouse. With $850 a month, i believe the cap jumps up from 19-20%

Please PM me for extra info and pictures. Serious inquiries Only. I can work quick with you. Cash Only Sale.

All my Atlanta/Georgia peoples, how do you comp a subject property when there are no similar properties anywhere near it? For example: a subject property is built 1950s and is 1400 sqft, 4/2. The neighborhood that the property is in, houses are either 2000s and newer with the same sq. footage and same bed/bath. Now technically I cant put these properties as my comps since they wont have the same features as a 1950 property. All other comparable properties are built the same year (give or take minus or plus 10 years) but are small - 600 to 1000 sqft with only 2/1 or 3/1 if Im lucky. If I do find some property that are the same year and same bed/bath, it would be at least 1.5 to 2 miles away from the subject property.
How do you guys go about comping a property in a neighborhood like this and settling on a price?

I'm doing a price reduction on this property -- 77K. Please PM if interested. Thanks!

BED: 3 BATH: 2

SQFT: 1,460

LOT SIZE: 0.27 ACRES

BUILT: 1980

House is free and clear. This is an all cash transaction. Property currently has 2 renters paying at $875 a month. Usually there is a 3rd tenant and the rent goes up to $950 to $1000. The total net profits would be $10,500/year. All tenants pay for utilities and cable separately so this does not reduce your net income. The tenants' lease will be ending at the end of the year. If you need help in acquiring tenants, I can refer you to a property management company who can assist in filling in the property with tenants. It is very near Kennesaw State, so a property like this will not sit without tenants for very long.

The property is in good condition. No repairs. Most all appliances have been updated since last year. The oldest appliance in the property is the AC unit which was replaced 4-5 years ago but is in great shape. The roof was replaced a year ago as well.

Please PM me for more details and pictures.

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I have a wholesale deal in Kennesaw for 70K. Needs updates, clean-up and a new AC (not broken, just old) but no major rehab. It's in a great neighborhood with lots of potential. ARV is 95K, could be higher if you plan to do a full upgrade on the property. Built 1987.
Sorry for being cryptic in BiggerPockets guys, but this property has tenants and I don't want to give out the address lest someone disturbs them. Please message me ASAP for pictures and further details...this property won't last very long!

How old is the building? And how much repairs are you talking about? Is it in a good area of town or in a less than desirable one? You would probably want to factor in how easy v. how hard it would be to rent it out. Also, compare what kind of multi-properties are in the area (more than 4 plex or just duplexes?).

I have an exclusive pocket deal in Griffin, GA for $23K. There is already a tenant in the property, paying $450 a month. No back taxes, no liens on the property. Clean deal, already cashflowing. Please PM me for more details, and if you are seriously interested. Ready to close asap!

Thanks for suggestions guys!! I didnt want to spend crazy money every month for reports so SiteX was definitely out of the question, although it is a great service, the cost is just too much for me.