All Forum Posts by: Michael Ibekwe

@Lonnie Sheteron yea surprisingly no one answered. But yea, I found the answer. While you don't need general liability insurance for your business it is probably good to have. A company called Hiscox offers "Professional Liability Insurance" for property managers. Check them out. 

@Victoria Coleman I use cozy.co to collect rent it's a very good property management system and FREE for landlords!! Also you can request background checks, and credit checks at the tenants expense when placing new tenants. Cozy allows you to not only collect rent but tenants can also message you through the platform and put in maintenance requests. Once you get big enough you can let your virtual assistant (VA) be your internal property manager and save yourself from costly 3rd party property management expenses!

@Victoria Coleman another thing to consider when purchasing a deal. Find out HOW the tenants currently pay rent! In small multi family tends to attract a certain type of tenant (which is ok). But some may not have a bank account and if they don’t have a bank account they more than likely won’t be paying online. If you’re self managing to improve cash flow then it it something to consider so you don’t create more of a job for yourself. They will have to mail a rent check in, or drop it off at your office.

@Leon Lee Thank you! I have a small internal team and I buy real estate assets for my own personal portfolio. Syndication just seems like too much debt too soon IMO, I feel like building anything you start small and grow from there while taking the learning lessons with you... I don't know how people who never have managed 20 units want to take on 200 units sounds kind of crazy to me. Yea man I really like the area but I would suggest having a local operator there or boots on the ground, it's really only a 2 hr drive straight down 75 so I don't mind it at all, but I have family that lives down there. It's a rental market for sure so the mindset and tenant quality is somewhat poor reflects in the price of rent... Additionally it's more of a cash market because of the number of distressed properties and it is relatively flat so don't bank on appreciation like we see here in Atlanta. But the cashflow for the right asset is very nice! Our quad should produce +15% > COC How do you feel about Columbus and Augusta, GA? I see a lot of multi-family deals there but haven't pulled the trigger there yet.

@Leon Lee we closed on a quad down in a Macon this month. Also have a 5 unit and a triplex under contract. All priced fairly well when compared to the Atlanta metro area. Main difference is the middle GA is a cash market IMO.

@Kim Bayless sure you have probably figured this out by now. But IMO live auction is much better because you actually know who the other bidders are and you kind of know what you're getting (assuming you have already done your DD). Online Auctions on Auction.com you have to worry about meeting the reserve, buyers premium, and proxy bids. You could essentially just be bidding against the bank and we all know they never lose.

Good post @Leon Lee I too, am looking into tertiary markets around Metro-Atlanta. Investing in Atlanta has gotten to be way too expensive relatively quickly. Whereas, we have seen success in Middle GA, and Birmingham, AL. 

Noted @Rick Baggenstoss! 49k is approximately 20% of 249k to get into the deal. 

We are selling our position in escrow (not an assignment) on the property below. Cash only!

Home is located on a quiet street in a great neighborhood with lots of investor activity. Home is literally 1 block from the Westside Belt-Line trail (30310).

Property would be an AMAZING Airbnb! We project $5000-$6000 per/month in gross revenue, not to mention with the Super Bowl right around the corner. Would also make for a great lease option for a buyer who has the down payment but lacks the ability to obtain their own loan. Why not get your buyer into the homes of their dreams today...

We are selling with Owner Financing, 30-yr term. No balloon payment! You do not need to qualify, or go get your own loan. (Great way to add to your portfolio without all the hassle).

Our properties do not last long if interested, put your offer in today! $3000 earnest money deposit required at contract acceptance.

For additional photos please visit:
https://www.dropbox.com/sh/ljzl2q6a3qet9uh/AADc9nomDv2EnGknjBPLP7o9a?dl=0

Please do your own due diligence. 

This property is vacant, call or text to see.

Realtors, add your fee and bring us a buyer!

Terms:

Purchase - $249k
30 yr. - fixed rate 8%
Cash to Close - 20%

@Josh Stanton is this still available?