All Forum Posts by: Nicholas LaGatta

I'll take all the help I can get!  I'll shoot you a message.  

I've got one that I own currently, as you'll see me ruminating on in the other ATL thread ; ]  I just wrapped up the other two rehabs I did this year, so now it's back to the top of my priorities again.

New roof, windows and doors in place, no structural issues.  Fortunately, the property is in excellent stable condition and can sit until I'm ready to work on it with no appreciable deterioration. 

Partly, I'm begging for a GC to "come out of the woodwork" and prove me wrong : ]

In a market as good as Atlanta, I'm assuming all the quality residential GCs either (1) invest heavily in advertising and their websites to attract retail clients at healthy margins or (2) they are tightly partnered with property managers and investors and they aren't hungry for newbies to show the ropes and grow with.  

If you put in the effort, you should be able to come across some lower-end GCs that may or may not show up, probably won't write anything down or give you more than a ballpark off the top of their head, then good luck with the follow-through!  Even a low-end GC isn't that hungry in this market, but they know you are and they are happy to use that to they're advantage.  

I'm happy to tell you everything I know for free if you shoot me a PM.  I'm even willing to let you walk through a couple of my active projects one weekend.  

If you find someone, please let us know (just kidding, keep them for yourself).  Finding a good GC in this market has been such a massive issue that I literally acquired my own truck, equipment, and warehouse to do most of my own work out of necessity.  

I can barely find a GC willing to show up, let alone give a quote, especially not in writing.  If you've got gobs of money to throw at the problem, I bet you could get someone's attention, which might be the case for a homeowner but not an investor that plans on staying in business for long.  

Lending One offers a Fix to Rent loan.  I've inquired for more info to continue researching.  Thanks!

By multi-family, I take it you mean a 2-4 unit, correct?  Are you talking $100k per unit or for the entire property?  

$800 per unit is a good rule of thumb for that general area, but you would need to take into account condition as well as the following 3 considerations: (1) location (2) location (3) location.  

I've done a bunch of research on this kind of thing and I've got a couple of duplexes in my portfolio.  Let me know if you want to chat or drop in on one of my active projects.  

I have a property in the greater West End area that I already own (4 months into a 12 month lot loan from a local bank).  I'm trying to figure out what my best option is to fund the rehab to eventually keep the property as a rental.

The property is gutted, not habitable, and rehab hasn't gotten out of the planning phase yet.  Long story short, other projects took precedent and I probably won't be able to wrap up the project by the end of the term of the loan, which I knew full and well was a possibility from the onset.  

The details:

(1) I may be able to pay off the property by the end of the loan term to stop the ticking clock, but then I wouldn't have enough cash/credit to fund the rehab.  

(2) 203k would be a great option, but I have been unable to find a contractor willing/able to do a 203k rehab for a reasonable rate.  

(3) I asked my regular hard money lender, but they didn't seem to have an option for these circumstances.  I thought it might be possible to refi the property, including rehab, with a hard money lender for 12 months then re-refi to a 30 year loan, but I haven't asked and I don't really want the massive expense and hassle of refinancing 2 more times.  

(4) Let's assume I don't have any equity in my other properties I can tap into right now.  

(5) I'd be open to a partnership or other creative arrangement, but for right now I'm only in Atlanta for 3 days per week and the stars would really have to align.  

(6) I'd be willing to sell the property at a modest loss, but who really wants to admit the sunk cost bias is real?  

Any advice?  What angle am I missing that I should be considering?

I just had a buyer send a Plan D proof of funds letter and thought it smelled funny from a "cash" buyer.  After a little bit of research, I found their free proof of funds generator:  http://besttransa ctionfunding....  

I think you're best strategy is to pool together myself and a few other investors into a hunting lease.  Don't worry, we'll take good care of the place ; ]