All Forum Posts by: Nicholas LaGatta

It's sketchy, but not a war zone.  I guess for me the difference is the area's importance to the city's strategic growth and activeness of policing and security efforts.  

I think you can find good working class tenants in that area to make most investments work, but expect to do some extra vetting.  Since you're into multi-family, I imagine your outlook is at least 3-5 years.  If that's the case, I believe the numbers on multi-families in Washington Park are a good near-term opportunity with a strong upside potential in the middle-term.  

Hi, Kenny.  I've been there as a landlord on a couple of occassions.  

I HIGHLY recommend you take a deep breath, walk away, and be grateful it wasn't a more expensive piece of education learned the hard way.  

You will most likely only lose money and time if you take ANY action.  Sorry this happened to you!  PM me if you want to chat about your options. 

I just ran this metric on the last 2 rentals I bought (SFRs, Pittsburg and East Point) and they both come out to 1% and change.  For this market and alternative investment vehicles, I would consider these properties to be solid investments.  

Reach out to David Camero at New Western.  They tend to find good deals you're not as likely to lose on, but for the margin they make you could source similar deals yourself.

If you need a good GC who's cheap and smart and shows up and is available right away and is true to his/her word...good luck.  

I'm lending at 10.25%.  For regulatory purposes, the lender has to pay the $30/month or so for the loan servicing company, which worked out to around .25%, hence the odd number.  I worked out 15% down based on thoroughly underwriting the buyer and his father (a real estate attorney) who co-signed.  Buyer paid all closing costs, including owner-finance related docs (e.g., note).  

In Georgia, you'll need to work with an attorney to close.  My attorney has done at least a couple owner-financed deals involving FCI, so happy to get you in contact.  

Don't be worried about starting a dialogue.  Remember to stay flexible.  It's difficult to predict which angle of the deal is important to the other party, but be prepared for some give and take to make sure everyone feels like they are getting a good deal.  

Looking good, David!  I do almost all of my own work, unless I need a really serious job done (e.g., massive structural repair).  I've got a couple guys I can call to give me an unskilled hand on the weekends.  

Hi, Nina.  I owner financed a property I sold and I have extensively researched using owner financing to buy a property.  Also, I live in Adair Park, less than a mile from that area.  

My initial impression is your revenue expectations are probably a little inflated.  Also, factor in that your turnover will be very high compared to most markets given the student population and low-income area.  

I would start with a conversation before you put any numbers/facts/figures in front of them.  They may reject the idea outright, but you need to be prepared to counter their objections right away.  I would recommend researching USLegalForms and FCI Lender Services.  You need the buyer to understand they will keep the security deed until/unless you completely pay them off.  You can use a loan servicing company so it's totally impersonal and you can autodraft every month.  FCI will even help the seller foreclose on you without the seller having to get their hands dirty.  

You need to be prepared to pay premium interest and price point, especially if you want no money down  First impressions, I would never do no money down owner-financing, even at premium interest and price point, as a seller because it doesn't allow the seller any buffer if they need to foreclose.  

Let me know if you want to connect.  I may be able to do a drive by when I'm back in town this weekend, if you want.  

Probably outside the I-285 perimeter, but I don't know that market well.  I live and invest near Downtown and I've done deep research on mostly sub-400k multiunits in the surrounding areas (west side near Beltline developments).  

East Point, College Park, and Forest Park may have some options, but my impression is there may be a better way to get to what you want to accomplish.

What are you trying to accomplish?  What's your strategy?  What are your constraints?  

3 or 4 years ago there may have been some inventory in C/D/F neighborhoods near Downtown (GA State), but now you're looking at paying a premium for a full or heavy rehab.  It really just depends on whether you actually want to make money on this market any time soon.  

A realtor or broker might not challenge your reasoning as critically, since they have other motivations.  At least on BP, most of us are driven by some level of intellectual curiosity.  

I've got a good friend who is a private investigator and process server.  I use him for all my background information needs.  He's got access to some great databases.  If you're interested, send me a message and I will connect you.