All Forum Posts by: Mike O'Connor

Area aside, I strongly agree with @Kyle Penland in regards to investing in properties with HOAs. These dues do nothing but eat into your profits month in and month out. Also, while there is the threat of a 1 time assessment (the association charging its residents a 1 time fee that will generally cover a large project) there is also the inevitable increase of HOA dues every couple of years. Will you be able to increase your rents to keep up with these HOA increases?

In my opinion, the HOAs eat profit and are costs that impact your property that you have little/no control over... that is unless you want to get on the board at the community... but that requires time/effort.

Best of luck.

Thanks everyone for the great insight! I really appreciate the perspective.

@Todd Whiddon 

Thanks for taking your time on Friday to show us around your pop top project... a lot of valuable information! I look forward to following the completion of the project... perhaps a final open house to see the final product?

Mike

Thanks all for the great feedback. I think as of now, we are going to go the route of having one of us be the "assistant" of the other until we see a need for us both to have the license.

Hello All!

My business partner @Matt Wood and I have come across a potentially interesting deal (that we currently have very limited information on) and want to be fully prepared when we discuss more specifics with the seller. The potential deal is for a 30 unit property at 600k. Doing quick math, in order to hit the golden rule of 2%, we would only need to average $400/month per unit (current rents are one of the highly important details we are still needing to determine). The only other piece of information that we have now is that the rent rates are highly regulated by the government, which would prevent us from attempting to increase them in the future. While I know this is limited information, and I am not asking anyone to speculate on the deal specifics (not that I gave you much to speculate on), we are curious to get the opinion of others who have dealt with (or stayed away from) properties of this size with regulated rents. Is the fact that it is government regulated a reason to steer clear? Even if it hits the 2% rate and cashflows well?

We would love to hear any insights or experiences in this space!

Mike

Hello All!

My business partner @Matt Wood  and I are, in the grand scheme of things, new to real estate investing in the Atlanta area. We are putting together our "5 year plan" to make this a full time career and have debated back and forth one question in particular that we would love to get outside opinions on... that is, should we both get our real estate agent license, or should we limit it to one of us? Someone that we have a great amount of respect for in this industry cautioned us against both getting getting our license as it would limit our ability to negotiate deals. We would love to hear insight on the pros and cons for both sides of the coin on this as well as what has/currently works for others!

Thanks in advance for the insight...

Mike