All Forum Posts by: Pam Black Zentner

I agree about the risk not being worth it, @Suzy Sevier. I can't imagine so many owners would think it is. I pulled the HOA documents; they allow a hardship waiver only if the complex has 20% or fewer renters. It does not, especially if these owners are counted but even if not. It's so perplexing.

@Gorden Lopes, congratulations!  I love Huntsville!  Now that you've survived your first deal, what piece of advice would you offer a newbie?

Hey @Sean Ramuchak.  There are so many paths you can take.  I'm glad you are going to learn more about the industry before taking the plunge.  I would also suggest beginning with a duplex or other small multifamily residence, giving you the option of living in one side while earning income on the other.  One of the advantages to this strategy is the opportunity for funding.  You can secure a conventional loan, possibly a reno loan to help you make needed updates, with a low down payment if you owner occupy.  Sometimes that down payment is as low as 3% (I'm no mortgage expert so please talk to someone with more knowledge before you make a decision)!  I don't know about you, but 3% sounds a lot better than 20%+ that would be required on an investment property if you're buying to rent it out without owner occupying it.  In addition to that, if you owner occupy one unit, a huge portion of your projected gross rental income will be used to help qualify you for the loan to begin with!  

However, knowing the Atlanta market well, I can tell you small mutlifamilies are not easy to find. They are either in need of a lot of work or have already been updated and are at the AVR price point, which is great if that's what you want.  So if any of that sounds good to you, find a REALTOR you trust and get listings that match your criteria sent to you as soon as they hit the market. At the very least, you can analyze deals while you're learning about the local market.

Good luck! 

@Jingru Sui, that's fantastic!  We should definitely meet for coffee and see how we can help each other meet our goals!  :-)

I farm to a particular condo complex in my market. It's a great area with a strong rental market. However, the HOA has restricted rentals in the complex; no owner who bought after 2010 can rent out their unit but instead must occupy it themselves.

I ran a search recently and discovered nearly 10% of the owners in this complex are violating that rule!  That's right, 23 owners have purchased since 2010 (many of them within the last two years) and are absentee owners.  What I noticed with every one is the tax records indicate the units have "no occupants."  However, not one of the units in question is vacant.

Are they legally working around the HOA rule? I know the HOA regularly sends out notices that fines will be assessed if an owner is caught illegally renting their unit. From my experience, an HOA can do more than fine the owner. Why would they take this risk? What am I missing?

Hey @Riley Oder! I've been an Atlanta REALTOR for six years and am ready to take the plunge myself into BRRRR investments. Let's connect and synergize!

Thanks Val!  I've added you to my list and will be on the lookout for you.

Pam :-)

View the property flyer.

• 3 bedroom, 2.5 bath Atlanta rehab.
• Large back yard, quiet street, walking distance to shopping, restaurants, and public transportation.
• Easy access to 285, I75/I85 connector, and downtown.
• Located in a great rental market area with rent estimate easily at $850-$950/month

Hey @Rae Remer!  I miss that sweet smile!!!  Lunch soon?

Fitzgerald, I sent you a message.  I've got one for ya!  :-)