All Forum Posts by: Patrick Young

Hi All,

I am currently on the board of my HOA and have an idea about commoditizing the rental wait list spots. Has anyone heard of any association allowing members to sell their spots on the rental wait list to other members? Our community has a wait list of around 30 people. It would seem to benefit everyone if we allowed people to sell their spots. For example, I might be at the top of the list but not want to leave or rent my unit out, but would like to profit from the years I've waited for the privilege. I believe creating a market for selling these wait list spots would make it easier for those who value them the most to obtain one and for everyone to profit off arguably the most valuable reason to own one of these condos (rental income). In my ideal system, you wouldn't be swapping - you would move to the back of the list after selling and the buyer would forfeit their current spot on the list.

It doesn't seem to be prohibited by our guidelines but I'm looking for any examples of how this could work or not work.

Thoughts?

Thanks for all the responses guys - that is the answer I've been receiving from a few people I trust as well.

I'm pretty familiar with the Atlanta market and have been for a few years. I would be purchased the loft to live in while I work and attend grad school at Georgia Tech, I don't know my long term plans for Atlanta so I was viewing the lost purchase as an investment as I could cash flow it after I left..

There's also a brewery my friend is opening that I make make a small investment in as well. I'm hesitant to put anything into the market right now because of how high everything has been - but ATL is also at (or close to) the height of the real estate boom as well so I'm anxious about overpaying for anything. There aren't many "deals" to be found anymore.

I make about $80-90k depending on my bonus so I'm not sure what amount of credit I'd qualify for outside of a conventional loan for the loft. So I don't know how to go about purchasing that first cash-flowing property. Any advice or anyone local in Atlanta that would be willing to show me the ropes would be dope!

Hi All,

I recently lost my home in a fire and was able to sell and profit about $90k from everything with insurance money. I have about 200k in cash and and trying to figure out the best move right now with it. I want to purchase a loft on Marietta St in Atlanta for $261k. Should I be putting $150k down or just 20%? What other considerations should I have. This was a freak event and I want to make the most with the money I have.

 Yeah, but they only have to speculate long enough to rehab and flip.. 3-6 months. I'm betting that we see prices increase for next 2-3 years while the area continues to gentrify and then there will be a strong correction. Depends on how much of the redevelopment and retail areas actually happen perhaps. I think short term 1-3 years will be strong buy, but 5-7 years may find a slump. If you plan to hold 10+ years probably fine.

I've been following the market for the last 3 months, looking to buy my first home. I watched Edgewood/EAV appreciate like mad in the last 3 years and am seeing the same thing happen in Westend, Westview, Adair park, etc. I was at an open house in Bush Mountain this weekend that has 20 people sitting outside waiting on the realtor and the home already had an offer.

We're seeing fix'n flips in the $260-$350k range in areas that a few years ago were $150-200k. From a buyer's perspective there are no homes of value left unless you do a 203k and the work yourself. I've got the resources to pull that off so that is a possibility, but how much further are these prices going to raise and how long will they stay there? My rent is $8400/year, and I'm trying to figure out if it's worth it to rent for another 1-3 years and see what the market does and try and get a home around $200-250k instead of $275-$325k.

Yeah, the belt line is coming, blah blah etc, but what real development has occurred? I think prices are inflated on speculation and it's not wise to buy a house and essentially pay for the speculated future appreciation. You investors are lucky, you only have to speculate a few months out and rake it in! Ha. I'm on the wrong side of the table.

Thoughts? Advice?

Yeah, I'm single and have lived in most of the neighborhoods I'm looking. Decently familiar with the areas I'm looking and becoming way more knowledgeable now. I'm looking at a 3% down payment and LPMI since credit score is high 700s. With a lender paid PMI you're betting money you pay with the increased interest rate will be less than BPMI for the life of the loan correct? Since I'm only planning to live there for around 3-5 years, I'd have to run the numbers but I think I'd come out ahead. I was also thinking of trying to scheme a way to get some of the PMI including in closing costs and negotiate the seller into paying that..

@Rick Baggenstoss Looking at a house on Moreland that's been on market since September, priced too high. Fell out of contract because the water line runs under the house, a reroute isn't a big deal, but I'm not sure if the agent was referring to the city's system or just the house's main water line.

Thanks for the responses guys. @Dan M. @Rick Baggenstoss I've done a lot of driving and am narrowing in on a few areas. I'm getting a silverton secure mortgage which will fully pre-approves my loan so any offer I make will have no finance contingency; I'll be good as cash. I'm hoping that gives me a competitive advantage for homes in a popular area. 

I'm looking at everything $300k and below. I'd like to be in the low $200s, but it seems in that range you are looking at poorer quality rehab houses and renovations that are quickly and shoddily completed. I think you can get a better value in homes under $200k (even if you have to do some work) or the ones in the high $200s and low $300s. These seems to be better quality and in better neighborhoods. 

Peoplestown has some sketch areas, seems the further southwest you go down there. East of Hill Street and the surrounding areas to the east look nice. I drove through the West End yesterday and it wasn't as bad as I've heard, even further down Cascade Ave, there seems to be some new renovations going in along there as well as a couple restaurants. EAV is top dollar right now, but I would love to live within walking distance of the village. It's an area I would want to live in long-term and I think the value will continue to rise 5-10 years down the road. Nothing desirable in Edgewood/Kirkwood currently. I've found some decent stuff of 2nd Ave towards I-20 and a little further south on Moreland.

At this point I've seen every single home on the market, and understand why it's still available (priced to high, next to a prison, backyard is an apt complex, or causeway, or some other reason). I've been inside about a half a dozen and driven by probably 20-30. I've mapped out my search areas on FMLS and have instant reporting for all listing in my criteria. Learning a lot through this process. 

My mom wants me to get a realtor license after this process and be her intown showing connect for some side money. Doesn't sound half bad. I might build up enough local knowledge to be useful to some folks on here as well.

 Cheers and thanks for the advice!

Hi All, I stumbled across this site while browsing for real estate advice in Atlanta. I've lived here my whole life and would like to purchase a house soon. Financial situation: I'm 28, make about $60k/year. I have $15k in cash and $15k in my Roth. My company will give me a gift loan of $10k for buying a house.  My mom's a realtor with KW on the north side and my younger brother is a loan specialist and a friend of mine owns a construction company and recently sold 5/7 houses for some nice cash which got me thinking..

I'm looking for straight advice on what to do. I currently rent in Edgewood and would ideally like to continue living in intown. I'm thinking of a buy and hold in Peoplestown with Georgia State taking over Turner field, and the belt line and Beacon going in to the south. Also looking at Adair Park and the West End, maybe even Hapeville. I think I'm priced out of EAV and most everything in East Lake looks like trash. Ideally I'll live in the house 2-5 years while I build equity and the area appreciates and then sell. Obviously I don't have the capital to start buying up properties but I'd like to make a smart choice with my first house so that I can build up to that.

I'd rather not be someone's payday being a rehab home for market value so I'm looking for a deal. I've looked through almost every home intown on FMLS, garbage homes are available for higher than average prices it seems and the good houses vanish within 48 hours at higher than listed. I've considered an FHA rehab loan and scooping something cheap, but I'm not sure I have the experience or expertise to pull that off.

Anyway, any and all advice is welcome and appreciated!