All Forum Posts by: Paul Kennedy

Curt is correct. Your closing attorney should have something you could use for cheap or free. Absolutely no reason for an attorney to write up the contract for you if it is just a standard residential transaction. 

Either that or just go to any office supply store and pick one up for a few bucks. My attorney will start processing anything that says someone is willing to sell me their house -- so long as it has a name, address, signature, and the word "sell" on it somewhere -- because the only paperwork that matters in the end is the closing documents. Of course, if the deal starts to go south and disputes arise then that is where a good contract comes into play.

Come join us over at GaREIA. Good group of people, many active subgroups, and some great listservs to be apart of when you join.

I'm looking up tax records on the county website for a potential property and it has Corelogic listed as the mortgage company. Anyone see anything like that before? Any idea what it means?

@Jake Miter Welcome! Atlanta is a good place to be. I'd say check out Scottdale for near Emory good REI location at the moment. Most properties around Decatur (near where Emory is located) are super expensive, but Scottdale is at a much lower price point for being right on the edge of Decatur. 15 minutes from Emory (down the street from the Emory park and ride too) and 10 min to downtown Decatur. I used to live around there (went to Emory for grad school) and it's a nice area. I'm on the hunt for some rentals there, but I'm sure you could find something to house hack. It's a small neighborhood, but there are a handful of duplexes.

@Jay Hinrichs Oh sure. Still a long way off from the double digit rates of the Reagan years. I was merely saying the super low interest rates are starting to wind down -- it'll still be a few years of consistent increases before it significantly impacts funding.

Yup. Fed raised rates 1/4 point today, although many banks had already raised their rates over the last few weeks in anticipation. Two more raises this year and another three next year projected. So, we're looking at at least 1.5% increase from what they were by the end of next year. Everything has gone up. The era of near-free money is winding down, baring any major economic downturn over the next couple years.

What is your question exactly? Is it about whether or not it sounds like a good investment? If so, assuming 50% rule, you're looking at around a 5% cap rate with an all cash purchase with those numbers. If you are talking debt service then you would only be breaking even until about 30% down, and then you're looking at 2% returns.

Making plenty of assumptions here, so you'd have to run your own specific numbers to truly know, but in broad strokes this investment ranges from "meh" to "might as well invest in a CD".

Well you have GCSU down there, so there is always the opportunity to target student housing.

Welcome Edison!

I'm an investor-friendly agent that lives just south of you in Lilburn. Let me know if I can be of any assistance!

No problem! Glad to help! It's a good looking house, so you shouldn't have too much of a problem selling it if you get the numbers right.

Maybe look into adding a garage to the property if permitting and budgeting allows, especially since you'll have the land for it. Should be a pretty good value add for the area.