All Forum Posts by: Caleb Harwell

@Sean Rosenbaum Hi and welcome to Atlanta!
      I too recently moved to Atlanta (North Buckhead) and have started to learn more about the market here. I moved up last May to work with my brother on flipping houses. He's been doing that for about 4 years now and we focus mainly in the chamblee/brookhaven/doraville areas. I come from working at a community bank as a lender and also have a handful of rental properties myself that I have managed myself for about 3 years now. I am still trying to learn about the areas in and around the perimeter myself. I would love to link up and chat about real estate sometime! Goodluck with everything! 

@Rocky Pe Benito I am not familiar with that market however, 7 bed 2 bath is such an odd house, I would definitely look at converting that into a duplex for sure if not maybe even a triplex somehow. Adding a bathroom and a small kitchen. More flows on one property vs one flow. Slightly lower rents but x2 or x3 would be highest and best use in my opinion. Congratulations on the new property! 

Jiwan, real estate is amazing. You should definitely pursue this desire you have. I have been investing in real estate for over 4 years now. It is in my opinion the greatest investment you can make. It is the easiest way for the average person to become rich and make big leaps in their net worth.
     The first thing I would recommend you do is find a mentor. Find someone in/around your community that has rental properties. Whether it be single family residential houses or commercial multi family. I personally recommend single family home. Learn from them, find out what it takes, things to look out for, mistakes to avoid, the entire process from finding a possible rental property, to locking in that tenant. This will be a major jump start.
     I would soon start going to some local community banks and/or just any local banks and ask to sit down with a lender and let them know your game plan. Yes you may not be buying a property tomorrow, next week/month/year, but go ahead and start developing these relationships, trust me. They will let you know what they will be looking out for/need and this will give you a leg up and another head start.
    Third, start running the numbers on possible deals. Find a house for sale, pretend your buying it, figure out what the costs would be, expenses in fixing it up, monthly interest, insurance, taxes, etc.. then what the possible rent would be for that property and area and see if the numbers work. Do this over and over on different houses, become super familiar with the area you are in/wish to invest in. Knowing your market is VERY crucial, VERY. Have your finger on the pulse of the market that way when it is time you will be ready to strike.
     Run deals, practice scenarios, read a few rental property books, listen to podcasts, read through this website. But most importantly, get with a local mentor and next most importantly, pull the trigger once you are ready. Going through the process is the best way to learn. Get a feel for everything. Remember it's always better to fall off a curb than a cliff.

I hope this helps. Please feel free to reach out if you ever have any questions!

Goodluck!

Thanks @Jeff Mason.

Anyone else have any insight or suggestions?

So I have found 3 properties in my area that are vacant, 2 of which seem to have been vacant and uncared for years. I have done some digging and have found who is in charge of the estate/owner of the property and their mailing address. Does anyone have any tips or suggestions on how to word a letter to this person if I am trying to find more information on the house and possibly purchase the property? Thank you!

@Paul Ronto Much appreciated!  I like the idea of if it stops working due to age or routine use we would handle but if it's the residents causing it will be their responsibility. Thank you!

@Kyle Mccaw Awesome, thank you!

So I am going over the rental/lease agreement that has had over 3k downloads on biggerpockets. With it along with my current one (I just started a few months ago), I am formulating a new and improved one.

 I've come across the "appliances" section and in it states:

"Such appliances as are in the property, are there solely at the convenience for the tenant and provided by the LANDLORD, who assumes no responsibility for their operation."

- So I do not assume any responsibility for my provided appliances? If they go bad or tear up, it's not my duty to fix or replace them? I am super super new to all of this but, this made me think. Just wanted to clarify is this normal? I feel like they should be my responsibility? I have been wrong many times before! Just wanted some clarification and feedback. Thanks!

Also, any suggestions on key points or statements to include in the rental agreement would be greatly appreciated. Thanks!