All Forum Posts by: Joshua Feit

@Michaela G.That's exactly what those email lists are -- total BS! Just a bunch of copied/pasted properties. Terrible.

How are you finding your deals?

Agreed all the way around. I wish I could meet a wholesaler in Atlanta that:

• Markets for their own deals (not daisy chains)
• Doesn't write things like "do your own due diligence" (of course I will, but the wholesaler should do the research too!)
• Knows their market
• Is the king or queen of accurate ARV
• Finds decent deals that really work for their buyers
• Makes an honest living, and doesn't try to add ridiculous markup

If this is you -- please, please, please, contact me!

Hey BP! 

In 2017, so far I have run into about eight wholesalers who were:

-Marketing properties they did not have under contract
-Daisy-chaining deals 3 and 4 deep
-Marking properties up 200 or more percent
-Dealing with properties that were not theirs to market

Is this normal? Or did I just manage to dive to the bottom of the pool?

More importantly, what are some good ways up front to tell if I am dealing with a reputable wholesaler? Thanks for the advice!

I am the new owner of a duplex in Atlanta. I believe it is a solid investment that is going to show great returns over the long term, but it has a problem in the short term:

Across the street is another duplex, and the tenants staying there are ridiculous. Loud, rude, intimidating, blaring bass at all hours. Best I can tell, they are not employed, as they have been a presence at all hours of the day. They even recently moved a couch outside and now use the front lawn like a second living room.

I'm all for letting people live their lives, but the problem is that no one want to rent my apartment (one side vacant currently). The clear reason is because of the neighbors -- everyone who has come out for a showing has said so. These folks are scaring my potential tenants away.

What have I done about it? Nothing yet! I am thinking of reaching out to the property owner, but I also don't want to get these tenants ticked off at me. I wouldn't put it past them to make my life even more difficult.

So the question is: what would you do?

PS -- The obvious first question I am anticipating is, 'Why did you buy this place knowing this was going on? Well, I didn't know. I was on-site 3-4 times before purchasing, and it was always quiet. Go figure!

I'm late to the party here, but I just bought a duplex in Grove Park. I am very excited about The Westside Reservoir Project, and I wanted to get some property that was located as close to the new park as possible. (Bought on Sims Ave.)

This is a new neighborhood for me -- most of my investments are in SW Atlanta. But we will see how it goes!

Cheers,
Josh

Thanks to everyone who has contributed to this thread! Sounds like we have a pretty good consensus among that ATL investors that the Atlanta Watershed does not have jurisdiction to let tenant water bills stay on the title after an ownership change.

I bought a couple of hours with a recommended RE lawyer, and he agrees. He said this is a non issue, and that the owner's title insurance is one more layer of protection.

So we're moving forward. Thanks to all of you!

With gratitude,

Josh

@Andrew Bauer Just sent you a message -- thank you!

Hi @Lynne Jacob -- I'm here in Doraville; we're neighbors! In which neighborhoods are you investing? We are in Westview, Grove Park, and Clayton. Thanks for reaching out!

@Wayne Brooks

You may be right, but looking at what @Andrew Bauer said, I wonder if he may be telling the truth.

Regardless I will get a lawyer to look at this for me -- great advice!

Speaking of which, Andrew, do you have a lawyer in ATL that would be familiar with this law and that might be willing to meet with me?

With gratitude,
Josh

Hello BP!

I have a duplex under contract in Atlanta. We pulled the title, and there is 24K of outstanding water balances. It's not a lien, but they are bills owed by two different past tenants.

In Atlanta, these bills follow the property (not the tenant and not the owner). The balances of such bills will even survive a foreclosure process. Crazy, but true. (I verified with the city just today.)

The contract states:

Buyer shall have the title of the property researched prior to closing. Any expense of curing title, including but not limited to legal fees, discharge of liens, and recording fees will be paid by the seller. This agreement shall be extended as required to resolve any title issues revealed by said title search.

The seller's lawyer said verbally that these unpaid bills will "appear as information on the title, but they are not liens, and we will be issued a clean, marketable title at closing".

I have already agreed to close with the seller's attorney, so basically I am unrepresented at this point.

Needless to say, this all makes me feel NERVOUS!

QUESTIONS:

1) If I purchase owner's title insurance, would this cover me in case these bills are not actually cleared up?

2) If the seller is unwilling to pay these loans off in time for the closing, should I back out? 

3) If so, does it seem from the clause above that he is in breach of contract, and that I should get my earnest money (2K) back?

Thank you for helping this new investor out!

Cheers,
Josh