All Forum Posts by: Joshua Feit

Hi there! I am a newer buy/hold investor in the Atlanta metro, currently with five units in my portfolio. Just wanted to say hello and wish you all the best as you begin your journey. I don't know nearly as much as many investors on this site, but I have spent many hours driving neighborhoods, crunching numbers, and looking for great deals. I don't know if I will be able to answer any of your questions, but send them along, and we can work on finding the answer together. Cheers!

@Heather W. You are killin' it! What a great roster of deals. Pretty soon, I know we will be hearing an interview of you on the BP podcast. Wishing you all the best in the year to come. Cheers!

 How do I learn that? And what are the red flags that this raises? (Thanks for the help!)

Hello BP!

I am the owner of four units in Atlanta -- but so far, I bought from the MLS, financed through a conventional bank, and had the help of a realtor to write the contracts and organize a closing.

Well, I have saved some funds, and I am ready to make my first cash offer on a property. (Asking price is @25K, and I would be buying from a wholesaler).

So... HELP ME!

What do I need to know about:

-Writing the offer (which form to use, negotiate verbally first? Write the offer first?)

-Setting up closing with an attorney (who pays, etc.)

-Title issues

-Any other tips for making this transaction go smoothly?

Thank you so much for your help!

Cheers, -Josh

Well, that's not the answer I wanted, but it is the answer I needed. Thank you all very much for your input!

And yes, @Rick Baggenstoss , I would love the contacts. Thanks much

Hello BP!

There is a single-family home that I have been eying for six months -- vacant, and needs a lot of work. I am a new investor (with four units in Atlanta), but I am interested in making this home my primary residence.

I looked up the records and found it was foreclosed, and the bank took ownership of it. That bank folded, and it was bought by Wells Fargo.

I called Wells, and they said the home would be eventually listed on the HUD Home Store. I called the Home Store, and they were entirely unhelpful as to when they may be bringing the property to market.

MY QUESTION:
Is there anything that can be done now? Or do I just have to wait it out? Are there any HUD specialists that know how to pull magical strings to make deals like this happen?

Thanks in advance!

Hi there BP! I'm brand new to investing -- just closed on my first deal. One property, two structures, with a total of four rental units (in Georgia). I'm excited, but I am having a tough time finding an insurance policy on the place.

I thought I had this all nailed down, but I just got a cancellation notice in the mail that states the policy will be cancelled due to failure to comply with an inspection.

The property is managed, and the manager claims she had a tough time coordinating a single time when all four tenants could meet with the inspector. I am a little skeptical, but I do know that all of these tenants work long hours and odd shifts. So maybe...

Anyone have any good recommendations? And do you have any tips about coordinating an apartment manager, an inspector, and four tenants? (Sounds like the start of a bad joke...)

Thanks for the help!

Cheers,

Josh

Hello from Atlanta!

I am looking at a bungalow (3/1) that looks great and needs very little work.

The purchase price is 45K, and it is on seemingly good street with no boarded houses, no bars on the windows, decent cars, kept lawns, etc. There other properties on the street valued at 70-90K.

Rent comps for this 3/1 show a median price of $875 on Zillow.

Taxes are around $500 for the year, and insurance is around $450 for the year.

The property is currently vacant.

The neighborhood is Historic West End, and it is not far from the Beltline (paved trail / transit / redevelopment project in progress encircling downtown ATL). The neighborhood seems to be gentrifying, but there are still a lot of vacant, run-down properties in the area.

What do you think? Is it a good time to get into a place like this? Or is it too risky? I'm looking to buy / hold.

@Brianna S -- Would you be willing to share the contacts of that broker?