All Forum Posts by: Joshua Feit

@Nicholas LaGatta@Michaela G. Thanks so much to both of you!

Michaela, yes -- you seem like a RE rockstar! Really appreciate the advice you've offered me here and on many occasions in the past. I hope our paths get to cross sometime soon. Cheers, Josh

@Michaela G. It's a little unclear -- but I found a document that said the process started in 2015.

@Nicholas LaGatta Follow-up question for you: I think this is good advice. Can you coach me on what you would recommend that I say to find the information I need but not divulge to much. How would you ask the initial question down at city hall?

@Michaela G.

Thank you for your response!

Two follow-ups:

1) I am not sure how long it has been vacant. It was seized by the US government (drug bust) and I have no access to prior leases etc. It definitely is vacant at the moment.

2) I keep getting sent to voicemail at city hall. Do you have someone you recommend calling there? Or should I just go in person?

Short answer: no!

Longer answer: I am finding deals here in Atlanta (from multiple sources, not MLS) that have plenty of cash flow and good opportunities for appreciation -- so no!

Hello BP!

I am chasing an off-market deal, but have run into a snag. As the property sits, it is a purpose-built duplex (separately metered) built in 2004. It also has a large detatched garage with a second floor 1BR unit (separately metered as well).

I have an offer in right now and am waiting to hear back.

MY QUESTION:

I was poking around on an Atlanta zoning map, and I noticed the property is zoned r4a -- single family residential. Does that kill this deal? Or should I try to get zoning changed? Or nonconforming use confirmation?

A structure built in 2004 undoubtedly was permitted, right? And if so, wouldn't the inspectors have caught this?

So, what to do??? Thank you for your insights!

Hi Marvin,

I have rentals in this area. I'd be surprised if you got more than $850 for the rent on this house. Just FYI. :-)

Hi there,

I have run my calculations over and over on a 15 unit off-market deal. The deal doesn't seem great to me, but I am trying to be VERY conservative on the numbers. Here are the facts -- I would love to know what you think about this one:

PROPERTY:
15 units in three identical buildings, all 2/1, vacant. 14 units need light rehab (less than 5K each), and one unit had a fire in it (needs estimated 25K rehab). Purchase price is 200K. Seller wants 50K down and 5% to hold the paper on it for a year during the rehab, and then we would refinance it out once it is rented / stabilized. Estimating the ARV at $360,000.

RENTS:
Rents in the area for similar units show a wide range -- $350 - $550. I'm guessing these would rent for $450 a unit, maybe $495 if we got lucky.

NEIGHBORHOOD:
C at best, and will never appreciate. This is in the rural south in a small city. Definitely a lot of low end rentals around.

EXPENSES:
Taxes: 5000/year
Insurance: 300/month
Landscaping / Trash: $400/month
(All other expenses separately metered)
Vacancy -- budgeting for 15% (figuring 2-3 units may be vacant at a time)
Repairs -- budgeting 15% (around $1K/month)
CapEx Savings Account -- budgeting 15% (around $1K/month)
Management Repairs -- budgeting 15% (7% per month, plus one month rent for all new placements

Thanks for taking a look, and please send me your thoughts!

Greetings! I would be interested in seeing more information and learning about the financing terms as well. Thank you! [email protected]

Greetings! Please send me the financials and any information you have. [email protected] -- thank you!

Greetings everyone! The Forest Park 4-unit is SOLD! Wishing everyone many successes in 2018 -- cheers!