All Forum Posts by: Regina Sitterley

@Lee Winterboer there are lots of meetup groups and REIA groups in the area. Google them. I learned everything I needed to get started at Atlanta REIA's groups. Tell Dustin I said hello!

Wow, Atlanta is such a huge area.  It would be helpful to know more detail.  I'm in north Atlanta, near Marietta.  Even within that town there are lots of nice blue collar areas that likely would not have the risk that some other areas have. Then again, your prices will be much different.  What's your criteria?  

Yes, there are lots!  What do you need?

@Paolo Ruggieri I may have a contact for you.  Let me ask my guy if he is interested or knows of anyone.  Is this in Atlanta or where?

Congrats!!! I remember getting my first deal - I felt the same way!  And of course, if you sell your contract you will see it through to the close, so naturally you will be helping the seller, who you obviously care about. Here's my input on your questions:

1) where do I get a purchase and sale agreement WITH an "and/or assign" clause? ... I'm in GA, so my contracts might be different. I got mine from an experienced investor who I split my first three deals with.  It was so good to have someone with "skin in the game" to call during the whole process.

2) when I present it to the owner, do I just give him an earnest deposit in his hand? I was told u can give as little as $10. How do I record such deposit?  .... I rarely give EM, but maybe that's required in NJ?  If you do give it, it should be recorded on the contract. The signature verifies that it happened.

3) once he accepts the offer (hopefully), then do I send purchase agreement to my Title company ? ...We use attorneys here.  Yes, I send the agreement to them to pull the title work and do the prep for closing.
4) then do I shop the deal around?... I think you can start networking and finding cash buyers now.  Why wait?  To market the specific property, though, yes - shop it around with pictures, videos, comps, repair estimates, the works, once you have the contract.
5) here is the big twist! The owner said he will need about 60 days to move all his stuff and find a new place to stay. Can this time be given to him for this type of transactions? Will a cash buyer be willing to wait that long? Was thinking to tell the owner that he will be responsible for the taxes as long as he stays in the home. .... This is fine for him to select the closing date.  It gives you even more time to market the deal!  If the deal is good for the buyer now, it will still be good in two month unless something crazy happens in the market.  Yes, the owner will need to keep paying the taxes.
6) how can I protect myself from being swindled if the cash buyer wants to see the house, which mostly he/she will. Will the owner and the cash buyer just try to deal with each other even though I brought them together .... your contract protects you, and your relationship with both people.  You can make sure your buyer is a serious and capable investor by requiring proof of funds or preapproval for the purchase price (for hard money) prior to allowing them access.

Hope this helps!  You are awesome for taking action!  Let the games begin!

I never consider tax assessment in my purchases unless I can use it as a tool for negotiations. Appraisals are based on comps only. Determine your ARV based on those, then subtract the repairs. Be careful with your agent's CMA. You need to understand HOW they ran it. The parameters can be manipulated, so make sure it makes sense for you.

Sounds like if they aren't talking to anyone maybe you'll have an easy eviction once the sheriff is involved.  At least they won't be playing games... I hope so, for your sake!

Sounds like this is totally normal stress you are dealing with!  Just to encourage you - it's something any new mom would face, not just one in real estate.  Have compassion for yourself.  This is all to be expected and "this too shall pass."

Some of the very best advice I heard as a working mom is to be "present" with whatever I'm doing. If I'm working on a deal ... I need to be fully engaged with that deal.  If I'm with my kids, I need to be fully "with" my kids.  The purpose of being present is to avoid that guilt. Do you know what I mean?  When you're at work you feel bad, thinking about how you're not with your kids. Then when you're with your kids, you feel bad that you're not giving your all to work.  It's a vicious cycle!

While I admit to finding this difficult to implement, I think it's vital to schedule time. If you are having trouble trusting, perhaps you can hire a mother's helper to be in the house with you while you supervise from a distance.  Maybe you can trade off time with another mom.  Listen to webinars while your in the shower or driving.... Just a few ideas from one mom to another. 

Hang in there!  

I would love to be a part of Fortune Builders one day! Of all the investors I'm connected with in Atlanta (REI is a small world, even here) the one's who are trained by FB are by far the most efficient. They have good criteria, effective systems, and are building a real business instead of just moving from deal to deal.

There's a brokerage in Atlanta that offers flat fee listings and buyer rebates.  I think it's brilliant marketing. Like you said, @Herwin G., it makes you think twice. Isn't that the whole point of marketing? It gets attention.  Whether or not their model works for you as an investor is up for debate (it doesn't work for me), but for the general population it works very well.