All Forum Posts by: John Blankenship

This is Georgia (a rural but rapidly growing county) in the North Georgia mountains that is getting a lot of people from Atlanta and Florida buying second homes and retirement homes. Don't know the rate, but I took it straight off the tax bill. We are always having people from California tell us how CHEAP things are here (also why the people who can get out of Florida are trying to escape here now) :D Thanks for the input

I'm sure on the expenses being accurate and representative - they are what they are... Of course, something COULD aways come up (and probably will) - AC unit goes out, roof needs replacing etc etc. but I have followed this building for several years and know that there really is not too much else to it. Everything is stated accurately and the average maintenance costs includes allowances for these items.

Small office/retail center in growing area of N. Georgia - starting to become more of a tourist center. Site located right across the street from tourist train depot depositing upward of 50,000 visitors per year.

Buidling renovated with new systems about 10 years ago - pretty good condition, etc. 100% leased presently

Rents (6 tenants) - $42840 ann.
Expenses - Management - $3500
Taxes - $2000
Water - $720
Insurance - $3500
Vacancy $3500 (+/-)
Repairs $2500 (tenants responsible for interior maintenance - LL is only shell of building and HVAC systems)
No common area utilities - all seperate metered

NOI - $27120 (8.34 CAP) - with zero down.

Although it shouldnt matter in the deal eval., seller has agreed to finance $100 K (on a second to close after I do the first mortgage) at 0% interest for 5 years (principal pmts. amortized on 20 year. schedule - $416.67/mo) They need to sell due to health problems. I can finance the balance at 7.75 on 10 year note with 20 year Amort. schedule. Looking at $325K purchase price.

I am interested in holding the building several years while the area matures and grows.

What do you all think?

Hi all!

I'm new to this board.. been investing kind of since 1993 when I bought my present home (a triplex in intown Atlanta - now a duplex after we took over one of the units in what used to be a single family house anyway).

I'd describe myself as a "buy and hold" landlord-type mentality. Own 31 units now (multi-family and single family - including one second home for my wife and I..which DOSENT produce any rents- $%&!) in 2 smaller towns in the beautiful North Georgia mountains and my place in Atlanta. Own a commercial multi-tenant building in one of the smaller towns (all within 100 miles of Atlanta) which is evolving into a tourist destination and just bought an old historic hotel building there along with 3 other partners who are also somewhat experienced investors - we plan to renovate the hotel which also contains a historic restaurant, bar and retail space from a flophouse apartment building into something cool :wink: . Got a few grey hairs over that , but its trending in the right direction now. I still have a day job too in the real estate consulting arena (working on corporate real estate). Looking forward to learning and contributing here..