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All Forum Posts by: Sharon M.

Sharon M. has started 7 posts and replied 65 times.

Post: New to Investment Property

Sharon M.Posted
  • Rental Property Investor
  • Atlanta, GA
  • Posts 65
  • Votes 34

I like the strategy with using your 401k. I purchased two properties with mine one in 2016 as a loan. That property is a 3/2 and at the time I only paid 48K so I was readily able to put that money back into my 401k but on the latter not so much as I chose in 2019 to pull it out to buy a duplex. Yes, I had to pay the taxes on it but it was well worth it to now have 3 doors that have no mortgage or loan (of course with the exception of expenses) it hits differently to know I have more of my cashflow instead of having something were I only cashflow $200 a unit. I am just to a point where I'm trying to maximize what I have. The duplex is in zone R6 which the city has approved  that I can "add" two more units to it (which would leave me with a quadraplex). The good thing I hear from your story is that you have options. And that's the beauty of it all. Best of luck to you!

Post: Land developing question and iso architects or builders

Sharon M.Posted
  • Rental Property Investor
  • Atlanta, GA
  • Posts 65
  • Votes 34

@Jay Ragland do you have an architect available? I'm in douglasville zoned R-6 for multifamily, which means I am able to expand my existing duplex.

Post: Land developing question and iso architects or builders

Sharon M.Posted
  • Rental Property Investor
  • Atlanta, GA
  • Posts 65
  • Votes 34

Hi Lynn,

Were you able to find an architect? I'm currently searching. Thanks.

Post: Build to rent and hold.

Sharon M.Posted
  • Rental Property Investor
  • Atlanta, GA
  • Posts 65
  • Votes 34

@Nathaniel Schmitt are you able to refer the contractor you used? I have a duplex that's zoned to expand into a larger multifamily in Douglasville. Thanks. 

Post: GC, Architect, Expediter recommendations in Atlanta

Sharon M.Posted
  • Rental Property Investor
  • Atlanta, GA
  • Posts 65
  • Votes 34

Hi Mike,

Were you able to find an architect? I'm currently searching. Thanks.

Post: Looking for a Landscape Architect Reference

Sharon M.Posted
  • Rental Property Investor
  • Atlanta, GA
  • Posts 65
  • Votes 34

Hello Rashad, did you find one? Currently looking to expand my existing multifamily.  Thanks in advance for sharing. 

Post: Architects in the Douglasville, Ga area

Sharon M.Posted
  • Rental Property Investor
  • Atlanta, GA
  • Posts 65
  • Votes 34

Hello,

I am looking to add into my duplex to transform it into a quad, however, I’ll need a drawing of this to provide to the city/planner. Any architects out there?

Post: I-20/West of Atlanta/Douglasville/Austell area

Sharon M.Posted
  • Rental Property Investor
  • Atlanta, GA
  • Posts 65
  • Votes 34

@Sher J. I have a property in Douglasville that I’m currently doing repairs on to get back on the rental market. I’ve been reaching out about permits as my goal is to expand it into a large multifamily.

Feel free to connect!

Post: Newbee in Douglasville Ga.

Sharon M.Posted
  • Rental Property Investor
  • Atlanta, GA
  • Posts 65
  • Votes 34

@Matthew Gilliard are you still in the Douglasville area? I have some work being done at my property there and could use some HVAC expertise.

Post: Any cons to using 203k Loan?

Sharon M.Posted
  • Rental Property Investor
  • Atlanta, GA
  • Posts 65
  • Votes 34
Originally posted by @Bill Rich:
Originally posted by @Sharon M.:
Originally posted by @Bill Rich:
Originally posted by @Nate Bell:

@Bill Rich, I went through the 203K process 8 years ago, I’m doing another one now, and what he is saying was/ is true for me. The lenders are detached from the process, contractors need to be paid, and the owner ends up making up the difference. And, yes, if you don’t have a dumpster or doorknob accounted for, it’s an out of pocket cost, or a bunch of paperwork. Anyone entering a 203K should have 20% of the project cost available to spend at will and the MAY get it back as a change order at the end.

Hi Nate 

I am sorry that your experience has been less then excellent. Unfortunately there are lenders out there who do not take a hands on approach to these loans AFTER closing. Its important to work with a lender who handles the entire process in-house and one who understands the complexity of the loans and has the know-how to complete the project, not just get the loan closed. For example my team actually handles the draws and works with the the borrower (you), the GC and HUD consultant (when there is one) from the beginning until the very end. My draw admin sits right next me so I know that we handle this the proper way. If you ever have any questions please let me know. If you are already working with a lender and have closed I wont be able to help too much because you are unfortunately stuck with how they process the draws.

Hi Bill I’m looking for a company that does 203k loans…sounds like this is in your territory? Please help! 

Hi Sharon

I can certainly help, but I see you are in Georgia and unfortunately I am not licensed in Georgia. 

Thanks for your reply. Is there anyone in your network that you could refer that’s based out of GA? I know it’s a stretch…