All Forum Posts by: Shay Yao

@Shay Yao Here are the answers to your questions regarding permits in Gwinnett:

Renovating an unfinished basement into living space?  YES

Closing up a carport? YES

Converting a closed garage into living space?  YES

All of these need permits because you're changing the use of the space, and things like electrical, plumbing, and HVAC will come into play (which require permits). You can call Gwinnett County directly, and they’ll confirm. You might get a few different answers depending on who you talk to, but at the end of the day, it’s a yes or no that matters. 

@Shay Yao Hey! Yes it's hard to price this out without knowing the property details and what grade materials you’re using etc.  Cherry-picking rehab costs won’t give you the full picture since everything ties into existing systems, permits, and infrastructure.

For a garage conversion, you’re adding sqft  which means extra costs for HVAC, insulation, electrical, and possibly new windows or structural changes. For a bathroom or kitchenette, the biggest factor is plumbing...if a water line is close, your in the money,  if not, costs jump.

Best approach for now? Use $70–$90 per sq. ft. for your napkin math. That’ll give you a rough idea until you get contractor bids. Once you have a property in mind, getting a few estimates will be the best move. But I get it, you need to know if it's a go or pass..! 

Shay - if you can find something in Brookwood that is relatively turnkey between $300-$350k I'd prioritize that school district above the other areas - great rental market!! I have a client that owns a few properties off Web Gin House and they stay rented to long term tenants due to the schools.

I'd be very selective and conservative on your numbers going into Decatur / Smyrna / Marietta for a 3/2 LTR - lots of rentals in these areas and can be tough to lease up. Also, there is a lot of new competing rental supply coming online in these areas and a few of my developer friends mentioned to me they are seeing downward pressure on new build rents. Schools aren't as solid as gwinnett so tenants tend to be less sticky.

From a duplex perspective - 2/1 units lease up very well in the outer markets like Cartersville, Douglasville, Newnan ect. Ton of demand and not a lot of competing supply coming online for these type of units.

If you have any q's - feel free to reach out in DMs!

Shay Yao, I have found if you can invest within an hour and a half or less away from where you live its much easier to build a super squad of A players that can super scaling a rental portfolio. I would look for $250-400 of cash flow per property in areas that you think have potential to get better. Hope that helps. We invest in properties in Baltimore, MD and have scaled up to a 50 unit portfolio 

Have you considered out of state investing?  You may find better value or cash flow.