All Forum Posts by: Joe L.

Ali-

You say north of Atlanta is much tougher for investments than south. I find the homes are newer, communities are nicer than other parts of Atlanta which on the downside leads to higher prices, but also provides higher rents. You say tougher... for cash flow? To find tenants? Please elaborate

I have some inventory in Las Vegas they may be interested in, I was considering a 1031 into an apartment building - let me know the exact criteria they are looking for. JL

A Realtor in Atlanta has been showing me turnkey properties with tenants in place in Cherokee, and Forsyth Counties along with homes near University of Georgia in Athens lately, does anyone have any experience in these towns? The cash flow and the quality of homes seem pretty good, does anyone have experience in this neck of the woods? Any feedback would be appreciated. JL

I am wondering if anyone has experience with SuperPriority HOA Liens? I know there are groups going through the legal process to obtain quiet title on these, but does anyone know if the legislation and courts in the 19 SuperPrioity states will actually grant Quiet Title.

You are correct - my mistake

It is amazing how creative and convincing tenants who are late on their rent can be. I used to fall for every story I was told, until I realized that there are people on this earth that will actually lie for their own benefit. Now as soon as they are 15 days past due no matter what the story... unlawful detainer! It is amazing how quickly tenants will begin telling you the truth when the Sheriffs Dept posts an eviction notice on their door. And all this for the unbelievable low price of $40 + mileage in Clark County Nevada. If the stories are true and they come up with the money terrific - they stay. But it prevents the tenants from spinning the reason the rent is one week late into a 2-3 month loss of rent.

Once the tenant has satisfied their 1 year commitment (and has been a good tenant) I allow them to go month to month more as a gesture of good faith than anything else. Have them sign an addendum to the lease stating the updated terms. If they are a nightmare I either don't renew their lease or make them sign a new 12 month lease. I have several tenants that have stayed more than 2 years on month to month after their leases expired.

To be classified as a bedroom it typically needs to have a window, which you have and a closet. so with a little extra framing and drywall you should be fine

Jessie- What the IRS law states is that as long as it was a rental property for 2 of the last 5 years prior to sale you can 1031 it into another rental property.

I only invest out of state because the returns are better than in CA. But if you invest in an area that is more than a round trip car ride in one day plan on buying at least 5 in that area to achieve some economies of scale. Managing a rehab crew that you can only direct every couple weeks can prove disastrous as well. Too much unsupervised work for extended periods can lead to a lot of tear out and start overs. Managing one or two rentals more than 200 miles away can prove to be a huge headache, your travel time and expense will eliminate any potential profits. But as I first mentioned.. I only invest out of state.