Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Sam Mitchell

Sam Mitchell has started 19 posts and replied 67 times.

Post: West Side of Atlanta: Opportunity or Pipe Dream?

Sam MitchellPosted
  • Developer
  • Atlanta, GA
  • Posts 72
  • Votes 31

@Evan Parker Yes, I own properties in Grove Park and West End. If you're paying $240,000 in that area you should be getting a newly renovated house or rent-ready duplex. I prefer to do buy-and-holds, but I would think that area has some good flipping opportunities. That said, with flips you're inherently missing out on this great appreciation we're all hoping for.

As for the boarded up tear downs - yes, they're everywhere. And vacant lots. Remnants of the foreclosure crisis and an area of the city neglected for decades by the government and businesses. But you can always find tenants for a decent rental property - not always the same story for trying to sell a flip. I also see those lots as huge opportunities. I've been exploring ground-up developments in Grove Park in some of those vacant lots. The land is really overpriced right now in my opinion, but I think that might change in the next couple years.

Hi Scott,

Thank you for the response.

A rough idea of my setup - currently 4 properties (10 units), 3 in Georgia and one in Tennessee. I expect this to scale up to at least 50 units in the next 5 years. Definitely would be interested in hearing your thoughts about how a SLLC would work in this arrangement, and also about state filing since assets are across multiple states.

Currently each property is held in a separate LLC filed in the state of the property.

What about insurance policies? And don't you worry about subjecting other properties to liability by keeping them under a single LLC?

Post: West Side of Atlanta: Opportunity or Pipe Dream?

Sam MitchellPosted
  • Developer
  • Atlanta, GA
  • Posts 72
  • Votes 31

To shed a little more light on #4, Atlanta's Westside was one of the hardest hit areas in the country by the foreclosure crisis 10 years ago. A lot of the original, African American population left, and the area still hasn't recovered. A lot, or maybe even all of the increase in prices has come from speculation, rather than an increased demand, but I believe that is changing. The Beltline, Quarry Yards project, proximity to Marta and Downtown are all going to be big drivers, as well as increasing in-migration of young people from around the country looking for affordability, access to transit, and an urban lifestyle.

As a born-and-raised Atlantan, I'm long on the area and my investments demonstrate this. I just think expectations should be real - Grove Park is not going to be Morningside in 20 years. It may not ever be. But I think changing demand patterns from young buyers and renters have the potential to turn these areas into very vibrant and valuable communities - like they historically were.

I'm wondering how people with multiple rental properties structure things like insurance, LLCs, bank accounts, etc. I currently have each individual property under a separate LLC, with its own bank account, and its own rental property insurance policy. I could see this getting unwieldy as my portfolio grows though.

Anyone have any suggestions for other systems that may be more efficient, cheaper, or with less liability?

Post: Seeking a great contractor for rental rehabs in Atlanta

Sam MitchellPosted
  • Developer
  • Atlanta, GA
  • Posts 72
  • Votes 31

Hi @Greg Kurzner, I sent you a message a few days back. I would definitely be interested in talking to the folks you recommended. Thanks.

Post: Seeking a great contractor for rental rehabs in Atlanta

Sam MitchellPosted
  • Developer
  • Atlanta, GA
  • Posts 72
  • Votes 31

I just closed on a duplex in Grove Park, my third property in Atlanta, and I'm looking for a great contractor to help me out with some minor rehab on the building. I am an active investor in the area, and I'm hoping to form a relationship with someone interested in working with me repeatedly on numerous similar projects as they come up.

Some things to note: I live in California, so must be willing to work with someone remote. I am an Atlanta native and have construction management experience.

If you have any recommendations for someone who is not too busy to take my call, or are a contractor yourself interested in talking, please let me know!

Thanks.

Post: Property Manager recommendation for section 8 duplex in West ATL?

Sam MitchellPosted
  • Developer
  • Atlanta, GA
  • Posts 72
  • Votes 31

Hi Jonathan, I have someone for you. Send me a PM.

Post: Skip the inspection, bring in a contractor?

Sam MitchellPosted
  • Developer
  • Atlanta, GA
  • Posts 72
  • Votes 31

I've made an offer on a duplex that is in terrible shape. It most likely will need to be completely redone, though the structure itself is only 18 years old. During due diligence, I'm wondering if there's any use in paying for having an inspection done. The property is sold as-is, and I know it's messed up. Would it not be more cost and time efficient to use this period to bring a couple contractors through to get estimates on a rehab?

Post: Atlanta Section 8 Questions

Sam MitchellPosted
  • Developer
  • Atlanta, GA
  • Posts 72
  • Votes 31

I should correct my answer to number 1. I actually had to get certified and do the class myself because of a unique exception with my arrangement with my PM. You shouldn't have to do this - though I found it very helpful and informative.

My PM only operates in a few select neighborhoods so don't think they would work for you.