All Forum Posts by: Samuel Botts

Ok, thanks for your reply Thomas. I was told that in addition to state law there might be some county specific laws that address items not covered under state law. I do have a copy of the GA LL/Tenant Law guidebook, so I will continue to rely on that.

Also, summary judgement is a LL remedy that basically allows for the the immediate judgement against the tenant in default, in the absence of a full court trial. In PA, which is where I currently live, they are allowed however not all states allow them. Basically it expedites the eviction process when a tenant is in default of their lease (e.g summary judgement of possession). I'm not a lawyer, but that's my basic understanding how they work. I had that clause in my commercial lease when I was a tenant in a commercial space in Philadelphia.

Does anyone know if there are any laws preventing a landlord to have a no smoking clause in the lease agreement? I have a copy of the LL/Tenant Law Handbook for Georgia, this is where my rental property is located, but there is no mention at all of whether or not a landlord can prohibit a tenant from smoking. So I know that I'm fine at the state level. However, I cannot find any landlord/tenant laws for Douglas County specifically (property is in Douglasville). I want to prohibit any smoking in the unit but obviously want to be compliant with the law. The unit is an SFH 3/2.

Thanks in advance for any help.
S

Hi everyone.

I'll be closing on my first property soon in Douglasville, GA and I was hopung someone coukd shoot mr a link to landlord tenant laws for Douglas County. I have the Georgia laws, but i want to make surr that my lease is compliant with Douglas County law. Also, are summary judgements of possession legal in Georgia and/or Douglas County?

Any help would be appreciated.

Thanks,

Sam  

Hey Kyle,

i lobe in Philly currently but am actually closing on a property in Douglasville this week. Welcome to the site!

Hey everyone. I'm getting ready to close on my first property in GA and I was hoping that someone might be able to share a good lease template and credit application for Douglas Co. 

Also as part of the credit check do you typically do criminal background checks as well? 

Thanks,

Sam

In searching for a private lender an investor i spoke with would prefer to do a 50/50 deal where she puts up all of the upfront capital but 50% is debt and the other 50% is equity. I this person well and do not have a problem necessarily in being a partner with her but I'm sure how to structure these type of deals. We'd do a BRRR strategy, at least that's the plan, where the debt to her gets paid with a refi, but I'm not sure how the mechanics would work or if this is even a good strategy. She not interested in just being a lender as she wants to assemble a portfolio and be able to participate in the upside.

Here are sime ateas where I am uncertain how it would work with a 50/50 deal

1) Should we form an LLC or just be listed as separate owners of the property?
2) If we do an LLC, does the refi piece fall apart since the LLC would own the property and hence effectively we'd both would then end up with the liability of the refi, simce we're both members of the LLC  (this is where I'm most confused)
3) After the refi, how does she get paid back for the debt she put up? My thinking is that she would get back 50% of the total cash she fronted. The other 50% would remain invested as her equity piece. That part seems straight forward. But if the money she gets back from the refi, is debt, then she she really isn't made whole because as a member of the LLC she has now incurred a liability on that money.

Anyway, anyone with some experience doing a deal like this, I would love to hear your thoughts and insight.

Thanks,

Sam 

Thanks Chris for your insight. Can you or anybody else help me understand specifically why cash deal is more attractive to a seller than a conventional deal? I understand conceptually there are less hurdles to clear and closing is less complicated but what specifically is the seller able to avoid with a cash deal that he/she would not be able to do on a conventional loan? I mean in the end, the seller still gets the same amount of cash after the deal closes, correct? 

Thanks,

Sam

I'm a new investor and am trying to purchase a SFH (3/2) to rehab and rent using a conventional mortgage. The problem isn't getting the financing but rather getting a property. It seems that the cash buyers have an advantage and I'm wondering is it hopeless for me to try and compete in a market with what seems to be a lot a cash buyers or if there are some strategies that I can employ coming in with a conventional loan. Also does having a conventional loan mean that I should be prepared to make a higher offer than what a cash offeror would make. Any help would be appreciated.

Just for context I'm looking in the Atlanta suburbs in particular Douglasville, GA. 

Thanks,

Sam

That's awesome. Thanks Tina and Manolo. This is good info!

Thanks everyone for your feedback. I'll  be sure to let you know how it goes.

Kind regards,

Sam