All Forum Posts by: Kiran K

LoL @rick baggenstoss

@Shekar Kollu it all depends, start to look around the area you live and see how that city rentals are priced , what kind of rents it commands and there are bunch of spreadsheets in biggerpockets you can plug the info into and see how it does as a rental and once you are comfortable with that area you can start moving to different parts of town. Atlanta with all it's suburbs has pockets which can work out even today.

@Jay Hinrichs congrats and good luck would be great if you can keep this thread alive and post updates.

In what senario you would loose the 400K can you elaborate on that, i understand where you make the money as u sell of the chunks.

@Kenneth Davis if you have to sell a rental to get things under control do it and save ur other rentals. This one more or less seems to be how u are handling ur tenants rather than how they are behaving.

if you are having trouble with paying for taxes and evicting tenants right now, how will u pay for turn overs even if the tenant leaves. Instead of raising rent you better let the tenant continue and start fixing things are due. Given the way you explained your situation you seem to be renting a property which is not maintained so you are not under market in rent from my point of view. 

@Randa C. , coil is an inside unit was there damage to compressor or the coil. Never had this kind of issue happen to me before but the tenant should be able to provide a little info on this.

Also get another AC repair guy to check out and validate if the current one and new one are giving the same info.

@Nauman Khan since this is your first deal get an inspection done and walk thru the property with the inspector when he is there you will learn a lot during this process on what to look out for.

check which utilities are paid by owner and tenants.

get the rent roll and see how long tenants are living there for, if there is turnover on them frequently thats an added cost you need to plan for on yearly basis.

@William McGregor first decide which part of atlanta you want to invest in ITP or OTP, since you are in cumming look at houses near by in dawsonville or gainsville and see if you can purchase anything around 120K (which is tough in the current market) , get pre-approved for a loan once you decide an area you want to start investing in and start looking out for properties in that area.

I would look in gwinette (lawrenceville , snellville) 

@Abdul Azeez either of the options should do it, I have been in similar situation before in atlanta market and reducing the rent did help and got a good paying tenant in.

-Kiran

@Raj I. did you talk to the owner if they can turn on utilities, if not are you allowed to turn on utilities for three days this is something I remember doing for a foreclosure property around 2011.

if not get buy it cash or private $ and refinance once you have the property rehabbed and have a tenant placed in the property this will allow you to pull out most of your cash if there is enough equity on the property.

@Akhil Kumar it does not matter how old it is if the bones are good, If its before 1978 check for lead based paint issues, some homes I have flipped had some asbestos in them which can get expensive to get rid of.