All Forum Posts by: Terry France

Good stuff. Very helpful. Thanks for the info. 

Good information, guys. Much appreciated.

And Rick, I'll be in touch shortly.

Hello, 

I'm getting started and I actually have 2 hot prospects I expect to be calling on shortly to see if we can agree on terms for a property.  I want to make sure I have the proper paperwork on hard before I call, so I need to make sure I have the right contracts so everything is fully legal and compliant here in Atlanta/Georgia.

One of them is a regular residential property, the other is an 5+ unit property, which I understand is classified as commercial. 

So how and where do I get a standard Georgia residential contract as well as a commercial property contract? I've been told the residential one is pretty standard and can be obtained (or purchased) through many different sources locally... but that the commercial one might need to be customized by an attorney. Is that correct?  Can someone point me to where I'd be able to pick up (or possibly download ) these contracts I'd need?

Thanks in advance for your help. 

 Thanks Lisa.  I think I'm going to go ahead and buy that one, as a good starting point. 

If anyone knows a more recent book on the topic that they can recommend, please let me know. 

Hello all. I'm looking to get a good book on multifamily properties (duplex, triplex, apartment bldgs etc.) 

I've seen some good ones so far and narrowed it down to 3... but all three of them were printed before the 2008 crash. So even in checking the reviews on these books I've seen where some people have said the information is a bit dated in terms of banks' lending policies/financing options etc., since everything changed after the 2008 crash.

The 3 I have narrowed down to so far are:

Multi-Family Millions: (Dave Lindahl, April 2008)

Investing in Duplexes, Triplexes, and Quads (Larry Loftis, May 2006)

Investing in Apartment Buildings (Matthew Martinez, November 2008)

Does anyone here have a good recommendation for a book on multifamily properties that was written after the 2008 crash? (2010 and afterward would be preferred. Thanks)

@Simcha, 

Not a lot of assets right now... I'm setting a target date to buy my low priced property by About January to February 2017, after getting all my ducks in a row. And yes, my main concern is just basic injury, slip-and-fall type of situations, where a shady tenant might try to sue me to get some money out of me. So I'm thinking I might start with something in the 300-500k range, and as I add other properties, maybe add that umbrella policy that Jim suggested above. 

Thanks for all the great responses, guys!

Hello all! Just signed up yesterday...

First post, first question:

I'm a newbie, looking at a 1 BR condo I can get fairly cheap, and the rent payment would cover the mortgage payment right away, making it cash-flow positive...

But I'm terrified of the nightmare scenario where someone falls down the stairs, breaks their leg, etc, or whatever the scenario, and I get sued and get wiped out financially. How much insurance is a safe amount to cover such an event? I'm guessing maybe $300k-$500k, but I'm not sure if that's on the high side, or maybe not quite enough. What would you folks advise when it comes to protecting yourself insurance-wise?