All Forum Posts by: Tom Burns

This was the original farmhouse for the neighborhood before the land was sold off for development. Previously rented for $600 per month. Brand new carpet throughout, new flooring in bath and kitchen. Nice lot, nearly .7 acres, very wooded and lots of privacy. Has a bonus room that could easily be used as a 4th bedroom. Here is a link to the pics: https://www.dropbox.com/sh/ayef04a4nliuz3l/AAC2JAK...

For my SDIRA, I write paper and do equity participation deals with flippers. Don't own any property in it at all. Owning rentals in an IRA and titling them as your IRA, to me, could open your IRA up for liability. Example: You have $500K in your IRA, buy a $100K rental with IRA funds and title it with your IRA (so you now have $400K cash in the IRA and the $100K house). Renters have a party, outside deck collapses, somebody gets hurt. Even though you have insurance, you could possibly be jeopardizing the other $400K in your IRA since it and your house both have the same name and an attorney could go looking for whatever funds he can get for his client....

Alex,

I am an agent in Atlanta, been here since 1980, on my own in real estate for the past 20 years doing a little bit of everything, you can check out my profile.  If you need help, please reach out to me.
Thanks!
TOM

One more thing... For the pics, it looks like four of the first five or so are exterior shots.  First pic is always the exterior money shot, and then I try to do them along the lines of the next top five pics, each of a different area.  ie: Kitchen, living room, pool, backyard, bedroom, kitchen, bathroom, pool, deck, etc...  That way as they cycle through the pics each one is a new area of the property.

Trey, I agree with Kevin, the pics are good but not show-stopping, which they should be at that price range.  Also, if it is a flip, I presume you staged it?  Some of the furniture is really big (leather couches and chairs).  Sometimes with staging, less is definitely more.  I have done a bunch of flips but shy away from the bigger ones.  They take a longer time, fewer buyers who are much more picky, etc....and the holding costs can add up very quickly (taxes, utilities, insurance, etc....).  Has the agent run average days on market for the area?  Has she shared any feedback if any from people who have viewed it?  I am in Decatur and licensed, always glad to help or hook up and talk shop.  

Please send me info on the townhouses, do a lot of SDIRA investing.  Thanks!
TOM

Tough one, but if you have a contract and have acted in good faith, you could always sue for specific performance.  But that is a whole other set of issues and one I don't recommend.  If the broker and seller are related, you are definitely not in a great spot there either.  Not sure what the numbers are, but see if the seller will pay you a termination fee to get out of the contract.  Real example: a family member of mine had a contract on a condo in FL, very good deal, seller got cold feet at the last minute, ended up not wanting to sell after all, paid her $40K to cancel the contract...

Linda,

If they are considering listing it for $190K, you are in a tough spot already, as that is the number they will have fixed in their mind, and if you come in around $105K, they may politely tell you to go away.  In a strong seller's market, which we are in now, sometimes you have to bypass some of the straight line analysis numbers and go for more of a feel for the deal.  I am licensed, you can check out my bio, if you want to call me I can discuss it with you.  Sounds like this house is in Snellville???

TOM

I was with Equity Trust so long, I was there when they were Mid Ohio Securities !!! I switched to Advanta three years ago and have been extremely pleased. Advanta permits checkbook LLC, I don't think ETC does, and Advanta has an office here in Atlanta, if for some reason I need to see them in person. 10+ years with ETC, but as stated above, the last couple years were very trying in dealing with them, I think they got very big very fast and some of the service levels lagged off during that time.

Townhouses are typically individually deeded units, you need to find that out first.  If one person owns the whole complex, it could be run / rebranded as an apt complex, but it still may be separately deeded, which could be a lending nightmare...