All Forum Posts by: Tom Burns

Steve, I saw your post above. I don't do a ton in Gwinnett, I tend to stick to DeKalb County, inside of 285, within a 5 mile radius of Emory University. I have a property at 1544 Country Squire Court, Decatur, 30033 coming up in mid April. It is currently rented to Emory Phd students at $1,475 per month. It is in the Lakeside high school district. You can google it or look it up on Zillow. It will be priced most likely at $199,900 and I expect it should sell around $210K-$215K to an investor (I tend to price stuff to move quickly and generate interest). I would say $70K on a well done rehab, should fetch around $345K, which is roughly 75% ARV. 65% ARV is tough inside of 285 in good neighborhoods due to demand.

Also have a duplex in City of Decatur by Emory / CDC if you have a CA investor looking for a stabilized property.

What is the address of this property?  Is it on supra or keybox?

Thank!

TOM

I have lived in ATL since 1981, full time real estate since 1998.  Flip, buy and hold, etc...  I have a property now I am listing for a client, 3/2 brick ranch, perfect for a rental or a flip, DeKalb County ITP off of Ponce.  Let me know.

Thanks!
TOM

Kirsten Howard, Partnership Title

www.partnershiptitle.com

She has been my atty for 10+ years, closed well over 100 transactions for me, pure real estate firm...  You can call and ask for John Howard, who is an attorney and is usually the best place to start....

Have been BP member for some time, but never very active, trying to get more involved. Full time real estate since 1998, do a bit of everything. 200+ SFR flips, 500+ MF units repositioned. Also do lots of SDIRA investing, had one since '98, write paper, equity participation, etc.... now have it set up as checkbook LLC. I am in Decatur near Emory, primarily do DeKalb from City of Decatur north, specialize in 50s & 60s brick ranches....

Follow-Up... I used Equity Trust for ages, but went to checkbook IRA, which Equity Trust won't do, so I moved mine to Advanta. Fees are minimal since the account only holds one investment, the LLC created for the checkbook IRA...

If you can wait until Jan 1st of 2017, and you have the $$$ to do it, you can have an additional $15K to add to it and then open it.  Here is how, based on you not having made 2015 contribution...  Put in $5K anytime before April 15th, 2016, and make that your 2015 contribution.  Put another $5K in anytime this year, and make that your 2016 contribution.  Finally, put $5K in on January 1st, 2017, and make that your 2017 contribution.  Presto, $15K in contributions in 366 days !!!

Contributions are not taxed, only earnings.  So, if over the past years, say you contributed $20K to the ROTH, you can take that $20K out with no penalty and no tax.  If you contributed $20K and the value is now $100K, the $80K spread is what is subject to early withdrawal penalty.

I have had a SDIRA since 1998 and it is a wonderful vehicle.  If you can somehow avoid taking the money out, that would be ideal...

Tenant just moved out after 7+ years, below market rent at $1,075 per month. This is inside of 285 just off of Ponce, so close to everything, downtown Decatur, Emory, VA. 3 beds w 2 full baths, eat-in-kitchen, 1 car garage perfect for conversion. Needs work but would make perfect rental or fix up full bore and sell. I am listing it for my client in the FMLS next couple of days.

Comps

1056 DeLeon Ct, sold Sept '15 for $171,500, 3 beds / 2 baths, .2 miles away

882 Verona Dr, sold Nov '15 for $155,000, 3 beds / 2 baths, .2 miles away

817 Verdi Way, sold Aug '15 for $182,500, 3 beds / 2 baths, .3 miles away

I write lots of paper via self-directed IRA, typically for flips, but I also hold a $50k 2nd on a small commercial property. I am 12 months into 60 month balloon, interest only at 9.6%, $400 per month. 1st position lender is same terms as me and has asked me if I am interested in taking him out. Obviously would like to buy it discounted if I can, but have never bought a note before, no idea if this warrants a discount? Both loans are current, all direct deposit from borrower, property value around $200k.