All Forum Posts by: Tracie Cabler

Just to add on to Sandhya's post, if you do decide to transfer the deed, keep some money saved. I read somewhere that a transferred deed can trigger all kinds of fees depending on the location, as well as tax implications down the road. 

I'm not an expert on the matter, but here's some articles I found via Google:

- https://budgeting.thenest.com/tax-consequences-qui...

- http://time.com/money/4659139/quitclaim-deed-taxes...

@Kevin Polite you've given me some reading now to do, thanks so much! Definitely have to learn more about the financing side of things. @Jeff Garzik that's a great suggestion. I've been to the ATL REIA up near Perimeter before (or maybe that was a BP Meetup, can't remember), but I'll go again and start asking financing questions.

@Jeff Garzik @Kelly Rambo @Kevin Polite thank you guys for the information. So even building a credit history for my LLC probably won't help? It sounds like you all are saying I will likely need an investor / partner with significant funds in order to take out a loan. But, that makes me wonder how other small businesses receive loans from banks. Are they typically taken out in their own name? The whole point of the LLC was to separate the business from my personal assets, so I'm not sure taking out a loan in my name is something I would want to do.

Hi BP Community!

I have an LLC and am interested in commercial real estate intown. But, I'm not quite ready to start investing in any one particular property yet. I've wondered if building up business credit and a relationship with a banker, before I need a commercial loan, would be helpful. What do you all think?

Does anyone know any REI friendly banks for small businesses? I've read some good things about Citizens Trust Bank, but don't have any experience with them. I've heard smaller banks may be more likely to lend to a small business. Is this true? Any advice would be greatly appreciated!

Thanks

- Tracie 

Wow! I didn’t realize so many people created their own LLCs. I read this book, “The RE Investors Guide to Corporations, LCCs, and Asset Protection Entities” by Richard T. Williamson, and it had recommended that an attorney set one up.... definitely have some more research to do. Thanks so much everyone for the recommendations. It’s been greatly appreciated. If anyone else has anything to add to the thread, I’m constantly checking. Thanks again!

Hello ATL BP Community! I’m looking to establish my LLC in preparation for a future career in real estate development. I’m interested primarily in investment, specifically commercial property Intown. Does anyone have a recommendation for a good lawyer to set up my business? I was considering using CSC Services. They can establish the LLC and provide a local registered agent (for a yr) for around $600 total. However, I was concerned about the company itself not being local, as well as being charged ad hoc for additional services, like getting an EIN. I also don’t know if they’ll hold legal responsibility for any filing errors (like an attorney would). Any help / recommendations would be GREATLY appreciated! Thanks so much. - Tracie

Hi Wesley, I recently purchased in the neighborhood myself (for primary home, not investment). I’ve been in Atlanta for almost 5 years now and I would say you could do probably so either or. Fix and flip I think is reasonable for the prices you stated, just bc of all the development coming into the area, as someone else mentioned already. There’s definitely a demand for LIVABLE, quality housing in that neighborhood. Holding it I think would also be a good investment, for the same reasons. Good luck w your investment!

@Athan D., I can understand your wariness with the neighborhood, but I wouldn't assume you'd have difficult tenants. The neighborhood has a lot of older, stable people, there just hasn't been much investment over the years. I know many renters near the AUC are students; if you focus on graduate students, that should cut your worries for too many keg parties.

As far as identifying up and coming areas, I personally read everything daily to keep an "ear to the ground" if you will, the ABC, AJC, Saporta Report, Creative Loafing, etc... 

One "give a way" is when they start talking about the "historic" nature of neighborhoods that, when you drive through them, don't seem like they have a lot of money (i.e. see West Baltimore and planned development at  Port Covington). I feel like that's always a sign that money is getting involved at some point, otherwise why the sudden interest.

Hi @Athan D.

I would second @Ethan Henning 's point and look for property in developing neighborhoods that haven't quite reached peak prices. I've been having my own personal frustrations with looking for a homestead in the West End. Either the properties need too much work ( I don't have the time or money for a fix and flip), or they are already well above market rate ($300k +).

I'm not sure what medical school you are looking to attend, but Morehouse Medical is on the Westside and I know there are still quite a few condo units left at The Washington on Mayson Turner Rd. I feel like that could be a great rent location with its proximity to MARTA, the Atlanta University Center (matrix of historically black schools), and the new stadium. A buy and hold in that neighborhood is also a safe bet as they are doing A LOT of development over there as I'm sure you know. Jonesboro and College Park are also planning development as well and right now, prices are still cheap.

Sorry for the long response, I hope this helps. If you decide to look in the West End, please feel free to reach out if you need anything. I'm pretty familiar with that part of town.

I agree with @Deanna McCormick . I had a somewhat similar issue when I moved into a new apartment. The property manager had added the previous tenant's power bill to my rent for the month. Despite email verification that it was not my bill, she did not remove it and it was going to be automatically paid from my account, as it was lumped together with the rent.

Long story short, I ended up calling the head property manager for the company who owned the complex (essentially her boss), and emailed her the receipts of our conversation. The bill was removed an hour later and I have not had further issues. Just be friendly and courteous when calling and everything should be squared away.