All Forum Posts by: Tracy Ellison - Bey

Right on @Kenisha Forbes! Looks like some great folks here who have expressed interest as well. 

LO for Lease Option.

The REIA meetings are definitely a good place to network with a bunch of great folks. And I've been to various other meetups on the north side too, but now I've moved down to Clayton County.

If any of you guys are interested in forming a new group to build with, I have a commercial building on LO in Riverdale and have meeting space available there. 

Someone with great organizational skills and alittle time on your hands would be perfect to help get it going. I'm limited on both of those at the moment. But other tasks like facilitating/ presenting to groups, coaching, and doing real estate, I can help with that all day.

Any body else with resources, lets bring them together and make big things happen. 

Money loves speed of action. 

Hey guys,

I could use some help structuring a partnership that was just offered to me by a mentor who has become a good friend lately. He is an older fellow looking for an active partner to go in on his commercial property and asked me if I would like to.

He recently bought and is still finishing up on renovating a 20k sq/ft commercial property that is about 15% occupied currently. The property is zoned to be leased to business offices, medical offices, churches, and organizations. 

We will be discussing more of the details on Saturday, but from what we discussed so far, he is willing to give me half interest in the property, I'll be responsible for leasing and managing out half the property for a potential $5k NOI. And I'll be on the hook for $3k/month going to him for expenses, but my side comes with some current tenants paying $1500/month total. Then we would refinance the property in 2017 and split the cashed out equity in some way.

If I decide to move forward, after discussing more detail about current mortgage (if any), property expenses and past details, I'm trying to figure out whether it is best to do a TIC or some other type of partnership to structure this deal to protect interest but lessen the liability as much as possible.

P.S I'm copying this question over to an attorney as well but just wanted to know if anyone here has had any experience structuring something similar Thanks.

Hey Fraisal,

I just started a partnership with a master contractor in the area. 

We are looking for 5 acres (+/-)  in a median price home neighborhood, or just below median price. Zoned to build a residential subdivision or multi family apartment.

Let me know what you currently have in your inventory and I'll see if we can make it work for our current project.

Thanks. 

Hey W. J Mencarow, thanks for the recommendation . I'll be sure to add Drake to my specialized seller carryback attorneys.

After googling last week, I called around to 10 RE law offices here in Clayton County where I have recently moved from Cobb. 

The responses were:

2 disconnects, 2 wrong numbers, 1 "we don't do that", 3 answering machines, 1 receptionist, and 1 that just continued to ring.

At that point, I figured I would rather travel a bit and work with a real specialist in the subject regardless of their location.

I actually put "attorney atlanta" into BiggerPockets' search box. Inside the first post someone asked for a friendly wholesale attorney, and Marvin McTaw recommended Matt H. Schuurman at Shafritz & Dean, LLC, Attorneys at Law. Marvin and I worked together on a couple of deals and I remembered him directing a seller financing buyer to wire funds to their escrow. So it all came together for me that Matt was the type of guy I should be contacting. We had lunch this past Monday, great guy. 

Hello BP'ers,

Can anyone recommend a closing attorney close to the south side of Atlanta (south Fulton, Clayton, or Henry county) that is great with closing owner financing and lease options? 

I just moved from Cobb to Clayton and I have  a couple of creative deals on contract now.

I could also use a great mortgage broker as well. 

Thanks a bunch for your help.

I used Real Estate Express to get my license about 4 years ago. I had the best experience, especially compared to a lot of my colleges who chose other schools. I would definitely suggest buying the test prep master course as well. I finished the course in 4 weeks and passed the state exam with flying colors. I enjoyed the experience so much I wrote a blog about it lol. http://tracyellison.ga.exprealty.com/blog/How+To+Get+A+Real+Estate+License+In+GA

I agree with others who have commented. 

Many people are living paycheck to paycheck. So any unexpected occurrence starts a domino effect with other expenses. If they are someone who manages their money correctly they can bounce back and catch up, or set their self up where it doesn't happen in the first place. 

We don't have many money management classes being offered at our institutionalize schools. Most people naturally live well above their means. 

Either you were given a gift of managing money, or its a learned behavior you worked at. And those are the people I like to look for during the screening process. You might have to calculate some extra days on market, especially if your home isn't renovated competitively with the market, but it will be well worth the wait. 

If I'm doing a lease option or lease purchase, I connect them with my credit repair program. I have a great company I work with that educates the consumer, deletes accounts, and creates a future credit plan to achieve their end goal. Which in my case is purchasing a home. 

Send me over a PM if I can be of assistance to anyone...

Hey Val that's awesome. More agents and brokers should have that thought process and take ad stance of thier own advice. 

I feel that I use the creative side of my brain more often as an investor vs when I'm wearing my agent hat. But either way it's fun with a passion! 

Thanks @Chris Virgil-Stone. I thought you may have had some "tenant be-gone" spray you could share.  We do have that language in the contract and wish they were one of those tenants who knows when its time to just walk away. We have court scheduled for the 3rd, looks like we will be going the length of the process. 

Indeed, you are bound by the lease as the new owner. This situation just has a twist, there's no lease in place and tenant is a friend of a relative of the owner and won't leave. Long story short, it's pretty much hijacked right now. 

Marietta is an awesome place to live and invest. Mostly suburban but close to everything slightly outside of the I-285 "Perimeter". Cobb county as a whole is on a pretty stable incline. Marietta prices are on this high end compared to the rest of Cobb county and the Metro Atlanta area as a whole. Med sold price here in Sept was at $230,500 on its way down from the high Summer months at $255,200, and up from $125,000 Feb 2012 bottom of market. 

I sent off a yellow letter to a Marietta probate lead a couple of months ago. House was bought as a new build in 2005 for $327K and now in 2015 its estimated at $1.2M! I would say wholesaling, flipping, buy & hold and appreciation can all be profitable here. But like most places, different neighborhoods and zipcodes have different strategies that work best.