All Forum Posts by: Tim Lindstrom

I can't imagine taking on a strip mall as a newbie.  That is better left for the experienced investor.  Or you could try partnering up with someone who has experience in commercial real estate

Thanks for sharing this whole process with the community.  I passed on a house that had a creek encroaching on the back deck.  not as big a drop as yours,  but enough to scare me away.  If I run into a similar issue,  I might just get an estimate for Shotcrete, and build it into my offer.

@Andy V. I live in Douglasville.  About 35 minutes from Atlanta.   Atlanta is a very tricky market, and most of the properties that seem like deals are in areas I wouldn't drive through after dark.  Without having someone you trust on the ground,  you could end up with a cash draining property. 

Anything on the MLS that is cheap in Atlanta, is usually not worth buying. This is just my two cents. The good ones get scooped up very quick.

I have been looking for properties in Douglasville, for 4 months, and am about to give up on the MLS. I need to find a good wholesaler, or start my own marketing campaign.

I personally would never live in one,  but I like them for rentals.  They rent for the same amount of money as a similar sized ranch in my area, and they usually cost less.

@Andy V.  My plan is to be in the market for a new property every 6 months...

1) Buy below market value and fix it up (most homes below market require work).

2) Get it rented (and cash flowing)

3) Let it season for 6 months (some lenders might require more or less time)

4) Refinance with cash out (if you bought it low enough, and it appraises high enough,  you should be able to get enough cash out for your next down payment)

5) start again at step 1

post it in BP marketplace.  I've seen good deals get posted there and snatched up pretty quick.  If it's a good deal, it won't stay on there long

@Jaime Borbon 

The couple of agent I work with do not like to show houses unless they know you can get financing.  There are so many lenders out there,  just go to one and get pre-quailified.  You aren't obligated to use the lender for financing, but I've found having a pre-qual letter in hand opens more doors.

@Simon Koithara 

 The latest BP Podcast (#108) had a new sponsor...

A new commercial lender offering loans specifically for rental investors. B2R Finance could help you unlock equity from existing properties so you can get cash out now.

They have a link to them in the Podcast notes

Thank you @Ryan Dossey

From the pics,  it looks like zero entry from the garage,  and there are safety rails by the tub/shower,  and toilet.  It does look like carpeting in the living area, but that is easy to change.

First I need to contact the owner of the expired listing, and see if they are ready to negotiate.  

Thanks for responding @Bradley Bogdan.   I heard anecdotally that you can get higher rents through section 8 for Accessible house,  because there is a shortage of them in the program.  I don't have any first hand knowledge of this being the case though.  

My long term plan is to rent housing through section 8.  Where I live,  there are a glut of section 8 applicants,  and not enough housing for them.  My first (and only) property so far, already had a tenant in place,  so I didn't go through getting it inspected for section 8.

If I acquire this property,  I will definitely talk to someone at PHA to get the scoop for my area.