All Forum Posts by: Trent B Paul

@Rose White Nice to "meet you" Rose and welcome back to the market. I am happy to hear that you decided to make a conscious decision to make this year YOUR YEAR. Please let me now if there is any way I can assist and I hope to run into you one of these days on a transaction!

@Jassiem Robinson I often get pre-listing appraisals prior to listing a home if the seller and I are too far apart on a listing price. A great company that I always use is 1st Appraisal Solutions, as they are quite thorough, have a wide coverage area and are well priced.

http://www.1stappsol.com/Form....

@Sohan Chatterjee I've sold many condos in the Atlanta area and it is very evident which condo management are well run and which aren't and this has a HUGE impact on the ability to easily sell the unit. Some that I would recommend would be Bauman & Company, Heritage and Beacon. Best of luck!

@Addam Driver Nice to meet you Addam! Sending you a DM to connect and looking forward to talking some deals over!

@Josie Kelley Also make sure not to overlook the quality of contractor that you utilize to perform your renovations. The longer they take and farther over budget they go, the longer you have to hold the more expensive note and end up paying more in interest = less in PROFIT

@Josie Kelley There were some really good points brought up by Jason. Hard money loans can be very costly as well as HELOCs especially in this environment. It's also important to remember that you can't borrow equity that you don't have so it's also important to factor in your home's current value vs your loan principle balance. Afterwards, I'd say the best path forward is to speak with a few lenders determine what YOUR rate would be for a HELOC as well as a refi. A good and helpful lender should be able to walk you through what payments might look like with each option so you can make your decision from there :) Good luck!

Jassiem,

Great questions man and good for you and your girlfriend for doing what most people wouldn't in order to start on your REI journey. House hacking is a GREAT strategy when purchasing correctly. Without knowing anything about the property and the specific area, I can say that small multifamily deals with good returns are hard to come by in this market. A deal with 18% CoC Returns is decent by most standards and I would say this is a buy but do keep in mind that you will not see these returns immediately while house hacking until you renovate both sides, move out and place tenants (12-16 months). I also think a more important questions would be are your numbers accurate for rent, repairs and expenses. I would consult with a trusted, local, investor-friendly agent or property manager about rents for duplexes in that area as well as how much their clients in that area are paying in expenses.

Offer your 70% number with a thorough explanation of how you came up with that number and if the seller and listing agent are investor-minded and truly motivated, they should not take offense. The worst they can do is say no and ask you to come up more. At that point if you're comfortable with and can afford the associated costs, I would then offer your 80-85% number letting them know that this is the absolute best you can do without risking losing money from Day 1.

Good luck and happy investing!

@Ben Firstenberg and @Michael Dumler Couldn't be any more right. A few more A class sub markets I would include would be Johns Creek, parts of Suwanee and Roswell and the East Cobb market within the Lassiter, Pope and Walton high schools districts. 

Circle Prospecting Around Listings You or Other Agents in Your Office have sold or around active buyers you're working with is the best way to expand your database supplemented with Calling your entire database at least quarterly with updates about the local market and how it can affect their future home goals.

 I'm not sure if there is an agent involved with this transaction, but there is a form called "AMENDMENT TO CHANGE CLOSING/POSSESSION DATE" This form will provide you the most protection if signed by both parties. At this point, it may be wise to speak with an eviction attorney or more specifically the attorney that is handling this eviction to ensure anything you decide to do has limited liability falling back on you. 

Best of luck!