All Forum Posts by: Ursula B.

This is my observation from living here almost 3 years...

There's no money being put into South/East Dekalb, which is where Stone Mountain is located.  So you'll find a handful of nice neighborhoods scattered about, but the surrounding area is less desirable.  Not necessarily run down, but the standards of living are less.  I won't live in a neighborhood if I have to have bars on my doors and windows, but you see that a lot here.  Break-ins are 'common', unfortunately.  My neighborhood itself is mostly new construction, a very nice and quiet area, but we're not immune to the crime.  

You usually can't go wrong buying something right of Hwy 78.  It's the main highway to Atlanta and Athens.  You'd fare well if you can score a deal in Decatur Proper or Tucker.  Had a co-worker sell an older home in Tucker on the first day for over asking price just a few months ago.

I guess the answer is...it depends.  Stone Mountain is pretty dicey in my opinion, and I live here.  Had I known then what I know now, we would have bought in the Snellville/Gwinnett County area.  In my neighborhood, houses priced right sell in 30 days ($200-250 range).  But I wouldn't live .25 miles in either direction of my neighborhood.  What seems to be popular are the larger houses (5+ bedrooms) with 2 masters or finished basements.  Multiple families living in one house is a trend, at least in my area.

I've probably read close to 30 this year.  Here are a few of my favorites:

Think and Grow Rich

The E-Myth Revisited

Millionaire Real Estate Investor

Start with Why

The Power of Habit

Ursula

@Tom Vic Congratulations on your first rental.  More importantly than a good deal is the fact that you took action...that's the hardest step.  Learn all you can from the experience, and you'll get better and better at spotting the great deals!

Ursula

'As is" and 'TLC' are two more.

@Caleb Mclamb 

Yes, I had a Fannie Mae under contract that had new appliances, new carpet and fresh paint.  They were targeting owner-occupants. Ultimately I didn't close as they would not cure a title defect, but other than needing a fridge and a doorbell repair, the unit was move-in ready.

Reminds me of a house we sold where the new buyer didn't pay the taxes. Prior to a law change, whoever owned the property on Jan. 1 was responsible for the taxes regardless of whether or not the house sold after Jan. 1. So we called the mortgage holder and told them their borrower didn't pay the taxes and we were being threatened with a garnishment.  They didn't care and wouldn't provide us with any information or assistance.  Only when I called back and told them we held a second mortgage and we were about to foreclose did they take action. They paid the back taxes immediately and forced the borrower to escrow taxes the following year.

@Guy Gimenez LOL, I'm a gov't employee but I won't take offense to your comment...I'm trying to get out as quickly as possible!

You'll like this story...so I lived in GA and had a NC real estate license. Applied for a HUD ID because I was interested in buying a property in NC. My application was returned because I didn't have a GA real estate license. I wrote back and explained that I wasn't trying to buy a GA house, I was trying to buy a NC house, and I was licensed in NC. App was returned again, saying I couldn't live in GA and buy a house in NC. What?!? I realized the caliber of folks I was dealing with and gave up!

@Anthony Crecco please send me the info as well.

Thanks.

Ursula

@MONICA WATSON Unfortunately no. The seller didn't foreclose on all owners, but after a little back and forth the title company agreed to insure over the defect because the HOA did foreclose on all of the owners. When it was time to close, Fannie Mae refused to pay off the $4,600 HOA lien. Four attorneys and four weeks later, the HOA wouldn't waive it, and the title company wouldn't insure the title without it being paid or otherwise satisfied. I asked Fannie Mae to reduce the sales price by $4,600 so I could pay off the lien, and they refused that too, saying they were going to pursue the HOA legally in court.

I didn't want to tie up $80K cash indefinitely, so I walked away.  And still had to pay my attorney for two months of work.  I'm probably done with Fannie Mae.

Good luck on your contract, I wish you an uneventful closing!

Ursula