All Forum Posts by: Thelonious Jones
Thelonious Jones has started 11 posts and replied 156 times.
Post: How do we set up a corporation for flipping and apartment houses?
- Atlanta, GA
- Posts 157
- Votes 83
Go to the Arkansas Sec of State and apply for a corporation or hire a company like legalzoom or use rocketlawyer
Post: Section 8 Housing Questions
- Atlanta, GA
- Posts 157
- Votes 83
1)How do you screen Section 8 Housing tenants? Or does the government do that for you?
Use a company like resident research. The gov does nothing for you
2) I'm assuming the payments from the government are prompt, but what about the tenant portion? Would you continue letting the tenant live there if they don't pay their portion?
They pay between the 1-3 usually.
You have to figure out what is morally and ethically right for you sir.
3) What is the overall process of becoming a Section 8 landlord? Is it a hassle to become a Section 8 landlord? What paperwork is required and does the government provide you tenants or do you still have to market your property for people to occupy your property?
Lot of paperwork especially for new landlord. You have to take a mandatory class at AHA so contact them.
Once your in the system it is much easier.
4) What are the pros and cons of being a Section 8 Landlord?
Life is what you make it.
5) Is the process of evicting a Section 8 tenant the same as a regular tenant?
Yes.
Post: Keep 401K or invest $ on a rental property?
- Atlanta, GA
- Posts 157
- Votes 83
Invest it in real estate...FAST
Post: Where are the metro Atlanta success stories at?
- Atlanta, GA
- Posts 157
- Votes 83
Purchase 12/2013: $15k
Rehab: $30K
Rent Collection: $850 x 38 months = $32,300
Sell Price 07/2016: $62K
Post: Atlanta: Bought it for $5,000 - Sold it for $89,000 Duplex
- Atlanta, GA
- Posts 157
- Votes 83
Originally posted by @Edwin Ballard Jr:
I am amazed by this renovation sir! Great job. Do you have interior before and after pics?
Post: Atlanta: Bought it for $5,000 - Sold it for $89,000 Duplex
- Atlanta, GA
- Posts 157
- Votes 83
Originally posted by @Holly Baum:
wow love the after! Amazing job.
Thank you
Post: Atlanta: Bought it for $5,000 - Sold it for $89,000 Duplex
- Atlanta, GA
- Posts 157
- Votes 83
Originally posted by @Steph Shelton:
Great Reno! During the rental period, how did the gross rent compare to others in the area?
Thank you! Around average rental rates. $630 for one side $685 for the other - 2/1 each side.
Post: Atlanta: Bought it for $5,000 - Sold it for $89,000 Duplex
- Atlanta, GA
- Posts 157
- Votes 83
Originally posted by @Ugwu Uche:
Great rehab, what type of neighborhood is that in? Much respect for having the vision and balls to pursue those types of properties. Usually when people see boarded up homes they either run or want to tear it down and build new (depending on the neighborhood)
30310 off Campbellton Rd.. Thank you sir appreciate!!
Post: Atlanta: Bought it for $5,000 - Sold it for $89,000 Duplex
- Atlanta, GA
- Posts 157
- Votes 83
05/2013 - $5,000 - Purchased Duplex Short Sale Waited 9 Months to Purchase
06 - 08/2013 - $55,000 - Renovation
07/2016 - $89,000 - Sold
09/2013-07/2016 - $39,000 - Gross Rental Income Collected
09/2013-07/2016 - $19,500 - Net Rental Income Collected (at 50% Operating Cost)
Duplex in SW Atlanta Georgia.
05/2013 Before Purcahse
09/2013 After Renovation
Running my track record up.
Post: ATL: Purchased for $25K, Collected $27K in Rent - Sold for $60K
- Atlanta, GA
- Posts 157
- Votes 83
Originally posted by @Crystal Salton:
@Thelonious Jones Was you end buyer an owner occupant or investor seeking to hold???
International Investor from what I was told. Buy & Hold.