All Forum Posts by: Watson Smith

I read as well they are raising rates... not lowering them.  There not too many large economies doing well.. I just got back from China and that place is a disaster.

Housing works in a cycle.  Yes we will have another housing crisis and yes we will recover from it. How bad and when... Well thats a hard question.  As long as you buy smart and don't over leverage (like a lot of people are doing here) you'll ride it out.  Have those cash reserves ready so when we hit another bump you can clean up on those people that made poor decisions.

I wouldn't be buying any apartments right now... There trading at such low cap rates.  Honestly, I'd work on paying your debt down until the market dropped a bit.  Using leverage is good until the market flips on you.  Your going to find it hard to get a good loan one day if you keep pulling money out on each property and have nothing in them.  Best of luck.

Well it is Fulton County... What did you expect :) The court system there is about as bad as Dekalb.

I wish you the best and please keep us updated.  Sounds like you have a professional on your hands.

I started in 2010... took a break in 2014 to get married, renovate my own house, focus on my day job, save some money, ect. Currently have 11 SFR's and looking at larger mutli-families. When I hit 80 I'll walk away (happily). I'm thinking 5 more years but I'm planning on 3. I just don't know how I'm going to make it 3 more years behind my desk.. :(

During you due diligence you can have the utilities turned on to check everything out.  The only problem I ever had was with the power company.  A property I bought had not had active power in the last 2 years so I had to have the city come out and do an inspection before the power company would turn the lights on.

Banks are at their old games again... loaning to people who shouldn't be buying houses, underwriting amounts that are outrageous and packaging and selling of off mortgages based on debt class.

When I appraise a house I toss out the outliers (the lowest and highest sold) I then use comps like anyone else would.  If a house sold in 3 days then it was underpriced.. If it took 180 days to sell then it was over priced.  If the house was gutted and rehabbed I take that into account vs if it wasn't.

I know you have to have "hard value" to show your lenders.. but if I was a lender I would rather have numbers and explanations from the guy doing the investing than a piece of paper that you paid $400 from a guy who took an internet class to appraise a property.

I just had a 2/2 Duplex, 1100 sqft each side, stucco exterior, builder grade finishes -  quoted in Atlanta at $80 sq/ft but that did not include the slab.  I thought that was high.

I've bought two off that site.  Both times the title was clear.  It states if it is or not... I personally haven't seen one that isn't.

 I agree with this.  It's cheap to do your self and will keep the tenants bill low... Which keeps tenants in your home.  Just knock it out...  It won't take but a few hours max.

Depends on the extent of damage.  With an open roof you probably have all sorts of water damage and mold... I'm dealing with a burned down duplex currently and you never know whats hiding until you start the work.  At least you have a brick exterior.  Get inside the house and look around.