All Forum Posts by: Yoana Yordanova

Hi everyone! Me and my fiance had to move to another state, and decided not to sell our townhouse, but instead try to rent it out. We hired a management company, to help us with this, since we have no experience and we live in another state. For the past 7 months of the property being on the market we only got 3 inquiries, 1 submitted questionnaire (which I guess is a survey before the application meant to vet renters, before they pay for application, is what I am told by management company). We've been pushed to lower the price by the management company every month, which we did. Now we are asking for $1,895/mo (which is what we pay for mortgage), for our 2 bed 2.5 bath townhouse, which is recently renovated, with fenced back yard, located in right between Kennesaw & Acworth, GA. We've been checking comparable townhouses and even apartments, and all rent for $1,850 or higher (up to $2,100) in the area. We don't know what do to anymore. Any advice and input is appreciated. Thank you!

@Jack McWatters yes, don`t anybody tell you you can`t do it, keep pushing and believe in your success, because it`s build up by you and your network! This wasnt your opportunity, but there are more to come!

Barry , welcome to Bigger Pockets! I live in Atlanta, it`s a very hot market right now, very rapid growth . I also partner up with an investor in Indiana. Let me know if you need help with any of those  markets :)

Hi @Jack McWatters , maybe you can write an agreement with your uncle, once you do the cash out refi, pay him off his part, then use what ever is left for updating and rent it out. If this is the case you will be collecting an amazing cash flow. Or maybe even try to get your uncle as bank. Meaning, set up payments with him until you pay of his part. If he agrees , this will take a lot of pressure, and yes your cash flow wont be the best, but after it is paid off , it will be amazing in the long run. 

Welcome to the investment world @Faithe Roseberry ! Happy to help however I can!

@Ryan Spearman Absolutely! Investing in Gold and Silver has always been and always be one of the best strategies to sustain wealth! Even tho the American dollar is off the gold standart, forecasts predict hyper inflation of the dollar, so investing in gold might be your best strategy in the long run.

Thank you @Mitch Messer

Hi, guys! I am looking for any recommendations on a closing company in Atlanta , GA that does double closing and allows assigning contracts. Any help is appreciated, thank you!

Chris , If you take on another loan and invest in renovating the basement, since the rents in your area run around $1500 to $1700,  you will need to increase your rent , so you can still get positive cash flow , but the question would be if you can find tenants that would actually want to pay this much rent . What I would do is - refinance , leave your mother in law and her friend there, and see if they could add one more tenant and pay you $1700 rent, this way you will have a positive cash flow $650, from which I recommend putting a side at least a $100 for maintenance and vacancy each month.( this of course is if your mortgage is $1050 a month incl tax and insurance). Normally the cash flow is good if it is above $200 at least. If you decide to sell the house , and get the equity of $50k, you would be able to pay off your personal loan , and walk out from the property with no cash in pocket , but also no debt. Also don`t forget all the closing costs , and the time and expense it will take until you sell it.

Hi everyone, as a newbie into the business there is a lot to learn and organize, so I was wondering if anyone has a good Contract for Atlanta area I can peek in? I do have a pretty good one but it is in another state and I need to check what are the regulations and differences for Atlanta, GA. If I am to put a house under a contract, what would be necessary to include in the contract so it can comply to State Regulations. Thank you