All Forum Posts by: Sheree H.

I charge $50 per applicant, but I meet them in person, tell them upfront exactly what criteria I'm looking for, and ask them if they meet those criteria. If they don't get pass screening, it's always because they lied. My rentals are mostly in low-income areas, and you'd be surprised at the high percentage of applicants that lie. These applicants will apply everywhere, banking on that one landlord who doesn't do the background checks. I have never had anyone ask for a copy of their report - they already knew what was on it. That fee somewhat deters tire kickers, but mostly it pays for my time to deal with these applicants.

Hello @Tom Burns! We're neighbors - I live off Clairmont and Briarcliff, but I flip and hold ITP along I-20. Your experience is intimidating - someday I'll understand all you just wrote in that intro!

As someone who designed and managed websites in her previous life, I love yours. It's clean, straightforward, and pleasant. I'd sell my house to you. :D

I'm sure our paths will cross, and I look forward to meeting you.

This post made me smile. :) I saw a couple of your other posts also about getting started. I was you a couple years ago, and I feel you.

I was my own biggest discriminator, and I sought out women investors for advice and help. Most were either too busy or too expensive for me, but the main point I heard from them all was - take responsibility for yourself and your future, NOW. It's never too late.

What's ironic was that the most sexist comment I received when starting out was from a woman, who told me to stay home and take care of the kids.

Just pull that trigger! As long as your numbers work and you're working toward your goal, that's all that matters. What others think, if you're one if the guys or treated fairly, really doesn't matter as long as they do their job well. Don't let it bother you. If someone calls you Baby Girl, or hits on you, or ignores your input in favor of a man's... Ask sweetly for a hand with the trash. And then fire them and hire someone else if you want. You're the boss.

Why do you want to be one of the guys? One of my goals was to learn how to be in this business, and make my business work for me, as a woman and a mother. Know your constraints and work with them. I don't want to be a man nor work like one, although I do love going into crawlspaces and attics. I started two flip rehabs when I was six months pregnant, one with a partner and one on my own, and completed both before I had my baby. There were a lot of difficult moments, but it was fun using it to my advantage - my contractors didn't need much pressure to stay on the timeline because they were all scared I'd have my baby on their clock.

If someone takes advantage of you, it's because you're new. And maybe because you're in Atlanta, HA. Not because you're a woman. Men are getting taken left and right in this business too. Own your mistakes, learn from it, and keep going.

I think I might have just set the feminist movement back 50 years!

@Azeez K. Count me in! I was eyeing these on Loopnet, and drove by last week to see what had been done. I didn't know these were the ones you guys bought. :D Looking forward to seeing what you all have done with it and hearing your plans for it.

Thanks @Rick Baggenstoss for tagging me!

@Andrew Cordle Sounds great! Count me in. Thanks for putting this together!

@Matt Deibel I think the question should be more like, How'd I end up on the west coast for so long? :) I moved from GA to SoCal to "find myself" only to find I left my soul in the South. I'm a southern gal at heart!

I'm in the middle - I like balancing both cash flow and appreciation for the security in having multiple exits. My favorite word of the year is HEDGE (thanks @Rick Baggenstoss ). 

@Paul Timmins Thank you for referring BP's Real Estate Rewind! I don't know how I missed that, and I'm looking forward to reading the entire book. Great article and advice on due diligence in your chapter. I learned a few more avenues for due diligence that I could be checking!

Anna, in my experience you can refinance before 6 months at the purchase price. You just have to find a lender who will do it. If you want to refinance at ARV you need 6 months seasoning.

For example:

Buy with cash for 50k, pay for 50k rehab put of pocket - you can refinance for 75% of 50k.

OR

Buy for 100k (50k purchase + 50k rehab) using hard money - you can refinance for 75% of 100k.

OR

Buy with whatever means you want, refinance at ARV after 6 months seasoning.

Hope that helps!

@Matt Deibel @Anna Watkins @Ali Boone  We gotta get a BP + surfing meetup someday. I'd fly out to SoCal just for that. I can't surf, but I keep trying! Matt, I lived off Warner for close to a decade, and every Saturday I'd bike down Warner to Sunset Beach, then down to Newport and back. Breathtaking sunrises and sunsets.

Welcome to BP! What are the different investment strategies that you mentioned you like?

Since @Petar Skobic is investing in south Atlanta and we got on the topic of schools - I'd like to point out that in my experience, school ratings don't matter to many renters in low income SW Atlanta. These areas have a subset of renters with a completely different culture and standard. They have their reasons for wanting to live there. And surprisingly, many of them will tell you the schools are GOOD. The majority of my applicants who had kids wanted to move to my house because of the school (rated 1 out of 10)! I always asked why they liked the school and some of their reasons were that it was newer, or bigger, or that their kids' friends went there and they didn't want to break them up. So if you invest in low income areas in Atlanta, school ratings won't be an accurate measurement of desirability for the tenant. 

Because of the bad schools, I fully expected to get burned. I had no idea how I was going to find a family to live in my 3/2 on the worst street in one of the worst neighborhoods in Atlanta. But thru getting to know those living in the neighborhood, I learned the kinds of people I wanted to rent to. The neighbors rallied around me when I was screening tenants - they'd stand across the street and wiggle their eyebrows or draw knives across their throats at all the bad ones, ha.

Atlanta is a fascinating and diverse place to invest in. I love this city, all it was and is becoming, and I'm proud to be a part of it. But you gotta get those boots on the ground!

I'll also like to say a huge Thank You, @Todd Whiddon !! I had a great time seeing the house on Friday and following along with your tour. I wish all my lunch breaks were this good!

I've thoroughly enjoyed meeting and chatting with you and reading all your updates, and I've learned so much from your open houses. It's been a priceless education. Thank you for taking the time out of your busy day to include us in your process, walk us through your house, and share so freely your experience and expertise. Also so graciously answering all my stupid questions! You've inspired me not just in rehabbing, but to dream more and do more. Can't wait to attend your next open house!