All Forum Posts by: Tom Yung

@Zaid Tillma

I do not know which county your property are. 

I pull the DeKalb county one up for you, so you can have an idea.

BTW, I never do one myself; as I have PM to look after this issue. So far only once in the last 3 years in GA. 

http://www.dekalbcountymagistratecourt.com/civil/D...

good luck, like @curt Davis said" Train or be trained".

@Jean Paul Rousseau  Being an out of state/country investors myself. 

A good property management company is so important for us to be able to be successful.

It is very sad that it's extremely difficult to find a good PM in Atlanta in general. The biggest issue is a lot of property manager are hired by a company that has a broker license in GA. The PM;he/she is just a worker for the broker that does not have the ability or knowledge to do proper property management.

I will recommend you

1) read through the management agreement, I believed that there are ways or rules to stipulate that you can terminate the agreement; if the PM can not deliver as promised on the agreement. 

I am presently using 2 different PM, email me, I will give them to you. I  do not really have the confidence to recommend any PM in GA openly yet. I, myself had to switch over 4 companies in the last 3 years. After you get the contact from me on this 2 PM. I want you to call them & ask questions that concerns you. You have to build that relationship from communication. Pick the one that you feel knowledgeable & one that you think can communicate with you in a timely manner. Then ask them to take over.

2) Area - stone mountain- 30083

I just get into this area this year, I find the area is a strong rental area. Average rent is $850-$950. Most houses are 20-30 years old, so maintenance can be higher for the long run.

Riverdale - 30296

This was the first area that I invest in GA. I found there are two pockets in Riverdale.

one pocket being newer homes (less than 10 years old). The other pocket a little older. I, myself invest in the newer pocket. When I get in 2012, I can pick them up 48-60K. put in some cosmetic rehab. paint, remove carpet in highly traffic areas like hallway, LR & DR. replace with 12mm laminated wood flooring, replace few appliance, add new carpet, ceiling fans in BR, usually under 10-18K depending on the size. I am renting them out between $950-$1125. I only have to evict one tenant once out of the 6 properties & 2.5 years. As a matter of fact, I have two tenants that moved out last year. touch up the paint for me.One property, I have 48 showings in one week.

Meanwhile, I have another investor friend that have properties in the older area, he was facing quite a few problems.

I honestly think you have to establish the communication between you & the PM, he/she can be workers for the company; but if they are on your side to help you solving problems. It will make your life a lot easier. Don't be afraid to change PM, if they cannot deliver as promised. Or you find them over inflated repair cost. Make connections with locals from BP, they can give you many local info & may even help you out of emergency if needed. 

Some PM companies has sales division, you can have another option if you do need to pull the plug.

Hey Andrew:

Any chance you can have a recording & send it to me?

Much appreciated.

@Account Closed

Thank you for explaining,  IMO, Your 17GRM probably is too high for a lot of area in south & low income area near the belt line from my limited knowledge of GA. I will recommend no more than 5 in most of those area unless they are more close to Atlanta center or Northern Atlanta

@John Van Uytven

Thank you cross reference to this page, so happy for you.

RE is such a creative art, end result (in most cases)can always turn out beautifully like yours.

Great Job 

@JAI COWARD

GRM - Gross rent multipler

@Account Closed  I am also interested to find out how you derived the figures, thanks

@Thomas Dionne ,If you buy the property before the auction.

since the present owner probably has no resources to pay mortgage and all other bills.

You are taking over all the liens & mortgage responsibility.

You are only saving money on the quiet title.

I will go to auction instead.

@Rick Baggenstoss

Thank you for the info. I belong to the first group.

Aiming for the penalty more than the property. 

After foreclosing, Any property under 35K, I use them for holds & flip when there is a spread of 50K. 

Out of the 5 properties that I foreclose last month that back by Fannie/Freddie, 2 redeemed. I foreclosed on the other 3, one is going to be a flip.

It is quiet often with no properties on auction( redeem at the last minute); except land. 

I have to do a lot of due diligence each time because of my traveling cost.

Once again thank you very much for the update.

@Rick Baggenstoss 

Yes, i have seem some quality property bid up almost to retail. and it is always the same 5-6 bidders that you see dominating the winning bid. I think few of them has their own brokerage firm.

I just have a property redeemed by an asset manager before they put it into foreclosure auction. The shortest time I experienced is between 3-90 days when they are in per-foreclosure. It can be a very good passive income even if I have to figure in my traveling cost against the 20%. In you case, it is much cheaper, be there early, so you got a spot at the front. Sometimes it's hard to hear.

Actually I see more & more people in the last couple auctions than before. So competition is high. Good luck on your bidding.

@Rick H.

You did more than Ok, Can you explain on unstable land lots.

Are they buildable?
@Rick H.