Forum Replies Created
I love to go to my bank I am old school.
I talk to my banker, the gals at the front desk, they are really an extension of my office they will mail things for me fed ex if I need.
I am talking a small commercial bank, I would never bank with the big boys they fee you to death. And in addition I do not have a debit card. I charge everything to get my frequent flyer miles or pay cash. I will not pay debit fee's.
Hence a great relationship with said bank and I get fairly substantial credit lines from them when others would say no in this environment especially for real estate deals.
Buy the IRS lien and foreclose this seller out. And or buy the mortgage make a deal with IRS at same time and foreclose the seller out.
best way to handle jerky sellers
JLH
Shape wrote:kenneth wrote:Because am kind of thinking about how to offer online loan but dont know how.Sounds like you want to lend this money out as a private lender? Firstly you need a License and with your post i doubt you have enough exp for ASIC to give you a License , Secondly it's very risky- plenty of sharks out there… especially if YOUR giving money out. If you really want to head down the "lending" space- your best bet is to do it via a financial institution where they will lend it out on your behalf and pay you a monthly return – anything from 8-11% PA Regards Michael
Mr. Chan,
We are working on this very thing right now…. Aussie ASIC approved lender partnering with My mortgage company in the US paying 10 to 12% is the goal of the fund… We are going to short term A and D loans for all those that are supply these houses to the end user's here in OZ and all over the world….. The opportunity to start a lending fund in the US is about as good as it gets with the equities being beaten down to all time lows and the lenders having nice leverage over the borrowers… Basically A paper borrowers at hard money rates We are looking to raise funds in 10 million truach's and be at 50 million in 24 months.
contact me if you have any insight into or would like to know more about how you can get involved.lawsjs
Well if anyone wants to crack down on the bad people in the business it would take complaints from those that have been injured to the following agencies.
1. department of Real Estate or division of finance in the particular state.
2. the states attorney generals office
3. The local real estate board.
Many US flippers got their hands slapped for unlicensed activities.
then there are work arounds to make you legal of course.
1. If these companies are actually taking title to the property then they are selling it to the client thats perfectly legal
2. If they are getting properties under constract either via a Purchase and sale agreement or lease option they can then assign those contracts for Fee's thats legal
However just putting a buyer together with a real estate agent in the US then charging them a facilitation fee or consulting fee for the purpose of acquiring Real Property is definatly something that requires a RE license, unless your work for a bank or other servicing company.
And for those who have bought direct from fannie freddie FHA or banks. Its why they no longer allow the and or Assigns clause in the contracts. Once you write a contract it must close with the entity that is in the origional contract. Then you have deed restrictions that do not allow flipping for a certain period of time for more than 20% great than you paid for it and or financing.
those last 2 rules have really helped to drive price's down One of the posters here asked why americans are not snapping these up. Because of this finance clause for one thing its not very well thought out on the feds part.
Most foreclosures need 10 to 20k in work.
so what US investors would do is go to hard money guy like me and borrow enough to buy and do fix up. And the fix up is usually more than 20% of the purchase price with this deed restriction we are restricked from making that loan so more equity is needed and of course US flippers are the kings of no money deals,,,, god forbid they might have to put 5 or 10k of their own money into a real estate transaction. And normally they take money out of the closings. Just like flipping properties to investors.
This had led to transactional financing IE one day loans. which cost a bunch.
JLH
So these fee's are probably paid out of the US jurisdiction. I know RE agents May NOT pay referral fee's to unlicensed people.
Other wise no one would need a real estate license right,
kenneth wrote:Hi all, am 26, I want to invest about $11.7 / 13 million on great idea I would be please if anybody with great idea should share. Because am kind of thinking about how to offer online loan but dont know how.IN THE US YOU SHOULD DEVELOP THE FISRT LOJAC SYSTEM FOR AIRCONDIONTER UNITS WITH A MONITORING ROOM LIKE THE ALARM COMPANIES. THIS IS ONE THATS ON MY BACK BURNER. AND IF BROUGHT TO MARKET AS SILLY AS IT SOUNDS IT COULD GO VIRAL. CHARGE 50 BUCKS FOR THE LOJAC AND THEN SAY 5 BUCKS A MONTH TO MONITOR. THE UNIT GETS JACKED YOU GOT IT ON GPS TELL THE COPS THE CORDINATES THEN DROP SOME INCINDERARIES ON THE BASTDS AND TAKE CARE OF A FEW PROBLEMS WITH ONE FELL SWOOP
worldinvestor wrote:CheevesFinancial wrote:Exactly! It's psychological warfare. Keep in mind, these thiefs are not smart. They have the education of a 10 year old. All they know how to do is roll up at night, sneak and snatch. They have found ways around cages. However, cages are working in our area for some. I just chose a cheaper alternative which has worked very well so far.Alex: I know for sure we can't put our systems on the roof.. Raising it a few feet won't help..at least in my area. Then what's that look like? It looks weird. To you, who cares because the system is safe.. To future buyers, it may look a little off…only my opinion. I'm telling you…try these cameras!!
In Australia some people use evap airconditioning, placed on roofs and come in various colours to match the roof and are strategically placed at the back of the house.
Where I live in Western Australia it is not uncommon to see these and I guess we don't give it a second thought as to whether they look ugly or not.http://www.aussieair.com.au/evaporative.shtml
WI
Most commercial properties will have them on the roof as well. I am sure they can be retrofitted to the roof. Not sure its worth it or not.
Depending on the area though we do not bring in anything that can be stolen until the tenant moves in it all happens in that one day. appliances condensers. hot water heater. etc etc.
And when a house is going to sit vacant for a while again depending on which area and market we will go pull the Unit store it then put it back in when tenant moves in, Kind of beat the theiving Bstds to the punch as it were.
Alex SC wrote:GreaterKCHomes wrote:worldinvestor wrote:DHCP wrote:That is a good point, WI.It is common in Atlanta for the CAC to be stolen. The property that I'm about to settle, its CAC was also stolen.
I'm interested to hear the post of others about this also.
When you consider that each unit will cost you around $2600 and I believe somewhere Jay posted that within a 5 year timeframe I think it is around 80% chance of aircon unit being stolen.
I am keen to find out if you are sourcing your own properties in Atlanta, buying turn key or getting them rehabbed.
Cheers, WI
What we are doing in KC about this issue is as follows: We are constructing a 6 x 5 x 5 cinder block wall around the units. We are custom building a rebar door for entry by technicians and so forth. The door is 3/4 rebar, with 1/4" steel for the frame. We use a mobile welder to construct on the job site. Over the top of the cage if you will, we use 1/4" steel wire fencing material to make a top, so they can't simply climb over it. Additionally, we reinforce the cinder blocks that will be used to hold the door on, with concrete, we then set 6" lag bolts into the concrete to attach the door. Then we lock the door using an industrial size padlock. Keep in mind, you will need to check local ordinances for this construction, as we had to ensure that the emergency disconnect was outside the box, and no more than 6' off the ground, so that the fire department could get access to it. All we did was extend the power wires to outside the box, and install the emergency disconnect at about 5'. Total Costs: About $650-700 parts and labor. Have a great New Year! John
John awesome idea can you shoot me an picture via email
And good Morning
sounds like we need to build a bunker kind of like what Hitler did in WW 2…. that will keep the theives out.
I guess if one really wanted to you could just form it up and poor concrete on 3 walls. Put the big thick rebar on the doors.
The thieves will just show up with jack hammers next.
On my nicer stuff I am going to look at the ventless systems that run through the attic. Which is smart anyway because the cold air flows down hill so they are more effiencint in that manner. Just cost more to install.
One thing KC mentioned was controlling energy by setting thermostats ( which of course we do in our commercial buildings) these tenants tho really like it hot in the winter and real cold in the summer.
JLH
Cheeves. Did not think about sub well pumps ooh
I just had my first one stolen in Portland a few months back
Commercial units are on roofs all over the country
At the end oof the day there is also the higher end units that do not require the out side unit
We put them in new construction
It’s a real issue that is why I personally know that noi,s are not real not one pro forma will allow for ac gone missing when I know at least 50 to 90% of owners of rentals will have a unit stolen over a 2 to 4 year period add cost of cage which like Alex says is just a minor deter ant to these thriving bastards
been there done that many times with uncle
Why is your closing agent just telling you about this so far down the track… Did the lien just pop up or has it been there a while.
One thing I like about title insurance and closings on the West Coast the title plants are all digital and you have instant access to normal title abstract items. I can call customer service and on the phone in 5 mintues get a date down on any property, info including Mortgages, liens, IRS, State, judgements, and anything else that will show up in a title commitment. It is the only way you can be in the courthouse steps foreclosure buying business, real time data in minutes not waiting for a call after the fact.
Anyway thats just a regional difference.
Couple work arounds for your consideration.
If there is a mortgage lodged against this property 99.9% chance the IRS lien is recorded junior or after the mortgage as no lender in their right mind would put a loan on a property junior to an IRS lien or any other lien for that matter.
And if Mr. Seller has this big of lien he probably has a lot of other issues.
so you can.
1. contact IRS and tell them there is no equity in the building and please release the lien, this can and does happen if they figure there is nothing to get. Do not just accept the fact that the lien is there and there is nothing you can do.
2. Buy the underlying debt and then foreclose it out. Once your lender in possession you have further strength to work with IRS and they have to either buy the property from you at your debt amount or release the lien. They have 6 months to do this.
3. Be the purchaser of the property at the trustee's sale, thats if you can get the current Mortgage holder to prosecute the foreclosure, once you recieve title via trustee's deed or whatever deed they use in your neck of the woods. You can just lay low for 6 months. The lien automatically sunsets at 6 months from the Trustee's deed. And your title co will be able to write you a clean policy and you move forward. In the unlikely event of a Water Landing and the IRS steps in and redeems they have to pay you all your money back plus statitory interest rates. BUT they do not have to pay you for any work you may have done on the property in the 6 month holding period, any utilities tax's etc.
I have had probably 25 plus deals with IRS liens over the years and most foreclosure investors were afraid of them. That left some really great deals for me. The big issue is most of the buyers were using hard money to buy their props and did not want to wait the 6 months you had to hold the property. On SFR I would go in do the rehab and start marketing it with a close date just after the experation. I only had one property the IRS stepped back into and it was one that I bought for about 30k and was worth 350k it had obvisously a ton of equity. Lady owed Uncle about 120k. We settled it by writing a check to the IRS for 60k and they released the lien. Our deal was still a smokin deal. Lady got out of dodge with Uncle Although she would have been better to just sell the property.
That leads me to one other Major point of how Americans view the current foreclosure mess and their houses.
7 to 10 years ago people loosing houses would do what this lady did. Instead of sell and grab substantial equity they just did not want to lose their houses and tried all sorts of ways to stay. It would get acute 48 hours before the courthouse sale, and thats when we would get a call, Hey I need 25k tomorrow to bring my loan current etc etc. I did hundreds of those and we then turned those folks into our renters. Thats how I amassed 100 plus rentals in Oregon… All foreclosure bail out last minute.
Subsiquently bad people got into the game and the laws have been changed on Pre foreclosure transactions… Still crooks out there violating the laws. However now instead of properties being saved a few days before the sale more are actually going to auction. So not sure who is benefitting. I know we saved a lot of people the upset of having to move out of the house they lived in for years and change schools and because they had a foreclosure it was tough to rent, As Oregon has the lowest vacancy rates in the Nation and the rental market here is really really tight.
Good luck working through this one do not give up just because of this lien. YOu might be able to send Uncle 15k and they will walk something like that.
JLH
property management is a necessary evil.
If you do not like what they charge, try it ala Carte
I do that with my high end rentals I let the rental company advertise Screen then place tenant then I take it from there. I handle collections and maintenance. And pay the co. the placement fee and nothing else.
works well for me. but these are not blue colar renters they are white colar by and large whole different kettle of fish.
JLH
thats cheap, hope they can stay in business only charging 50 bucks.
the key will be if tenants stay more than 6 month or a year.
Ok I am going to take this one on because its a great point and agree or not. Guys like Alex, myself Cheeves, the Detroit guys KC
all have far more real world experience than any of these Book Hawkers and tape and mentoring systems.
Your own guy that either owns this site or whatever and has the power pack he is doing basically the same thing only it does sound like this guy has actually bought some property… there is far more money in selling the books tapes and mentoring than there is buying and selling property for that I can assure you.
It started back in the day with David Del Dotto and Carlton Sheets. Del Dotto would pitch his stuff from a set on the beach in Hawaii surrounded by some babe's in bikini's.
Fast forward 30 years and guess were Del Dotto is…. He is in the Napa Valley and making wine…. His winery is 300 feet from my front door of my house. I have sat and drank wine with Him many times and talked of his TV days…He is a crazy dude and very fun and funny. Go to the internet and you will See Del Dotto wines. and his winery on Atlas peak road. its a great old building with wine caves etc. And guess what property David bought with his revenue from the Infomercial, he bought 10 acres of prime Cab vineyard on the Rutherford Bench in St. Helena.
For someone with no knowledge of Real Estate these course's and books are good to get familiar with the vocabulary and the basics of real estate ( Like what is Equity) things as basic as this.
So what this site your first asking about is doing is giving an opinion on all the different books and tape sellers and mentoring companies from this guys point of view. And I think he is pretty straight forward and correct about his assessment of each of these companies products.
So a little background that folks might find interesting.
These front men and women " Guru's" are all self proclaimed by and large.
Their engines that make them run are Huge Marketing companies with Huge boiler rooms ( call centers). With the Majority based out of Salt Lake City and Provo Utah. There are 9 of them that I personally know of.
These companies develop the work product ( books and Tapes) they orginize the seminars. And its their professional speakers that make the presentations and then try to up sell you to the next level IE 3 day boot camp…. Then once you have paid for that then of course you need your Mentor and you sign up for the 1 year mentoring program either the Silver or Gold package.
Now lets go to one company I know of Premiere marketing Provo…. I have been in their offices. they have big tombstones in the conference room they just put Armando Montolongo on the map,,,, Bob Diamond and Laura longiliner ( not correct spelling)
You walk back into the Bull Pen (boiler room ) call center whatever you want to call it and there sits your Mentor's there are literally 100 plus sitting in their cubes with there head sets on. Big coolers of Red Bull and Mtn. Dew at the ready for them. Non of them over 25 to 30 years old and all of them reading scripts….. There job is to do nothing more than keep you in the program and to keep you paying for the service. Not one of these guys has been to, seen, or knows really anything more than the Marketing company has tought them,,, absolutly no real world experience. And not to be political or talk religon, however these are Mormon run companies and these kids are used to going on their mormon missions and going door to door so they are experts at rejection and sales it just comes naturally…. I digress but its the same for the Alarm business in the states that is run door to door.
So this guy who critiques the Guru's is certainly a good resource….
However I think the public will do just fine buying the books from Amazon or going on E bay and buying any of these guru's course's used.
Another good site to go to is called The RIP OFF report… Most of the RE snake oil guys are posted on there you can read all about these mentoring programs on this web site from those that have paid more than the price of a nice rental in Atlanta just for the course and never bought a thing.
emma171 wrote:Karina forwarded this to me and I feel compelled to respond (also just read the myriad of other names). Greetings – I don't post on forums and have only attended one other forum (I got thrown out of a Dymphna Boholt seminar… long story) and only then to help people with general questions that eventually grew to be a business (putting my oft "what not to do" knowledge of 12 years investing in the States to work – NO COLD/SNOW/ICE). The decision to enter into business I must say was in no small means because of some of the queries Karina and other "US non residents" looking to invest or just starting to invest in the US had. It was that simple. I chose a name I had used for 10 years and was proud of it. Here we are 2 years later and I feel like an old "adviser" and am simply delighted that everyone really has managed from this to achieve their goals. That being said, as we are all in Atlanta (for completely different reasons, I am also in Vegas and started there this crash – widget for widget Vegas is tighter on good properties for now, ATL still has legs and though the ATL numbers look "better" than LV,they NEED to simply because in my years in the US, the on going repairs in a dry city are nothing compared to ANY 'wet' city (termites, lawns, hail, wind, composition shingles, mould etc) I have previously invested in and crystal balls are all I have for cg. Billions of dollars worth of aircraft are stored in the deserts around Vegas, because the desert preserves like no other. Didn't hurt 3000yo Egyptian mummies either – those guys LOVE their deserts!): So, yes, I concur it can all seem confusing even to my brother who REALLY didn't think we were different. This is missing the point…….EVERYONE……The key here is identifying YOUR investment goals and realizing them – stick to them and understand that you WILL face all the usual issues of being a landlord where ever you invest – mitigating risk is all you can do but if S@#$ happens, make sure someone who genuinely cares is there for you – today, tomorrow and in 10 years time. I just feel that I need to say that Karina and I offer very different services and while we did look at trying to collaborate, I firmly support and have always supported that she will NOT rip you off. I work with a long term model that I carry in any of 3 states, definitely isn't as "instant gratification" and means that people buy directly off the open market (welcome to RSI and amazon jungle killing). It is based on your own investment strategy and takes you to a tenanted property for one fee so people choose their own property to buy, what price to bid on it in consultation etc versus the "source and secure" LLC method that Karina uses. It was therefore very difficult to merge the two notions and gets further complicated that my fee includes project management and tenanting – I don't outsource (even just being US resident but Oz citizen definitely gives me advantages) – ie I am on site for all the repairs and thus refuse to pay project management when it is included – we buy every item needed ourselves (ever heard the scam of 5 toilet seats bought for one project then returned for credit??? A toilet seat costs $5.74 for heavens sake and as we probably all know takes less than 30 minutes to install at $15 an hour!.. I am further blessed to have an Australian Award winning Master Builder's Association Project Manager of the year on board to keep standards as well) – but the one fee takes people through to a tenanted property etc and the one brokerage keeps property management at 7% forever with no renewal or reletting fees….I suppose we are a "club" for the future versus anything else and I can't deviate… versus one fee to buy plus one fee to rent plus one fee to repair as well as the bills themselves….it is just the way I started and thus a model that works for me. I spent 10 years to some extent learning how not to get ripped off in the US on repairs ever since the day a plumber tried to charge me $180 to diagnose a leaky toilet (!!) and I replaced the whole thing (including subfloor) for only $80!)… and so call me a control freak! Unless you get 2 brand new a/c units and a new roof it is crazy to pay over 10k for repairs. – A/C's are 2.4k (4 tonners/ground mounted) but if an all in one toilet costs $69 and it takes 1 hour to remove the old one and install a new? I haven’t yet, even with 2 a/c units installed, complete inside and exterior paint, total flooring and all plumbing replaced presented a bill over 12k… An ENTIRE new roof admittedly would be an additional 5k but Vegas has mostly tiled versus composite shingle roofs so this is more an Atlanta thing that I have faced – ditto with vinyl siding issues (which I have a long term hatred off given my 10 years "enjoyment" of it in my Alaska properties.. and still hate humidity and termites etc in the tropics!) Not right, not wrong, just different and a lot stems from my personal belief that repairs and tenanting are as equally difficult to avoid being ripped off (quality repairs, eyeball the tenant etc). When I took this on it was consciously because ultimately the only thing you are saying by putting your hand up is "I will be there for you today, tomorrow and in 10 years time" because that is what this is about – we are, for want of a better word, one big investment club going bravely forward into a brand new real estate game – we ARE writing the books here – our parents couldn't have comprehended what we are doing (buying on the otherside of the planet???)- but we are giving 110% and that is the only way to do it. We are going to all be entering the next phase together – as I say, we are in the worlds best "investment club" – so much so that some of my clients have as many properties as I do now over here – and bid against me on my own quotes for repairs…(dear GOD it isn't hard -a door knob costs $8.74 for heavens sake (Defiant)… a 30" door costs only $28 – just add labour!) – thus we will all be sitting at my beloved planning commission meetings to rezone, and develop and add second stories together and ……we literally don't even know what the opportunities will be but I can't wait for us all to get there together… Ha, I love shopping at Home Depot too much! This is addictive beyond addictive, I LOVE what I get to wake up and do every day and I don't blame anyone on the planet for finding the same passion. "Select" is an indication of "not bulk" and hand picked. Best of luck to all…… I mean it… It is a HUGE market and I am just delighted there are other people out there NOT ripping you off. I think "Select" sets us apart. I think I speak for both Karina and I when I say that we would scream if someone tried using "select" and WERE ripping people off – so the other renditions DO scare me … grrr…. imitation may be flattery but if they aren't for good??? Forget the "how" we get there. Just don't get ripped off enroute. Let's talk again in 10 years time when we all have our millions (well at least a good step)! I vote Sharkbite bar in Provo in Turks & Caicos for the rendezvous if our yachts can handle all of us….lol…happy to be outvoted…first round on me…! PS WOW – I had no idea there were so many variations – so for the record I am SELECTUSAPROPERTY!Another good point of view….
sounds like your doing it yourself and have direct labour relations. the average investor certainly does not have the teams put together like you have and if your doing everything for cost for others properties, just curious where do you make your income from ( just the 7% managment fee?)… If thats the case your very very unique in the industry.
I will check your site out.
CheevesFinancial wrote:Long Island is pretty stagnant right now.. So are the NJ suburbs.. There may still be a significant drop in these areas. I am referring to the condo market in areas on the waterfront within 10 minutes of Manhattan by bus / PATH / Train. Inventory is down in these areas and absorption rate is 25% better than last December.Speaking of Long Island, my buddy in Siosset (sp), a local policeman who has owned his house since 1992 but has since paid it off just sold his home.. 1992 Purchase Price: $198,000. 2011 Resale: $825,000. I was extremely jealous of the money he came into this year with that! One of my best friends so I'm happy for him.
Hudson County, NJ….Alex, that is where you need to look into multi-fam…
Common California and west coast scenerios. I bought my Palo Alto home in 1985 for 190k… I sold in 92 for 500k…. House just sold for 1.5 the person I sold to did a 200k reno though.
LA is the same in the good Markets. Same with Seattle… Portland were we live would be mid 1985 buys at 100k or so sale today at 300k plus.
Its all about supply demand and high paying jobs.
The west coast in the high end areas. Pennisula of Bay Area. LA's better hoods… Seattle Portland. there is no ability to sprawl like Dallas Houston Atlanta etc. so never got really over built.
Take Pheniox Vegas Atlanta Florida INland empire of CA. and you have huge amounts of houses. so values crashed or never moved
JLH
Derek wrote:Hi David,Tough decisions indeed are required – much like the tough decisions some European Governments are required to make at the moment.
Can they do it? Only time will tell.
Watched an interesting documentary the other week which pulled apart the behind the scenes details about the factors leading up to the GFC. Now we all know about the sub-prime lending etc but what I didn't know according to this documentary, was the alleged misbehviour, compromised decisions making and so on by key banking personnel in teh years leading up to the GFC. The documentary outlined how a number of decision makers who were part of the erosion of banking and investment practices are now key decision makers and policy developers in signifciant political positions.
But alas – I cannot remember the name of the documentary. I am a watch it and forget the name type of person.
Looked at your web site, price's very same to better parts of southern california.
what is price of construction???
Assuming somthing on a par to the states. Land prices must be through the roof and equate to 75% of the project No.
Lord Knows I would love to come to Florida bout now, Oregon is BRRR cold this year. Although not as rainy as usual and I can see mt. Hood today from my home office window and thats always spectacular.
Are you going to Google.AU Google.GB and so on so you can get google searchs in the countries your interested in?
there ya go, why time the bottom when you can get deals like this what did you spend on Reno… Looks like the airconditioning unit had been stolen as well.
what city is this in ?
World Investor.
All good questions.
1. Prices falling,,, In atlanta who really cares if they fall 10 or 20% are you going to sell tomorrow???? The prices are already off market hi's by 50% or better. The prices are now down so low that 10% drop means 4k big deal. 10 or 20% drop on a 400k home is a big deal. So those that do not take action thinking they can buy for 10% less will be trying to time the market and will miss the bottom no doubt. Luck is the only way you time the bottom. There is no investment expert that will tell you otherwise. Just like timing the top. thats my take on price.
2. Amercians by and large do not share homes, other than having a child come back to live with them, or elderly parent. If they did the rental market would really tank. The Asian's and Mexicans though will definatly have 2 or 3 generations in one house. You have to take into consideration your demographics in the South East, 50% or better African american, as a demographic here in the US they have the most disrupted family structure of any group by far. And a very large % do not even know who their family is much less live together. Its a Matriarchial society. women and Mothers are the strenght of the family unit. The Men come and go. Many children have no idea who their father is, thats where the term Baby Mama and Baby Daddy comes from in the US.
If you watch American sports you will see all sorts of Human interest stories with our Black star's and how they were raised by their mother and or grandmother and never new or met the father. Just the way it is.
So in Atlanta your not going to get tight cohesive family units living in close quarters.3. What I see in the rental market is on par with what Alex is talking about, there is no question huge amounts of properties being bought by Investors instead of going to Owner Occ's… Now this is great for investor short term long term not so great for neighborhoods if they get over run with rentals.
4. The feedback we get from others in the industry is there are those that claim to have renters lined up for homes in Atlanta and if thats the case they are not doing enough DD on the tenant and are going to have a lot of issues with non payment trashing of units excetra. there is no doubt a lot of rental inventory and their are renters. We are not a volume shop for our fully managed program. So In each of our 4 markets we add 2 to 4 homes a month.. company wide thats a nice pace 8 to 10 a month however in our market we are very very selective on who we rent to. Much more so than say one of the big volume players that needs to get tenants in the houses to appeaze their client and live up to their representations that induced an investor to invest in the first place. We get an average ( like Alex in Charlotte) 4 to 6 applications before we take one. We do some Sec 8 but hey have to qualify as well. There are property managers that will slam sec. 8 in just for the rent realiability factor, but the tenant can be a bad one on phycially and do more damage then they are worth.
If your having problems finding foreclosures at your price range I can only take that to mean your looking at super low end prices. there are thousands of houses that can be bought just off the MLS for 30 to 60k…
The real trick is picking the best bang for the buck in the best areas and neighborhoods.. Proximety to the freeway for instance is huge in Atlanta. And Atlanta is geographically a very very large spread out MetroPlex.
