Atlantalandlords

Real Estate Agents vs Real Estate Investors

Look at this guy versus this guy. That's why I love real estate investors. Real estate investors are kin to the trailblazing entrepreneurial spirit of the dot.com era and real estate agents are the old corporate guard.

Real Estate investors find creative, new ways to make money and real estate agents get paid off of transactions. Who cant admire the ingenuity of "Flip this House". Hey lets get out and get our hands dirty. Who can't admire the realtor's on "Millionaire Dollar Listing".

StillThere is something so genuine about a plumbers butt and GMC truck vs a co-opted smile and a fancy car. Why do real estate agents all have fancy cars? Please just give me that realtor key and access to the mls and I can do the rest...geez

Eavesdropping Converts To Cash

During my normal course of day I stopped off at one of my favorite eateries where I met a friend.  We talked about work, work and more work at the bar.  After almost finishing our meal a woman leans over and joins the conversation. We start talking about work. She asks me, "What do you do?"   I said I am a real estate investor.  Boom!  She started telling me about rental properties she owns in D.C. She started telling me about rental properties she at one time owned in  Atlanta.  This is networking without trying. The lesson for today is go into bar and have meal.  Take a friend with you and start a conversation...Be loud! Let it ring out in the air. I am a real estate investor.  You never know who might join in a become interested in what you do.  When people become interested they become your next buyers.

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The Lil Parking space for 20K THAT CASH FLOWS

Take a 45 unit mid rise loft development in Atlanta with only 18 underground parking paces and you have a parking war. It's like NYC in downtown Atlanta.  This situation fetched an absentee owner about to foreclose on a property 20K in cash.  It's a little easier to walk away from your foreclosed home when you just make 20K by selling your parking space. 

Here is the situation The seller of the parking space had a restraining order placed on him by another unit owner.  What does this mean? This guy had to be a football field away from the other unit owner.  HE HAD TO MOVE.  Since the complex did not allow his unit to be rented and he cant live in it, his unit will foreclose. 

Here is what is next This guy offered the parking space to all 45 unit owners.  At the end of the bidding he ended up selling the space for 20K to an owner that owns 2 units in the building. Both of the buyers units do not have parking.

Is it worth it? With absolutely no maintenance the parking space can be rented out to another unit owner for up to $300 per month.  That is cash flow of $173 per month if it's purchased for 20K on an home equity at 6.5%.  Well the buyer figured adding a parking space would add more value to his units once he put it on the market. He is right! Units with parking typically sell at a 20%-30% higher price point.

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