Ericka Nichols

I'm a:	Real Estate Professional
Company:	Remax Around Atlanta Allstars
Location:	Atlanta
Web sites:	My Web site
Phone:	(404) 219-4046

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Ericka Nicho…'s Questions (0)

Ericka Nicho…'s Answers (7)

I am applying for a mortgage to buy an investor property.

Asked Tue Sep 16 2008, 19:36 by Hildy - 30281 - Home Buying - 4 answers

Ericka Nichols answered:

I think what your loan officer is advising is that instead of an "investor loan" you can purchase the home as a "2nd home" which will provide a better interest rate than an "investor loan". Even though you do not own a home in NY, the smarter way to purchase here is to use the option as "2nd honme", which means this will be your 2nd place of residence. If you need further assistance, please feel free to contact me.

Ericka Nichols
Realtor
Remax Around Atlanta Allstars
404-219-4046 direct
770-460-3300 office - Wed Sep 17 2008, 11:43

Anyone have experience with Legacy communities in Atlanta? What's it all about, seems too good 2b true.?

Asked Wed Sep 10 2008, 17:45 by Felecia - Atlanta - Home Buying - 5 answers

Ericka Nichols answered:

What seems too good to be true? If you are interested in a Legacy Community, then you can purchase a home in their development. For the home in another state, you have a couple of options 1) If you have high income with low debt ratios, then your income may be able to support two households and you may not have to sell. 2) if your income cannot support two household, then you may need to sale or at least rent you home in order to purchase in GA. 3) If you have equity in the home in another state, you may be able to utilize a bridge loan to take care of the monthly payments for the home out of state, until it sells. There are a few options that you can explore. Being that you are an out of state buyer, I would recommend that you contact a Realtor to asisist you with this purchase.

Ericka Nichols
Realtor
404-219-4046 - Wed Sep 10 2008, 18:01

I'm wondering what is meant by Chl addendum line 20. I assume this is a foreclosure property. Thanks

Asked Tue Sep 9 2008, 19:02 by Kenneth - Atlanta - Home Buying - 3 answers

Ericka Nichols answered:

Line 20 of Georgia Real Estate Contract is where all the exhibits and addendums are listed. For this property they want you to list CHL Adden, which is the Countrywide Addendum. You must also get pre-qualified with Countrywide in order to submit an offer on this property. If you use a Countrywide Lender to finance your loan, then they will offer free appraisal and credit report. This is a foreclosure property that is owned by Countrywide Bank. - Tue Sep 9 2008, 19:24

How much a property manager for a duplex gets paid in GA?

Asked Wed Aug 27 2008, 14:21 by Zaritza Sanc… - Atlanta - General Area - 1 answer

Ericka Nichols answered:

The fees for property managers varies. It just depends on the company. The average fee in GA range from 7-10% on the rent collected monthly. If you are looking for a property manager, I will be more than happy to assist you and your client.

Ericka Nichols
Remax Around Atlanta Allstars
Property Management Division
404-219-4046 Direct - Wed Aug 27 2008, 15:52

Purchase income?

Asked Wed Aug 27 2008, 07:13 by Arahn Hawkins - Atlanta - Home Buying - 9 answers

Ericka Nichols answered:

This is a great market for buyers! You would not have a problem locating properties that could provide instant residual income for you. Some of these bank owned properties are in great condition, so very little work is needed to get it ready for the market. There are several homes and mutlifamily listing that I could suggest depending on the area you are interested in. After renting the properties, you may want to consider getting them managed by a property management company, which I can discuss with you in detail if you are interested. - Wed Aug 27 2008, 08:10

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