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Home Buying in 30076 : Real Estate Advice

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  • Local Info3
  • Home Buying8
  • Home Selling3
  • Market Conditions0

Activity 8
Tue Sep 15, 2015
Kirsten Wellborn answered:
Hi John,

It is common that the apr is a lot higher than the rate for FHA. Since APR takes into account the total cost to borrow money, things like mip can really bring it up. If your credit score is so high, I am aware of some other options for low down in Atlanta you may want to compare. Give me a call at 404-867-5662 if I can help.

Kirsten Wellborn
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Wed May 30, 2012
Fred Yancy answered:
It is painfully obvious with a comprehensive and thorough CMA. The data speaks for itself. You don't have to sell it when it is in black and white.
0 votes 16 answers Share Flag
Sat May 5, 2012
Irina Karan answered:
Hello Katie,

Normally, you need 2 full years with increasing income trend.
You income will be averaged and your YTD will be looked at as well - to see the positive increasing income trend. The fact that your rent was twice as big as your future PITI is actually really great from the approvability point of view.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
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Sat May 5, 2012
Irina Karan answered:
Yes, how did your bid go?

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes 15 answers Share Flag
Sat Jun 25, 2011
Robert A Whitfield Broker answered:
Good answers. Well to start with, the fact that it might be the "same home" is a far less important factor than, is it in a comparable "location" in each chosen city to the degree possible. There are great areas and less desirable areas in each city. Mathew is correct, no one has a crystal ball but when you are buyng a home to live in, you should buy what you like and use an expert to help you get the best deal possible. If you buy right in either of these areas you will do well because the best areas in each city are highly sought after and have some of the best schools in Atlanta which means you will do nicely over time. I prefer Roswell, and that is why I live there.

Whether you are a homebuyer or an investor, the only control you have on future values is to pick a good location, buy right, and maintain the property well - as all astute investors know, you make your money when you buy, not when you sell.

Regards,

Robert Whitfield
Broker/Owner - Realtor
Professional Buyers Broker
Relocation Expert
New Home Construction Expert
ICC Code Certified Building Inspection Expert
Advantage Realtors
678-585-9691
877-787-7167
“Luxury Homes, Investments, Property Management & Rehab… Incomparable Client Representation & Due-Diligence”
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Wed Nov 10, 2010
Eric Blossman answered:
May I suggest that you both refinance the property together using both of your incomes. as long as both of your scores are over 620, and there are no other negative impacts to your credit profile, you should be ok. ... more
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Tue Mar 30, 2010
Carol Chiofalo answered:
Short Sales and Foreclosures are a great way to buy real estate at discounts prices. Yes, most have condition "issues", but not all of them. A real estate professional who is experienced in distressed property will be able to guide you through the process. It is simple and safe if you know how to do it.

Add to your internet search "real estate investment clubs" or something similar. Go to their meetings, ask a lot of questions, make connections. Then, confirm on your own EVERYTHING you have been told. Read a lot of investing books, too. Most of the authors would like to sell you something. Sometimes the product is worth the money, sometimes not. Read enough books and you will soon find a common thread you can rely on.

The big question is WHY do you want to buy a house? Whether it is for resale or for your own residence makes a huge difference in what to look for and where to look for it. And how much is reasonable to spend on it. Fixer-uppers CAN be extremely profitable. They can also eat your lunch in a heartbeat. You say these homes need a LOT of work -- I'd suggest choosing an easier project for your first one.

I have a rule of thumb that has served me well for fixer-uppers: Figure all your costs, figure your profit, figure your time. Then double the cost projection, cut the profit in half and triple the time. If this is your first rehab, sextuple the time. After that, if the deal still looks good -- go for it! If you are NOT already a craftsman and plan on doing the work yourself, better make the timeline 10 times longer than you think. And by the way, be sure to get a building permit and go through all the inspections.

Dollar for dollar, Land Lording is the best way to go. Just be sure you have the personality for it. And enough cash on hand to cover the mortgage when the tenants don't pay.

How are you going to pay for this house? How are you going to pay for the repairs. Did you know that you can make money "selling" real estate you don't even own? Do you know how to assume non-assumable loans? You can do all sorts of things like this and a whole lot more. Read, take classes, ask questions, mingle with successful investors and duplicate what they do.

All that is excellent advice, but here is the Secret of the Universe when it comes to real estate investing:

Get off your butt and actually DO something.

Reading, thinking and wishing are great, but until you start doing what you have been reading, thinking and wishing about, you aren't going to make a dime.
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Tue Jun 23, 2009
Mark Laycock answered:
I thought this neighborhood was a hidden gem and that no one else knew about it. Just like you, I also found an interesting investment property in the subdivision and mentioned it to my neighbor. I was suprised to find out that it was his old neighborhood and he said that he just loved it there!

You may want to shop and compare with Horseshoe Bend and Rivermont subdivisions as well. They are the closest Golf Communities with similarly priced homes. If you are interested in golf, my sources prefer the club at Rivermont. The Horseshoe Bend Club is under new management and has seen some much needed improvements.

With my previous affiliation with Atlanta Golf Homes, I would be an excellent resource for anyone interested in Golf Course Communities on the Stylish North Side of Atlanta.

Mark Laycock
Metro Brokers/GMAC Real Estate
404.843.2500
mark.laycock@metrobrokers.com
www.NorthMetroMLS.com
... more
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