5 Bed / 6 Bath Home in The River Club

4834 Elkhorn Hill Drive

Suwanee, GA 30024

$3950000
Welcome Home to your Elegant Rustic Style Lodge with unique custom finishes and high quality Craftsmanship throughout the home. A splendid setting where elegance meets nature. This 5BD/6.3 BA home (2 of the BD's are master Suites)has private view of the Greg Norman Golf Course, a pond and mature woods. Backyard features pool w/hot tub,waterfall and Firepit for your everyday enjoyment. 2 Cooks kitchens, 6 FP's,Spa area on terrace level w/Sauna,Steam shower,massage room, work out room & Aerobic room.3 Laundry rooms, Elevator, Wide plank hand scraped walnut floors.

Summary

MLS #5650314
Price3950000
Bedrooms5
Bathrooms (Full)6
Square Footage10185
Square Footage SourceTax Record
StatusActive

Features

7 Bed / 7 Bath Home in THE RIVER CLUB

4745 Cuyahoga Cove

Suwanee, GA 30024

$3790000
ONE OF THE MOST IMPRESSIVE FRENCH PROVINCIAL ESTATES TO REACH MARKET IN N. ATLANTA, BOASTING UNPRECEDENTED DETAIL & ARCHITECTURAL CUSTOM CRAFTSMANSHIP.... SITTING ON A LEVEL CUL-DE-SAC LOT YET PERCHED TALL ABOVE THE GREG NORMAL GOLF COURSE, WITH PANORAMIC VIEWS AND 380 FT OF LAKE FRONTAGE, THIS HOME TOOK ALMOST $1 MILLION IN HAND-CUT TENNESSEE STONEWORK ALONE. ENJOY WIDE-PLANK HEART OF PINE FLOORING, LARGE AND ENTERTAINING OPEN FLOOR PLAN. ABSOLUTELY STUNNING GOURMET CHEF'S KITCHEN WITH DOUBLE SUB ZEROS- AND VIRTUALLY EVERY CONCEIVABLE OPTION. 4 FIREPLACES. 5-CAR

Summary

MLS #5718436
Price3790000
Bedrooms7
Bathrooms (Full)7
Square Footage11738
Square Footage SourceTax Record
StatusActive

Features

6 Bed / 6 Bath Home in The River Club

4695 Whitestone Way

Suwanee, GA 30024

$2599000
Custom Home in The River Club. 6 Bedroom 6.5 Ba on double lot backing golf course. 1st floor features large 2 story foyer overlooking LR with handsome study and large entertaining DR. Gourmet kitchen overlooks oversized Family Room and covered porch. Master on main and 2nd bedroom on main. Upstairs features 3 bedrooms all with private baths and large dressing area. Terrace level features bedroom and bath, Bar area, game room and theatre.

Summary

MLS #5751567
Price2599000
Bedrooms6
Bathrooms (Full)6
Square Footage8412
Square Footage SourceAppraisal
StatusActive

Features

6 Bed / 6 Bath Home in The River Club

4605 Whitestone Way

Suwanee, GA 30024

$2500000
Exquisite estate home with the finest attention to detail throughout. Overlooking 4th green, home features marble inlayed foyer, Liv Rm, Office w/FP, opulent Great Rm w/FP, state of the art Kitchen, Stunning Keeping Rm w/beamed ceiling & FP, Romantic Master on main, elevator, World class terrace Lvl w/Rec Rm w/FP, Bar, Billiards Rm w/FP, Humidor, Home Theater(all equipment stays!), 2nd master suite & most beautiful finish work in the River Club. Pool & spa w/stone surround, stunning outdoor living areas. WOW!

Summary

MLS #5722910
Price2500000
Bedrooms6
Bathrooms (Full)6
Square Footage9476
Square Footage SourceTax Record
StatusActive

Features

6 Bed / 6 Bath Home in The River Club

869 Big Horn Hollow

Suwanee, GA 30024

$2450000
Welcome home...you've earned this! Enter an innovative floor plan built for entertaining & family enjoyment. Delight in vaulted wood beamed ceilings throughout, wood, brick & travertine floors, wide baseboards, stained doors throughout. The chef of the family will revel in the showcase kitchen of granite and brick. Master on main, separate his & hers baths/closets with car wash shower for both to enjoy. Terrace level is filled with customized features including media room with built in show cases for memorabilia, bar, wine cellar, game room, cozy rec room with fireplace

Summary

MLS #5713023
Price2450000
Bedrooms6
Bathrooms (Full)6
Square Footage9663
Square Footage SourceTax Record
StatusActive

Features

6 Bed / 6 Bath Home in The River Club

912 Little Darby Lane

Suwanee, GA 30024

$2099000
Old world European inspired master piece, indescribable detail thruout,in private setting, 2 story grand foyer w/spiral staircase, pecky cypress paneled study, gourmet kitchen views to fireside keep rm ,Private master suite on main level w/spa like master bath, his/hers closets w/custom built-ins, whole house audio system ,cover porch w/outdoor fireplace/Terrace level features: Pub style bar,w/1800 bottle wine cellar, theater seats 8 features concession stand, billiard rm,card rm,spa rm w/sauna, salt water pool & spa w/cascading waterfalls & outdoor fire pit.

Summary

MLS #5693604
Price2099000
Bedrooms6
Bathrooms (Full)6
Square Footage9755
Square Footage SourceBuilder
StatusActive

Features

6 Bed / 5 Bath Home in The River Club

962 Little Darby Lane

Suwanee, GA 30024

$1849999
Exquisite details with superb finishing mark this amazing River Club home! Formal DR w pecky cypress walls, rustic aged exposed beams, handkerchief ceiling in foyer w built in bookcases. Kitchen built for 2 chefs w island feat all Viking appl & custom inlay cabinetry. Owners suite on main. Barn door leads to pool bath, mud rm w laundry & hammered copper sink. Junior master w spa bath. Finished terrace level& outdoor living at its finest. Complete w private 1 Bdrm Guest House w kitchenette & screened porch overlooking saltwater pool w spa.

Summary

MLS #5645985
Price1849999
Bedrooms6
Bathrooms (Full)5
Square Footage7603
Square Footage SourceBuilder
StatusActive

Features

5 Bed / 5 Bath Home in The River Club

878 Crescent River Pass

Suwanee, GA 30024

$1799999
Stunning Brick & Stone Manor home w good golf course views. Outdoor living rooms on multi levels w fireplace overlooking pool & waterfall spa. Chefs kitchen w mixed woods. Working island w veggie sink, warming drawer, Wolf gas coooktop, dual dishwashers, subzero and wine chiller. Main floor boasts study w fireplace, living room w fireplace & stone walls, formal dining room, & owners suite on main. 3 generous ensuite bedrooms upstairs. Terrace level finished w media, billiards area, custom bar, wine, office, & guest bedroom w full bath.

Summary

MLS #5758623
Price1799999
Bedrooms5
Bathrooms (Full)5
Square Footage7316
Square Footage SourceTax Record
StatusActive

Features

6 Bed / 5 Bath Home in The River Club

5212 Boulder Bluff Way

Suwanee, GA 30024

$1789900
A cul-de-sac lot, this 6 bed home offers an abundance of outdoor living spaces,spa pool & fire pit backing up to natural woods. Foyer flanked w/a large DR & study.The kitchen has it all: island w/serving bar,walk-in pantry & counter space for the home chef.The vaulted kitchen-family room is accented w/ truss beams. Main floor master has spacious his/her walk in closets. A finished terrace w/ theater, family/billiards & game rooms,full kitchen, weight room, guest suite & BA completes this home.

Summary

MLS #5687744
Price1789900
Bedrooms6
Bathrooms (Full)5
Square Footage7553
Square Footage SourceTax Record
StatusActive

Features

6 Bed / 6 Bath Home in None

2915 Southers Circle

Suwanee, GA 30024

$1680000
Peaceful estate with all the amenities-an entertainer's delight! Enter through the iron gate & follow the drive through the trees to your new dream home. A must see with no detail forgotten! Gorgeous Chef's kitchen open to keeping room & breakfast area. Master on main. Finished basement w/full kitchen, custom walnut bar, theater room & more. Saltwater pool/spa with auto cover & outdoor fireplace. HUGE shop w/14' RV door & second 12' door, foam insulation, wired 220 w/gas lines run. Enjoy the convenience of the Chattahoochee Recreation Area out your back door.

Summary

MLS #5740199
Price1680000
Bedrooms6
Bathrooms (Full)6
Square Footage5385
Square Footage SourceAppraisal
StatusActive

Features

4 Bed / 4 Bath Home in The River Club

4870 Hanalei Hollow

Suwanee, GA 30024

$1599990
Home must be sold with a 18-24 month lease back. Fabulous Arthur Rutenberg Custom Home siutated in the River Valley at The River Club. This stunning home features an open floor plan for entertaining, gourmet chef's kitchen and owners suite on the main floor. Upstairs are 3 additional on suite bedrooms and a bonus room. Home has amazing view of 16th fairway and is walking distance to the club. This home is sold furnished.

Summary

MLS #5765916
Price1599990
Bedrooms4
Bathrooms (Full)4
Square Footage4333
Square Footage SourceBuilder
StatusActive

Features

6 Bed / 6 Bath Home in THE RIVER CLUB

4732 Blackwater Way

Suwanee, GA 30024

$1599900
Sitting beautifully on the 6th hole, this home has all the extensive trim/finishes any discriminating buyer will appreciate! Filled w natural light w features to include solid teak flooring, true hand crafted masonry frpl, planked walls in FR, waterworks faucets throughout, custom interior trim & built ins, calcutta gold marble counter tops, & custom hardware. Home is accented w hand baked brick, stone foundation & slate roof for welcoming appeal. Owner suite up w frpl & bath w waterworks tub, steam shower & bidet. Terr lvl w kitchen/bar & bath. 4 car garage too!

Summary

MLS #5566477
Price1599900
Bedrooms6
Bathrooms (Full)6
Square Footage7800
Square Footage SourceTax Record
StatusActive

Features

7 Bed / 8 Bath Home in Belmore Estates

4994 Price Drive

Suwanee, GA 30024

$1599000
Stunning brick & stone estate on over 1 acre in private gated community. Resort style pool featuring waterfall,slide,hot tub, & fire pit plus covered porch w fireplace.4car garage, 8 fireplaces, 3 laundry rooms. Huge owner's suite w private balcony, spacious secondary bedrooms & lofts. Gourmet kitchen well-equipped w high-end appliances opens to spacious keeping room & breakfast room overlooking pool.Terrace level has 2nd kitchen/bar, theater, fitness, steam sauna, game room, den, & guest suite. MANY details and UPGRADES! Luxurious Lifestyle!

Summary

MLS #5765505
Price1599000
Bedrooms7
Bathrooms (Full)8
Square Footage11592
Square Footage SourceTax Record
StatusActive

Features

6 Bed / 6 Bath Home in The River Club

4505 Whitestone Way

Suwanee, GA 30024

$1550000
Tuscan columns and a wrought iron railing greet you at the covered porch of this brick & stone estate, inviting you to step inside. The gracious interior includes 12' ceilings, panelled study, sunny solarium with brick walls & soaring arched windows, a chef's dream kitchen w/ honed granite counter tops, soapstone apron sink, top of the line appliances. Tremendous entertaining space with covered outdoor living space including an outdoor dining porch. Guest suite on main lined by leaded glass windows w/ access to the covered porch.

Summary

MLS #5634131
Price1550000
Bedrooms6
Bathrooms (Full)6
Square Footage8187
Square Footage SourceAppraisal
StatusActive

Features

4 Bed / 5 Bath Home in The River Club

878 Big Horn Hollow

Suwanee, GA 30024

$1499999
Superb craftsmanship reflect in the River Club brick/stone home. Welcoming foyer feat inlaid floors & flanked by gentleman's Study w custom builtins & formal DR. Natural light fills the GR w fireplace & wet bar. Gourmet Kit feat dual Dishwashers, Subzero, Thermador 6 burner cooktop & dual convection ovens, large island & 2 pantries! Main level owner ste w sitting area & spa bath. Stained Canadian Maple hardwood flooring, 2 ensuite bdrms up & junior owner ste w jetted tub & dual vanities. Fin terr includes billiards/game room & gym w rubber flooring w full bath.

Summary

MLS #5758524
Price1499999
Bedrooms4
Bathrooms (Full)5
Square Footage7133
Square Footage SourceAppraisal
StatusActive

Features

5 Bed / 5 Bath Home in The River Club

932 Chattooga Trace

Suwanee, GA 30024

$1490000
Modern Day CHIC nestled in the ultra exclusive River Club. Every detail was carefully selected and quality crafted; Reclaimed wood beams & finishes, shiplap & birch walls, Luster Stone walls & ceilings, rich moldings. Master suite on main offers serenity & privacy. Open 2 story family room w/ stone fireplace & T&G ceiling adjacent to the modern renovated chef's kitchen. Enjoy alfresco dining on the covered porch or enjoy smores by the fire on the amazing renovated Trex deck that overlooks the pristine gardens. Full daylight terrace level awaits your finishes.

Summary

MLS #5760185
Price1490000
Bedrooms5
Bathrooms (Full)5
Square Footage5780
Square Footage SourceAppraisal
StatusActive

Features

5 Bed / 5 Bath Home in The River Club

5108 Coosa Court

Suwanee, GA 30024

$1475000
Located in a Private setting,home has been meticulously maintained paneled study, gourmet kitchen views to fireside vaulted keep rm,hardwood flooring throughout,master suite on main level w/spa like master bath, his/hers closets w/custom built-ins,second master suite upstairs,large secondary bedrooms w/private baths & great closet space,laundry on main & upstairs cover screen porch w/outdoor fireplace amazing backyard w/stone paver patio that views cascading waterfall & outdoor fire pit.Home backs up to nature preserve,prefect lot for pool walk out from your main floor

Summary

MLS #5765721
Price1475000
Bedrooms5
Bathrooms (Full)5
Square Footage6603
Square Footage SourceTax Record
StatusActive

Features

5 Bed / 4 Bath Home in The River Club

4971 Roaring Fork Pass

Suwanee, GA 30024

$1444800
Stunning J. Patrick O'Donnell brick & stone masterpiece brimming with character in The River Club. Situated on wide lot with preserved forest area, this 5BR, 4 and 2 half BA home is loaded with high-end features, including custom closet system in elegant master retreat on main. Chef's kitchen with pot filler, beverage refrigerator, warming drawer, farm sink, sliding barn door and Wolf range opens up to vaulted, beamed ceilings in family room and screened porch with fireplace. Perfect for entertaining! Full daylight lower level is framed, roughed in for lg in-law suite.

Summary

MLS #5706779
Price1444800
Bedrooms5
Bathrooms (Full)4
Square Footage5000
Square Footage SourceBuilder
StatusActive

Features

5 Bed / 5 Bath Home in The River Club

5192 Boulder Bluff Way

Suwanee, GA 30024

$1425000
Fabulous build opportunity with builder Pat O'Donnell. Lot is nestled in quiet cul de sac close to The River Club amenity area. 5 bed/5.1 bath home. Master suite on main with spa like bath and his/her closet. Formal dining room/study, gourmet cook's kitchen over looking the great room and outside covered veranda with fireplace. Four additional bdrms upstairs all with private baths. Live in a community that meets expectations.

Summary

MLS #5741679
Price1425000
Bedrooms5
Bathrooms (Full)5
Square Footage4571
Square Footage SourceBuilder
StatusActive

Features

5 Bed / 5 Bath Home in The River Club

902 Little Darby Lane

Suwanee, GA 30024

$1375000
RUSTIC ELEGANCE IN RIVER CLUB, CUSTOM BRICK & STONE HOME NESTLED IN A QUIET CULDESAC. RECENT RENOVATIONS INCLUDE INTERIOR & EXTERIOR PAINTING, NEW LIGHTING, REFINISHED HARDWOOD FLOORS. EXQUISITE ARCHITECTURAL DETAILS, EXPOSED BEAMS, 4 FIREPLACES, PANELED GENTLEMEN'S STUDY & DINING RM, COZY 2-STORY FAMILY RM, SPECTACULAR CHEF'S KITCHEN, LARGE CENTER ISLAND, GORGEOUS STONE FIREPLACE IN KEEPING/FAMILY RM, COVERED SLATE PORCH, ELEGANT MASTER RETREAT, SITTING RM, MORNING BAR, LARGE SHOWER/SOAKING TUB, HIS/HERS LARGE CLOSETS, 2ND MASTER ON MAIN! 3 BEDROOMS SUITES UP & LOFT.

Summary

MLS #5761669
Price1375000
Bedrooms5
Bathrooms (Full)5
Square Footage6563
Square Footage SourceTax Record
StatusActive

Features

financial crisis | Garage with a Detached Home | Gwinnett County GA

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Tag Archives: financial crisis

Affordability… The Forgotten Aspect of Home Buying

In early June, 2013, the interest rates for home purchases were hovering around 3.5%.  In July, those rates were hanging out at 4.5%.

 

Historical U.S. Prime Rates

Historical U.S. Prime Rates (Photo credit: Wikipedia)

There are two ways to look at that…

 

  • Mortgages jumped in expense drastically between those two points.
  • Looking at rates from a historical perspective, 4.5% is a screaming deal.

But in fact, there is a third, often overlooked aspect that needs to be addressed.

  • Rates are STILL expected to rise over the next few months and years.

As a home buyer in the market, assuming a housing payment budget of $1500/mo (for comparison, we’re just going to use PI… Principle and Interest… and not include Taxes and Insurance).

  • With a 3.5% interest rate, the buyer could get a loan of about $334,000.
  • With a 4.5% interest rate, it drops to about $296,000
  • When the rate rises to 5.5% (and it eventually will…), that loan amount will drop to about $264,000.

 

Buying berries

Buying berries (Photo credit: Wikipedia)

Seeing the difference between 3.5% and 5.5% means a drop in purchasing power of almost $70,000 with the same payment, it becomes painfully obvious that interest rates are at least as important as price when it comes to affordability.

 

Yet, many buyers will delay on the purchase, trying to find the right price, while the interest rates pushes properties out of their grasp that they COULD have purchased previously.  Let’s not mistake… price IS important… but it is only part of the picture.

Looking forward

Looking forward at the real estate market, from late July, 2013, there are a variety of thoughts and opinions.

We are expecting a slow-down in closings for July, compared to the pace we saw in May and June.  Granted, those were pretty active months.  I would think that the lion’s share of the slow-down may be attributable to increased interest rates and housing costs.  There was a HUGE bump at the end of June… rates jumped almost ¾% over one weekend.

Moving into August and September, I expect to see sales rebound somewhat.  Interest rates WILL have an impact, but I think that we will also be seeing the wave of initial buyers subside.  There was a tremendous pent-up demand… and there is still a significant number of buyers on the edge of entering the market… that dived in at the first signs of recovery.

As more buyers are able to sell their homes without injecting huge amounts of cash, and more buyers feel more secure abut their employment, they will look to move up or purchase.

Is it too late?

No… but it does require a different thought process than a year or two ago.  Then, deals were everywhere.  Buyers didn’t have to be quick, and they didn’t have to make competitive offers on most properties.  But now, buyers NEED to be ready to offer when they see a property.  They also need to be ready to start with their best offer… they might not have a second chance to offer on that property.  Sellers are not required to send out a call for “Highest and Best” after getting multiple offers.  Many don’t.

But in 3-5 years, when buyers are looking back on the opportunities they had today, they WILL see that there were great deals to be had.  They just required more of a fight than they did when there were fewer buyers in the market and more properties available.

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So, you want a Foreclosure…

I have been getting a lot of calls lately asking about foreclosures.

English:

English: (Photo credit: Wikipedia)

Almost word for word, “I’m thinking of buying a foreclosure… what do you have for me?”

My reply is generally along the lines of “where were you last year… or the year before… or the year before?”

A year ago I was saying that the market was poised to turn.  And that when it DID turn, it would be fast.  It would be REALLY fast.  Here we are.  There is little inventory.  Prices have shot up.  Foreclosures are few and far between… hardly the controlling factor they were not that long ago.  Short sales are no longer prevalent, although there are some hanging around.

A couple of years ago, you could make an offer on a foreclosed property… below the asking price… and have it be THE offer they had to look at.  You were betting against the table, but only the table.  A bit over a year ago, that started to change.  Multiple offers started happening on the cream of the foreclosure crop.  No, you were betting against the table and several other players… but usually the list price could win the day.  In fact, it would usually more than win the day.  We were begging buyers to get back in the market.

Now, bidding full price on a freshly listed property isn’t even close to a guarantee.  In fact, some fo the nicer ones can go for considerably over the list.  And the list isn’t all that hot to begin with.

All is not lost…  There are still deals in some pockets.  But the pockets are moving and the deals are fleeting.  Right now, if you want to find a reasonable deal, you have to be ready to look FAST.  And you have to be ready to make an offer just as quickly.  You better have your financing in order as well.

Of course, you can wait until things calm down… but that might mean that a similar house costs 10-20% more.  Interest rates might not be as nice, either.

If you are ready to make a move, give me a call.

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Foreclosure Wave Broken on the Shore?

For years I have been hearing (and talking about it here) the “wave of foreclosures that are just around the corner”.  For years the wave has been just around the corner, over the horizon and getting ready to hit.  We did have a tsunami of foreclosures, and Gwinnett County has been one of the worst hit in Georgia, but the second wave has been a phantom…

Foreclosures fall behind retail sales in Gwinnett

Foreclosures fall behind retail sales in Gwinnett

And I am about ready to say that it will remain a phantom.  That isn’t to say that there won’t be more, but I would like to lay to rest the idea that the banks have a pile of foreclosures that they are “about the release” or that “will hit the streets in the next few months”.

If there was a time, it would be NOW.  There is little inventory, prices are starting to strengthen… the time would be ripe.

Instead… we see the first chart.

The green line represents wholesale (foreclosures, short sales, pre-foreclosure sales, etc.).  It has dropped over the last few months… as retail (that would be regular sellers) have surged.  One not to include here… the red line (new homes) only represents a portion of new home sales.  Builders only report “inventory sales” to the MLS.  And many of their sales are “pre-sales” (houses purchased before they are built).  Some builders are selling 3 or 4 pre-sales for each inventory home.  Expect that the red line might actually be 50% higher than it shows…

Prices rebounding in Gwinnett County, GA

Prices rebounding in Gwinnett County, GA

To be sure, everything isn’t all wonderful… but it is a load better than a year ago.  Right now, actual people that want (or need) to sell their homes have a shot.

The next issue that will start to right itself over the next couple of years regards the people that have been through this wave of foreclosures…

It takes most people 3 years to recover from a foreclosure, short sale, pre-foreclosure, deed-in-lieu or other mortgage shortfall.  So, over the last three years, as Gwinnett County has been ravaged by foreclosures and similar issues, thousands of homeowners have been locked out of the market… instead, largely joining the ranks of renters.

That won’t last…

And as they come back into the home market, with the reduced inventories we’re seeing, expect to see continued price strength.

Like I said, it isn’t all wonderful, but we are looking at the beginnings of a Gwinnett recovery.  If it follows the Forsyth recovery (they weren’t hit as hard) you can expect to see the market heat up quite a bit through the end of the year as the pent-up demand is released.

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Options Instead of Foreclosure…

Yes, there are still buyers out there underwater.  Things are getting better, but just because the flood waters have started to recede doesn’t mean that all of the land is out of the water.

English: Sign of the times - Foreclosure

English: Sign of the times – Foreclosure (Photo credit: Wikipedia)

Here are the choices that “under water homeowners” face if they need to sell… or just really want to sell.

  • Short Sale – These have gotten much better over the last couple of years, and especially the last few months, but they are still tough and hurtful.
    • They take a long time to process.  While it isn’t the 2 years that they took not that long ago, don’t expect the bank to be done in less than 60 days… after they start looking at the offer.  And they might drag it out for six months or more, only to end it all with a rejection.
    • Credit scoring agencies look at a foreclosure and a short sale in EXACTLY the same light.  So, despite all of the work that you, as a seller, may put into a short sale, the bank doesn’t care.
  • Foreclosure – Stressful and kills your credit for two to three years… or maybe a little more, depending on what you do to recover.  And for many, the stress of knowing that a Sheriff’s notice could hit the door any day can be pretty rough.  It may be embarrassing, too.  Many don’t want their neighbors to know about financial hardships they may be facing.
  • Renting your home – There are a lot of folks out there we call “accidental landlords”.   But it isn’t all flowers and unicorns…
    • A credit card, the biggest beneficiary of the ...

      A credit card, the biggest beneficiary of the Marquette Bank decision (Photo credit: Wikipedia)

      It might seem either like it doesn’t matter or nothing matters more, but you NEED to be able ot be cashflow positive… more in rent than house payments.  And remember, insurance is a different game as a landlord than as a occupant.

    • You need to be financially solvent enough to afford repairs on the home if needed.
    • Keeping up with the house payments will take on even more importance.  If you were to rent out your house and default on the payments… if the renter could prove that you knew you could default, they might take you to court… maybe not, but…
    • Your mortgage likely includes language saying that if you move out, the mortgage is due in full.  Again, the mortgage company may not care, but it is a risk.
  • Write a check – If you can pay off the shortage at closing, that is a pretty good option.  But most people don’t have the resources to write the check…

If you are wondering if you are underwater, we can talk about it.  I have an option for those that want to go the short sale route.  If you are interested in renting, we can talk about that, too.  I generally don’t handle rentals, but we can talk over the options.

 

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So, You Want To Be a Real Estate Investor…

I had a call recently from a “would-be” real estate investor.  He wanted me to find a few properties for him to flip.  He’s been looking at the Atlanta market for a few years (his words) and decided that now was the time to jump in and flip some properties.

Atlanta

Atlanta (Photo credit: Lima Pix)

Specifically, he was looking for entry level homes that he could pick up needing a little work, maybe in the $50-75k range, needing $10-15k worth of renovation.  His goal was then to sell them for $100-$125k.  East peasy.

Except, it isn’t… 

In fact, right now that would be ANYTHING except easy peasy.  It would be quite difficult.  And here’s why…

  • A few Billion Dollars in “hedge fund money” floating around the Atlanta market
  • A market turn that while not “complete”, is far from unnoticed.
  • A limited inventory, especially on the entry level end.
  • Lack of easily available financing.
Billion Dollar Car

Billion Dollar Car (Photo credit: soul_motor)

This was a guy without a load of cash, unable to offer quicker closes than “the next guy”, and unable to out-spend the competition.  He was not only convinced that there was a glut of homes, but that he was completely in the driver’s seat on these types of deals.

That is NOT the case.  In fact, small investors are regularly SHOCKED at what the hedge funds are paying for houses right now.  They are bidding them up on the open market.  They are bidding them up on the Courthouse steps.  They are willing to pay top dollar whenever and where ever they find them.

They don’t care what they can sell them for right now.  They are looking at 5 year turns… with rental income in the mean time.  The “over-payment” will be erased by the rental income and the increase in values over the next few years.

If you want to compete right now, THAT is what you have to compete with.  A few years ago, you might have been able to pick up a cheap property and flip it… not so much any more.

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