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Diary of a Real Estate Investment: Rockin Hills

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On Friday I made an offer on two residential lots in Marietta, Ga. Asking price was 34,500 each and I offered 60,000 for both contingent on builder inspection. Today the offer was accepted and I have 10 days for the inspection.

Now it's very early on the morning of 9/11 and I have many things on my mind. Something that would be on my mind if this were not such a memorable date would be educating the general population in an area that brings me great joy: real estate investing.

So here it is. Day one of a new project.

On these two lots I will be building two properties with the intention of providing housing for lower income families and still make a profit. In my county there are hundreds of new homes available in the 500k to 1m range, which is fairly high for this area of greater Atlanta, but I want to build two homes for buyers who could never qualify for that type of property but who still need certain amenities.

My goal for this diary is to let new investors see what can happen during a project of this scope. It is to serve more as an educational blog series than a commentary. However, having "hoed this row" in the past I can almost guarantee some very entertaining reading as we go along.

I'll provide photographic documentation where possible and even scans of pertinent documents when available and applicable. I've been here before and expect many diverse situations as we blog through the next few months.

Since my Active Rain blog is entitled Real Estate Investing I want to share my postings with those of you who have never experienced turning raw land into comfortable housing. If you have any questions about the project as it goes along, PLEASE ask here in the blog so we may all learn together.

Later, when I'm not in such a somber mood as at the present from seeing the flag already flying at half staff I'll post my projections for the plan, why I chose the location, and my predictions for the project so we can all track together.

All blog posts about this subject will begin with either Rockin Hills or RH followed by some other particular title or simply the date. 

In the mean time, remember this date and what happened. Furthermore be honest about who the enemy is and why they are fighting.

Peace.
Ken

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Anonymous
Anonymous
A Tenant’s Guide to Renting 

The first challenge every tenant faces is finding an apartment for rent that suits their individual needs. For today’s tenant, the most effective apartment search can be done using an online apartment finder. Tenants should decide what they require in an apartment or house rental before beginning their search. For example: the number of bedrooms, location or distance from public transportation and how much the tenant can afford to pay in rent, furnished or unfurnished apartment, etc. By making these important decisions first, tenants can avoid renting an apartment or house only to regret it later. Many tenants today are taking advantage of the convenience of the internet to locate apartments for rent as opposed to the traditional print publications.

 

Once a possible apartment or home has been found, it is the tenant's duty to thoroughly inspect the premises making a commitment in the form of a security deposit. A tenant should not rely on the landlord or the landlord's agent to tell the tenant if anything is wrong with the property. The tenant must inspect the property carefully and ask questions about it.

Inspecting the condition and functionality of the following areas/features of the apartment before committing yourself as a tenant is highly recommended.  

1.      Kitchen appliances in working order.

2.      Water pressure strong, plumbing without leaks.

3.      Electrical outlets and wiring working.

4.      Walls and ceiling painted or papered without cracks

5.      Ventilation or air conditioning accessible.

6.      Floors, railings and bathrooms in good repair.

7.      Fire escape easy to use.

8.      Stairs safe and well-lighted.

9.      No rodents or insects.

10.  Heating system in working order.

11.  If furnished, check and write down condition of all furniture.

12.  Windows and doors operable and weather-tight; screens provided.

The tenant should also check the security of the building to find out if there is a dead-bolt lock, security chain, or through-the-door viewer.

BEWARE OF EXISTING DAMAGES: In order to avoid being blamed for damages that already exist in the rental unit, the cautious tenant should take every step for self-protection. Before moving in (or as soon as possible thereafter), the tenant should make a list of all existing damages and repairs that need to be made. A copy of the list should he presented to the landlord and attached to the lease This way the landlord cannot blame the tenant for damages caused by others and the tenant will know what the landlord intends to repair. If the tenant keeps good records the landlord will not be able to keep the tenant’s security deposit for damages that were actually caused by others. Taking pictures before moving in is also strongly recommended.

 ABOUT THE AUTHOR: Paul Rossano, associated with www.AllSpaces.com who “Conveniently Connects All People with All Spaces in All Places” has been dedicated to the Real Estate rental market for over 8 years. He has assisted over 25,000 tenants with their renting needs. Any questions about renting apartments, houses or other rentals, feel free to visit www.AllSpaces.com or email him at Paul@AllSpaces.com.
Oct 04, 2006 08:36 AM
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