SHOW ME THE MONEY!!! WHO CAN YOU TRUST?

weareGaREIA
GEORGIA REAL ESTATE INVESTORS ASSOCIATION
ISSUE 02 / JULY 2015
SHOW ME THE
MONEY!!!
WHO CAN
YOU TRUST?
Summer Fun at GaREIA
Ga News and Legislative Updates
Investor Success Story
John Adams
9 DISCIPLINES
CALL
A
SPADE
A
SPADE
& other secrets to effective Real Estate Investing
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2 we are GaREIA July 2015
CONTENTS
Who Can You Trust?........................Pg.4
Mike Jacobson
June 2015 Meeting Recap....................7
Carole Ellis
Speaker Highlight................................8
John Adams
A GaREIA Member Success
Story..................................................10
A.C. Cooley
Funding Real Estate Deals.................12
GaREIA July General Meeting
Call a Spade A Spade & Other Secrets to
Successful Real Estate Investing........16
Education & Training
Volunteer Corner - Marketing............18
Angela Nurse
News & Legislativve Update..............20
Carole Ellis
For questions, comments or suggestions, please
contact:
Angela Nurse
We Are GaREIA Digital Editor
770-469-0109 / [email protected]
we are GaREIA July 2015
3
President’s Corner
- Mike Jacobson
President GaREIA
Who Can You Trust?
Last year my wife and I bought a used car. At the tag office we asked if we could get a
tag that said “In God We Trust.” The lady behind the counter smiled and said, “Who else
are you going to trust?”
The lady made a point that we too often ignore. While we want to trust people, we also
need to verify information. Trust is not a substitute for due diligence. Performing due
diligence is a fancy way of saying do your own homework and verify all information.
Many wholesalers include estimated repair costs and after repaired values (ARV) with
their ads and flyers. Investors need to know how to estimate their own repair costs and
ARV based on the level of rehab that will be performed. One place to learn this skill is
the Georgia REIA boot camp.
Where does trust come from? Trust is earned by performing over and over with integrity.
New investors sometimes get trapped by blindly trusting an experienced investor without
checking references. There are several ways to learn about someone’s integrity. You can
ask other REIA members who have been around for a while. The GaREIA office keeps
ethics complaints on file and the board’s decision for action on each complaint. A
Google search may turn up results. Another way I like to learn about a potential partner’s
habits is playing the Cash Flow game. You quickly learn who works well with others
and who doesn’t. You may also learn someone has a gambling habit.
We choose to associate with successful and trustworthy real estate investors because we
also want to be successful. Ask around, get references and check them out. So if
someone claims to have rehabbed ten houses, how many of those were successful? Are
you satisfied with references for the best three? Or the last three? All experienced
investors have deals that do not perform as expected. But that is why they build in
“oops” factors. And remember that where there is money to be made, sharks may be
circling in the waters.
The next time you get a bill from your wallet or purse, find the words, “IN GOD WE
TRUST.” And remember, for everyone else, we must verify the data.
4 we are GaREIA July 2015
we are GaREIA July 2015
5
What You Missed Last Month: June 2015 Meeting Recap
GaREIA held its June General Meeting on June 8, 2015, at the Wyndham Atlanta
Galleria. Doors opened early at 5:30 p.m. for a rousing round of networking, and
the meeting hall was filled with members and guests eager to hear about deals,
strategies, and radio host John Adams’ latest training event, “Toilets, Tenants,
Taxes, and Tools: A Guide to Lowering Your Expenses and Boosting Revenues.”
Our president, Mike Jacobson, kicked off the meeting with some observations on
creating financial freedom. He observed that GaREIA contributes to member
success in this arena in multiple capacities, including networking, business
opportunities, and creative outlets for business and investing ventures related to
real estate. “Whatever your business, we’ve got something for you,” he said.
Next, Angela Nurse, head of marketing, introduced a quick “marketing minute”
with a quote from Zig Ziglar. “You can get everything you want if you help people
get everything they want,” she said, noting that GA REIA’s marketing division is
not only already playing a crucial role in this area but also is primed to expand and
grow so that it can serve GaREIA’s members and business associates in creative,
effective ways.
Mark Galey then stepped up to discuss progress at the Fuller Center for Housing
(FCH). The center has been working hard to provide housing for families in need
and recently completed a build in the Atlanta area. GaREIA is proud of Mark for
his leadership at FCH and happy to be part of such a dynamic, philanthropic
group. Curt Smith also talked about rural rental rehabbing, Robert Mulcahy, one
of GaREIA’s business associates (BAs) discussed Angel Oak Funding, which makes
loans based on property values alone – a very attractive proposition for real
estate investors –, and the Atlanta Housing Authority (AHA) paid us a visit to
discuss a new initiative to lease to 1,200 section 8 tenants over the next 12
months. As you can imagine, AHA is looking for vacant units!
A.C. Cooley then stepped up to describe a recent investment and accept
recognition for his achievement as GaREIA’s “June Success Story.” You can read
more about that in the Success Story section of the newsletter. John Adams, host
of the John Adams Show on Talk 920AM, then took over the stage to give a
presentation on the disciplines you need to master in order to make money
6 we are GaREIA July 2015
investing in real estate. You can read about the presentation in detail – as well as
find out about the special opportunity John offers to GA REIA members who sign
up for his Saturday training, by reading more in the “Speaker Highlights” section
of the newsletter.
Quotable Quotes from the June Meeting
“The map appears when the car is in motion.” – John Adams
“You don’t go broke selling at a profit.” – Mike Jacobson
“Don’t worry, GA REIA’s code of ethics prevents members from running amok.” –
Mike Jacobson
“You can get everything you want in life if you help enough other people to get
what they want.” – Zig Ziglar via Angela Nurse’s “Marketing Minute”
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7
Speaker Highlights: Radio Personality John Adams Covers Toilets,
Tenants, and Everything You Need to Master to Make Money
Investing in Real Estate at GaREIA’s June 2015 Meeting
John Adams, host of the John Adams Show on Talk 920AM in Atlanta, started his
presentation at GA REIA’s June meeting off with a laugh, and the fun didn’t stop
for more than an hour as he spent time with GA REIA’s members training,
teaching, and even doing a little philosophizing about real estate in Atlanta,
Georgia, and life in general.
John, who is a 20-year veteran of Atlanta radio and also writes a weekly column
for the Sunday Atlanta Journal Constitution, came to GA REIA with some firm
principles to impart. “There are certain disciplines you must master in order to
make money investing in real estate,” he said, just before diving right into those
disciplines.
John noted that understanding how real estate investing works is important, but
added that with investing, as with certain automotive GPS systems, “the map
doesn’t always appear unless the car is already in motion.” Essentially, you have
to take action in real estate in order to get results, and sometimes the directions
you need will not become evident until you have already started your journey.
John’s “9 Disciplines,” which he went over in detail during the meeting, describe
8 we are GaREIA July 2015
how to navigate that journey in such a way as to come out on top in every deal.
First of all, John noted that you simply must be able to find the properties you
want and need. After all, he joked, “If you can’t find it, you can’t control it – and
you certainly can’t make money on it!” Several of John’s key disciplines dealt with
finding, pricing, and, ultimately, gaining control of the properties you want in your
market. Next, he addressed the control angle, including estimating the right price
for a property, understanding how much repairs actually could cost you, and even
dealing with the legal minutia associated with getting a house under contract in a
way that is beneficial to you. Finally, John tackled funding deals and – everyone’s
favorite part – making money! He even threw in some really handy details about
fighting and lowering property taxes to make holding costs lower and your
potential profits and deal attraction higher.
“John was incredible,” raved one GaREIA member after the presentation, adding
that John’s Landlord Survival Guide class, which he offered free to new GA REIA
members as part of his presentation, is “the neatest thing since sliced bread.”
John had plenty of fans in the audience already thanks to his long tenure on the
Atlanta real estate scene, and based on the sign-ups for attendance at his June 20
GaREIA Super Saturday Training Event, “Toilets, Tenants, Taxes, and Tools: A
Guide to Lowering Your Expenses and Boosting Revenue,” he likely now has many
more.
Don’t miss the next information-packed general session of GaREIA! John gave
away a lot of great, practical information that investors who attended could
immediately leverage in their businesses.
July’s General Meeting will feature a funding panel like no other that will deal
with everything from funding real estate through retirement accounts to the
truth about hard money lending to angel investors and crowdfunding
opportunities. We meet every second Monday at the Wyndham Atlanta
Galleria. Doors open at 5:30 pm and the featured speaker or panel will start at
7:30. Our next meeting is July 13, 2015.
we are GaREIA July 2015
9
GA REIA June 2015 Success Story
A.C. Cooley
A.C. Cooley spent 20 years in corporate America as a computer programmer
before becoming a full-time real estate investor in order to spend more time with
his family, volunteer at his church, and live out his vision for his life. His business
model, which led to this month’s success story deal, includes buying and selling
investment properties and working with motivated homeowners who may be
unable to afford payments or maintenance on their properties, may be tired of
landlording, or may even have just inherited a house that they don’t want. “I
don’t just look at myself as a real estate investor,” A.C. says. “I am a real estate
problem-solver for homeowners.”
A.C. certainly did a nice job of problem-solving for the owner of 792 Livingstone
Place in Decatur (not to mention himself and another investor)! The twobedroom, one-bath property that was built in 1947 was purchased for $127,000
and sold in just days to another investor. “It was a great opportunity for an
investor who does rehabs,” A.C. explained, noting that the property will be worth
somewhere between $215,000 and $330,000 after it is repaired and renovated.
He noted that most investors who buy to rehab in this area add square footage to
properties like 792 Livingstone, and predicted that his buyer will do the same.
After closing costs and transactional funding, A.C. netted $8,496.21 on this deal.
Just three weeks later, A.C.’s buyer was able to sell the property again to another
investor, this time at $167,000. The sharp uptick in price was likely due to a
neighboring property selling after A.C.’s closing for $496,000. A.C. does aggressive
direct mail campaigns to find his properties and used Angel Oak Funding for
transactional funds in this deal.
A.C. can be reached at 404-419-6780 or by email at [email protected].
10 we are GaREIA July 2015
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we are GaREIA July 2015 11
July General Meeting Feature: Funding Real Estate Deals
PROFITABLY AND LEGALLY in the Wake of the Great Recession
When President Obama signed the “Jump-Start Our Business Start-Ups” (JOBS)
Act in 2012, he and his supporters touted the move as a “game-changer” that
would enable entrepreneurs to find investors who not only believed in their
vision, but who were willing to put money up to build that vision. Not surprisingly,
innovative, motivated real estate investors immediately began assessing the
potential for the JOBS Act to work for them, and soon the real estate industry was
among the leading sectors when it came to courting Mr. Obama’s “ordinary
Americans” and encouraging them to, as the president put it, “go online and
invest in entrepreneurs they believe in.”
In the nearly three years since that bill passed crowdfunding websites have leapt
up all over the place. You can now fund everything from your latest flip to your
IRA investments through crowdfunding. But ultimately, even though it makes a
great headline, crowdfunding, like any other type of funding, is, in the grand
scheme of things, just another way to get a good deal done. At least, it should be.
12 we are GaREIA July 2015
All too often, as investors, we get carried away by the latest potential funding
rather than staying focused on the true point of getting our hands on that money:
making more of it! We all know the danger involved in getting emotionally
attached to a potential deal: allowing your emotions into the equation creates a
scenario in which you may try too hard to make the numbers work or may make
decisions that are not the best for your bottom line. But what about when your
romance is with your investing strategy rather than with the property itself? All
too often, we’re not prepared to defend ourselves from the tempting call of the
latest source of funding even if it is not the best for our business and our deals.
At July’s GaREIA meeting, you’ll have the opportunity to build your arsenal of
investing strategies while getting the latest insight on just how to fund your real
estate deals, grow your portfolio (if you want to), and analyze current events to
identify funding opportunities that your competitors are missing. Our panelists
are experts not only in getting deals done, but growing the money invested in
those deals time and time again in a vast array of creative, effective, efficient
we are GaREIA July 2015 13
ways. This July, you’ll meet:
Bryan Ellis:
Bryan Ellis is founder and publisher of the Bryan Ellis Investing Letter and host of Self
Directed Investor Radio. Bryan primarily serves accredited and affluent investors
seeking strong passive yields with a high degree of safety. With nearly 700,000
newsletter subscribers and with his position in the top 5 of all Investing podcasts
nationwide alongside such titans as Dave Ramsey, Jim Cramer and Motley Fool,
Bryan teaches that all good investments should be Simple... Safe... and Strong...
including what he calls the "Holy Trinity of Asset Classes": Real Estate Notes, Tax
Lien Certificates and Cash Flowing Real Estate. Bryan has been featured in major
media all over America and is author of the upcoming book "The Cradle to Grave
IRA: How To Enjoy The Tax-Free Advantages of a Roth IRA For Your Entire Life". You
can listen in to Self Directed Investor Radio at SDIRadio.com and read his blog at
investing.BryanEllis.com.
Eric Pepper:
Eric Pepper is a Sr. Loan Officer and Renovation Loan Specialist with Prospect
Mortgage in Atlanta. A home is most often the largest asset a person has. Whether
it is the family residence, a second home, or an investment property, it is crucial to
have the right mortgage program. Eric is a seasoned mortgage professional with
over 10 years of experience. In addition, he is a FINRA-licensed Investment Advisor.
Matt Lineburger:
Matt Lineburger currently serves as Lima One Capital’s Business Development
representative with his office and primary focus in the Atlanta area, and Lima One
Capital is a GaREIA Business Associate member. Matt is responsible for originating
investment loans for Lima One Capital and often speaks publicly on the current
financing options for residential real estate investors. Lima One Capital works
with investors all over the country to provide funding for fix and flip projects as
well as rental properties.
Robert Mulcahy:
Robert Mulcahy is Vice President of Specialty Lending with Angel Oak Prime Bridge,
LLC (AOPB), a direct hard money lender providing financing solutions for today’s real
estate investor, and a GaREIA Business Associate member. Real Estate Investing has
evolved Angel Oak's clients' demand and requires simple solutions to meet today’s
14 we are GaREIA July 2015
competitive real estate market. Drawing on their years of lending and investing
experience they understand their clients' needs. With that in mind they created
their loan programs and approval process with simple goals: to be today's best Hard
Money lender and provide world class service and loan programs that are fast,
simple, flexible, and dependable.
Whether you’re looking for funding on your first deal or your five thousandth
deal, you don’t want to miss our July meeting. Doing so could not only mean you
miss huge opportunities to grow and fund your real estate business, but it could
mean that you overlook crucial points in your current business plan that are
setting you up for legal and financial disaster. GaREIA meets on the second
Monday of each month at the Wyndham Atlanta Galleria. Doors open at 5:30.
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Training & Education Center
Call a Spade a Spade and Other Secrets to Effective Real Estate Investing
One of the biggest stumbling blocks that new investors encounter is that first initial “take
action” step. They read, study, investigate, and even take some tentative steps toward
generating leads. Eventually, a good deal shows up. Unfortunately, 99 percent of the time,
that good deal is a new investor’s downfall. Let me explain:
Over the years, we’ve watched investors on a national scale, and there are certain things
that nearly all new investors – or investors who feel that they are “new” on the scene, be it
geographic or strategic – have in common. One of those things is an odd lack of confidence.
As a general rule, real estate investors are among the most educated entrepreneurs out
there. Not only do many have formal educational backgrounds and even advanced degrees;
they also invest aggressively in personal, informal education in the form of mentors, home
study, and coaching. So why does the advent of a truly great deal send so many tumbling
back to square one?
Simple: Most investors feel, deep down, that the seller is the one doing them a favor. They
may not admit it, but it’s the truth. The only way to get past this is to literally call a spade a
spade and get it into your head that you are the one who should be calling the shots here
because your buyers and your sellers are just lucky to be working with you.
Now, some of you reading this may find this harsh. After all, real estate investors often
work with some of the most distressed people – literally and in multiple senses of the word
– in the world. They are facing foreclosures, short sales, the loss of loved ones, the loss of
financial security, the loss of a home that they loved, the loss of a retirement dream, the list
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goes on and on and on… Shouldn’t we be kind? Of course! But that doesn’t mean that we,
as investors, should set ourselves up for failure! Be confident, and not in the sense just that
you know what you’re talking about, but in the sense that if a seller (or a buyer) opts to
work with you, they are doing the best thing for themselves that they could possibly be
doing.
Contrast these two scenarios:
In scenario 1, you meet a motivated seller at their home. The seller is facing foreclosure and
hopes that you will buy their property fast and for cash. You lay out the terms of your
contract, apologizing in advance that you cannot promise to get a buyer and that you can’t
buy the house yourself if your marketing falls through, but you assure them that you’ll do
your best. You also go ahead and point out that they deserve more than you’re offering, but
it’s just the best you can do. The seller says she wants to read over the contract and you
meekly leave. You never hear from her again, and eventually you learn that the house went
into foreclosure and the seller and her family were evicted by the bank.
In scenario 2, you meet the same motivated seller at her home, but in this scenario, you
explain confidently that you routinely purchase properties fast and for cash and that you are
sure you can come to an agreement with her on the price given the huge advantages
working with you offers. She questions your low price, but you point out that you’re offering
cash and a way out of foreclosure, so of course some things will not work like a traditional
market sale. She also asks how much money you will make on the deal, pointing out that it
is “her” money after all. You explain calmly and respectfully that you are an investor, as you
told her, and that this is how you feed your family just like she goes to work to feed hers.
You gently return the attention to your contract, which she eventually signs. You use your
marketing techniques to find a buyer and in a month your seller is moved out, cash in hand,
and you have your cash in hand as well!
The difference is obvious in these two scenarios: in the second scenario, you didn’t
apologize for your business! There is nothing wrong with making money in real estate – no
matter what the media tells you – and while your sellers and buyers deserve your courtesy
and your most professional demeanor and best business dealing, they do not deserve the
profits from your hard work! So don’t apologize for making those profits (or for setting
yourself up to make them) and you’ll soon find your deals are coming to fruition far faster
than you previously thought possible.
Have you got expertise to share? Email [email protected] and your skills and
knowledge could end up in the next edition of “We are GA REIA.”
we are GaREIA July 2015 17
“We Are GaREIA” – The Volunteer Corner
GaREIA is unique among most REIAs in that it is a non-profit entity. That means that GaREIA is
powered by investors who are truly so dedicated to making real estate investing a part of their
lives and helping others do the same that they are willing to donate their time to support and
build their REIA. Unlike any other REIA in the area, GaREIA is truly by and for investors in a
wholly individual way. You can be certain that every event, every meeting, and every single
training is a product of dedication and passion for real estate because those events are
managed by GaREIA volunteers.
In the monthly “Volunteer Corner” feature, we will spotlight a group within GaREIA that plays a
crucial role in the function of the association. This month, we turn our eyes toward the
marketing division, headed by Angela Nurse. Angela is an active real estate investor and
property consultant at We Do Dwellings. She is also the editor of the monthly GaREIA
newsletter, We Are GaREIA, and manages GaREIA’s formal publicity.
To get a better idea of how GaREIA’s marketing division functions, we sat down with Angela to
ask some basic questions:
Q: What does the marketing division of GA REIA do?
The GaREIA Marketing committee is responsible for advising on and implementing the internet
presence and marketing requirements of the various GaREIA division directors based on their
individual plans. We do this by providing web content to our database and other internet users
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via social media marketing platforms including FaceBook, YouTube, MeetUp, LinkedIn,
Instagram and Twitter, Blog, and of course, our new newsletter as well as other traditional
methods of marketing and distribution. The goal is to improve GaREIA SEO and web presence
statistics, to inform and educate those reached of upcoming GaREIA news, events, needs, etc.,
and ultimately to increase membership as well as attendance at GaREIA events.
Q: What is the best thing about being part of this division?
The best thing about participating on the Marketing Committee is getting to utilize your
creativity while participating in and supporting the implementation of the GaREIA vision. Our
goal is to assist the organization in continuing to provide the valuable Real Estate investor
education and support that GaREIA has been providing for the last 30 years.
Q: What is the greatest need for this division at this time?
It is difficult to determine what the greatest need would be. But I would probably say that we
need committed people to step forward and help with the many creative tasks associated with
marketing. We aren't necessarily looking for people experienced in marketing as many things
can be accomplished with amateur level skills and a strong desire to help with these marketing
related tasks including:
 Photography
 Research
 Production of Video marketing for
 Networking with organizations to
BAs and upcoming events
promote GaREIA in the community
 Assisting with Social Media
 Monthly PowerPoint creation for
campaigns
General Meetings
 Helping research and/or create
 Press releases
articles for Blog posts and our new
 Podcasts
Newsletter
 Helping with GaREIA conference
 Graphic Design
tasks
 Blog or Article writing
If you’re reading this and find any of these roles appealing, you should not hesitate to contact
me! GaREIA is powered wholly by people who are truly passionate about real estate investing.
Without you, we don’t have an organization.
Q: Who should I contact to get involved?
Marketing Director Angela Nurse
770-469-0109
[email protected]
I can’t wait to hear from you!
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News and Legislative Updates
Deal-Finders Update: State Transportation Board Recruiting
Buyers for 2,000+ Land Parcels
When you think of “hidden” sources for land deals, you probably don’t think, “Ah,
potholes!” However, the Georgia Department of Transportation (GDOT) would
sure like to change that. According to GDOT, the state needs revenue to “put back
into projects” (like filling up potholes” and is willing to sell you a large volume of
land in order to accomplish that.
GDOT alone has more than “2,000 parcels that would be worth buying, not
counting those that are landlocked, too small, flooded, or otherwise worthless,”
noted the peerless promoters of the properties in a 2013 review1.
GDOT spokeswoman Natalie Dale explained that the state would like to generate
revenue from the sale of those parcels in order to fund other projects and, in the
process, get that real estate back on local tax rolls. As long as the state owns the
property in question, the property does not generate money via property taxes
for the local government. At present, GDOT does not have a formal process for
marketing its properties – “worth buying” or otherwise – but plans to establish
one in the future.
So where do all these parcels come from? In many cases, property owners who
lose portions of their land to eminent domain when the state acquires the right of
way in order to fulfill a building project or other project opt to sell any remnants
of land to the state as well. If a land remnant is considered “uneconomic,”
meaning that the remaining property is in such size, shape or condition as to have
substantially impaired economic viability, the state actually is obligated to
purchase the remnant. Sometimes, the parcels of land purchased are huge; in
fact, one that recently sold in Oglethorpe County exceeded 800 acres.
Although GDOT does not promote its land parcels aggressively at this point in
time, the department does have a website designed for “surplus property
1
http://onlineathens.com/business/2015-06-07/buying-surplus-property-state-matter-knowing-how
20 we are GaREIA July 2015
News and Legislative Updates
disposal” that provides “simple instructions” on how to purchase properties from
GDOT. Some of the properties contain homes or other structures and require a
viewing process before you can bid; others allow for simple, sight-unseen bid
submission2. The website also provides images of parcels of land for sale and a
history of sold properties. Once you have submitted a bid, a competitive bid
process commences that allows the original owner to buy back the property and
other landowners with adjacent properties to bid as well. This competitive
process is critical according to the state and required by law.
Have you ever purchased property from the state of Georgia? Would you
recommend it?
Got a legislative update? Email [email protected] and your news could end
up in the next edition of “We are GaREIA.”
GaREIA’s June News Highlights
*** RE/MAX of Georgia Names Top Housing Trends
RE/MAX of Georgia released its top housing trends to watch in 2015 based on
data provided from its more than 1,300 sales associates and 100 offices servicing
Georgia. RE/MAX predicted that Georgia housing will remain tight thanks in part
to homeowners’ reluctance to put properties on the market until they have
recouped more equity, that prices will continue to rise in the state, albeit more
slowly, and that investor activity in Georgia will slow over the course of the year,
clearing the way for “traditional” buyers seeking to purchase and occupy homes
using conventional mortgages. RE/MAX also predicted that lending requirements
would loosen and that millennials would become the largest group of first-time
homebuyers by the end of this year. Dane Ellison, CEO of RE/MAX Regional
Services, said that in his opinion, real estate professionals could definitely remain
“very optimistic” throughout 2015.
2
http://gdotland.com/howtobuy/
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News and Legislative Updates
*** Building Permits Up in Polk County, but Not Much New Construction Yet
Despite the fact that land is selling slightly higher and faster in Polk County these
days, those sales – and the accompanying building permits – have not yet started
translating to new construction. County Building Inspector Brian McCray called
the 10-percent increase in new building permit applications “one of the most
encouraging trends” he has seen lately, but noted that developers are not yet
investing in entire subdivisions in the county. At this point in time, McCray added,
“They’re buying some of the lots out of them, working them from there”3.
Another local agent noted that land is finally selling again outside of the auction
arena. Previously, she said, most land that was being sold was going to auction
where it was not getting top dollar.
***Paula Dean Bids Goodbye to her $12.5-Million Savannah Mansion
If you need 28,000 square feet of butter-fed goodness in the heart of the South,
then Paula Dean’s Wilmington Island River home in Savannah, Georgia, could be
just the dream home you are looking for. The home includes two guest cottages,
a chicken coup, a croquet court, and 4 acres that sport a beautiful pool, river
access, a dock and dock house, and an eight-car garage4. The actual home has
eight bedrooms and nine bathrooms.
*** Historic Buckhead Multifamily Project Hits the Market
The Metropolitan at Buckhead, one of the first multifamily projects developed in
Atlanta, has hit the market after Aslan Realty Group bought the property for
$41.5 million in 2007. The Metropolitan, which was originally a 431-unit complex
built in 1961, is now listed above $50 million thanks to its proximity to Lenox
MARTA station, which is slated for redevelopment in the next few years, high
occupancy, and the ability for a new owner to raze two of the existing buildings
3
http://www.northwestgeorgianews.com/polkfishwrap/business/local/building-permits-on-rise-real-estaterecovering-in-polk/article_7e320662-142d-11e5-ba4d-a374cc61d34e.html
4
http://rismedia.com/2015-06-14/butter-queen-paula-deen-lets-go-of-georgia-estate/
22 we are GaREIA July 2015
News and Legislative Updates
and add another 350 units to the property5. At present, current rents in the
development hover around one dollar/square foot.
***5 Real Estate Entities Battle Over 1.5 Acres Near Piedmont Park
The Atlanta BeltLine Inc. is making no secret of the fact that no fewer than five
“experienced real estate developers or practitioners” are doing battle for 1.5
acres of land adjacent to Piedmont Park. At present, the land is a parking lot next
to Park Tavern. Although BeltLine officials would not disclose with whom they are
actually pursuing the transaction, they did release the details of a sign-in sheet
from a mandatory meeting for any entity interested in buying the tract. The
individuals and companies listed included a custom homebuilder, a major
supporter of the arts on the BeltLine, an individual not-for-profit commercial
developer, and other commercial developers. Some of the attendees had actually
scratched out the names of their companies after filling them in. Before BeltLine
officials make a formal decision on the sale, they will review development
proposals and send their recommendation to the board that oversee Invest
Atlanta, which is chaired by Atlanta mayor Kasim Reed.
***Atlanta 8th-Best City for Street Art
When it comes to street art, Atlanta ranks among the top cities in the country.
According to the Huffington Post, Atlanta boasts the eighth-best street art in the
country, topped only by that in Miami, Philadelphia, Seattle, San Francisco, St.
Louis, Cleveland, Ohio; and Detroit. HP specifically highlighted the Old Fourth
Ward and Krog Street Tunnel areas of the city as the best locations for viewing the
city’s finest artistic efforts.
Got a tip? Email [email protected] and your news could end up in the next
edition of “We are GaREIA.”
5
https://www.bisnow.com/atlanta/news/multifamily/swinging-60s-buckhead-apartment-hits-market-46072
we are GaREIA July 2015 23
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