For over 11 years, Robin Martin and her team have worked with investment properties. Throughout this time, they have helped numerous clients flip homes, and to this day, continue to work on investment projects themselves. Since Robin Martin & Associates has become a top real estate team in North Atlanta, they are known in the area for their successful flips and are consistently asked questions about this topic. Here are 3 of the top questions they get asked about real estate investing and their responses.
1)What are some of the best areas/neighborhoods for new investors to consider in today’s market?
For us, we focus on properties that are typically in a 5-mile radius which really limits us on opportunities in the current market. As more distressed properties open up, we will get more active in other areas. We know of investors who have moved outside of North Atlanta to as far as Blue Ridge and to closer areas including East Atlanta, Dunwoody, East Cobb, and Decatur.
If we ramped up our flip business, we would look at less crowded markets. If you could travel to top regional cities like Raleigh, Charlotte, or the Panhandle and find the right people to partner with, that would be ideal. Ultimately, you want to understand where people are migrating to and what the city’s development plans are in the long-term.
2) How do you build the right team to make the flip happen?
This is the most important part of the process. We would suggest that you first find a Realtor who is willing to work with you. Establishing a long-term relationship with the right agent can motivate them to go the extra mile. Agents often have to work 10x harder on investment properties versus a traditional resale, so structuring the right plan with them is key. You will also want a good closing attorney, which a top agent will have.
Finding contractors and subcontractors can be a challenge in the current market. Again, a top agent should have resources to share with you. Personally, we have built our contacts through the years from other agents, friends, fellow investors and Nextdoor.
In terms of contractors, there are a host of pitfalls to navigate when working with them such as payment schedules, lien releases, quality, timing, etc. It is critical that, with all of these factors in mind, you schedule and time out your project in a reasonable manner.
3) What are key pieces of advice that you would give a new investor?
Be 100% committed. HGTV can make this industry look easy to glamorous but it’s hard work and you need to be willing to crawl under homes and get your hands dirty at times. You also could write 10-20 offers until you close on your first property.
Make sure you have your financing, or source of funds, figured out before you begin looking at houses. You will be wasting your time until this is in place.
When your offer is accepted, do a detailed inspection. A top agent can help you with this and should include a basic home inspection, pest inspection, termite inspection, radon test, sewer line scope and other inspections as needed. We’ve learned that you can easily spend $1k on all of these inspections to find out that the property will not work for you.
Be ethical when renovating a home. This will minimize lawsuits. There are “dirty flippers” all over the market who will cover up issues to make a quick buck. Overall, think of long-term gain, not short-term.
If you are interested in getting into the world of real estate investing, we are more than happy to sit down with you and discuss a detailed plan, or schedule a phone call. Count on Robin Martin & Associates to help you achieve your goals and make your real estate dreams come true!