+  Net FREE RENT

+  ZERO down payment & closing costs

+  Early RETIREMENT Plan

=  ONCE IN A LIFETIME OPPORTUNITY

DETAILS:

• ZERO DOWN — Financing may be available for you to buy this four family home with no money down, at a low interest rate, and without good credit, via the community support organization NACA.com . You can visit their website for details. This is FIXED RATE 30-year financing with no gotcha’s. NACA.com is a separate non-profit organization that doesn’t have a thing to do with me. I just found them as the financing piece of the puzzle to make this great opportunity possible.
• FREE RENT — You live in one apartment, and collect rent from the other three. This rent will generally be MORE than you pay the mortgage company (roughly $2000/month), which means you pay about ZERO for rent.  In fact, it’s very possible that you’ll collect MORE in rent than you pay in mortgage, meaning that you actually EARN money to live here for free!
• EARLY RETIREMENT PLAN — With a 30-year fixed mortgage, the time will come when you no longer have to pay the mortgage company, but you still get that roughly $2000/month (in today’s dollars, more in the future perhaps) in rent from the other folks. That translates into $24,000/year income! And remember, you can keep living here if you like, so it’s as if you’re earning even more because you don’t have a mortgage or rent payment to make.  So, as I said, if you’re in the $25,000 to $50,000 income range right now, this may be the perfect retirement plan for you! In fact, if you go ahead and pay rent to yourself rather than living here for free, you can pay the loan off as early as 15 years, and then RETIRE EARLY. Of course, you’ll still be doing the management work, but that’s far, far from full time work.
• You do have to maintain the property, either by yourself or by hiring a handyman. (I have a great one to whom I can refer you.) If a toilet leaks, you fix it. That kind of thing. This is NOT a Fixer-Upper, however, so the work is not very difficult.  Everything is being kept in good working order already.  Also, the seller will provide a home warranty that covers many things, including air conditioner repair, kitchen appliances, and the like.  So, you will be substantially protected from that point of view.  Nevertheless, it’s wise to save some extra money, just in case.
• The apartment is otherwise full right now. However, from time-to-time, somebody will move out and you’ll have to find a new resident. This will require putting up signs and perhaps putting an ad in the newspaper. My favorite is Craigslist.org, which is FREE ADVERTISING.  Especially living on-site, you ought to be able to find a new resident within a month or two. I can recommend where to advertise, and I can recommend a background check company that you can use to help make sure you’re getting good residents. Nevertheless, when you do have a vacancy (expect one or two per year), you’ll be getting in less rent and have to make up the difference for the mortgage. Fortunately, for example, if you have only one vacancy you’ll only have to make up the difference equaling only the regular rent. Today, that’s $695/month. Because of this possible unforeseen expense, it is good to keep some money in reserve.
• From time to time, there may be a larger expense. For example, I had to put a new central airconditioner in unit #3 in 2010. Unit #2 got a new AC back around 2007 or so. Unit #3 and #4 will eventually need new AC’s, but probably later rather than earlier. Fortunately, the seller will pay for a ONE YEAR HOME WARRANTY that would cover most large expenses like this. You can also chose to EXTEND THIS WARRANTY from year to year. The extended warranty premium should be about $700/yr to $1200/yr.
• It would be wise to save a little extra money each month for rainy days. Remember, in general you’re paying ZERO per month for rent. Aside from putting that savings against the mortgage to retire early, you ought to save some so that your rainy day fund hopefully never runs out. While I can’t guarantee this, it seems to me that you ought to be able to average over the long term perhaps $350/month in unexpected expenses and lost rental income. That corresponds to about half normal rent. So, over the long haul you’ll have expenses that may roughly average half typical rent. I recommend making the habit of saving at least that much from the get go, or perhaps a whole month’s rent. Apply what you feel comfortable spending to pay off the mortgage early, and save the rest for unexpected expenses.
• You don’t have to live there forever. The lender (such as NACA) will require you intend to live there for a minimum number of years. But after that, you could move out and up in the world, being better off for the time you spent there, as well as with the ongoing wealth building. You might keep the existing mortgage, refinance, or even sell, depending on your choices and desires at the time. I believe you can also do any of these before the Lender’s minimum occupancy time expires, when due to unforeseen circumstances. It is your sincere intent in the beginning that matters in this case, I believe. (Check with the Lender and your own legal and financial advisors, of course.)
• Perhaps you noticed that the regular rent here is $695/month. If you’re currently paying $1200/month, this place won’t be as nice. It’s not so great outside, but it is reasonably nice and clean inside. Still, it’s not a house and it’s not a $900/month apartment. It is a SAFE NEIGHBORHOOD, however. I’ve had no crime problems at all since 2005 when I started managing the property.
• The apartment is in Sugar Hill, near the intersection of Hwy 20 and Peachtree Industrial, west of Mall of Georgia.

WHAT’S NEXT:

• If you’re interested, you should CALL ME RIGHT NOW at 770-345-7634.
• You should also visit http://www.naca.com/ yourself and read about their Home Buyers Purchase Program (https://www.naca.com/members/purchaseStep.jsp) It’s a step-by-step explanation of how their program works. They are a NON-PROFIT, community advocacy and homeownership organization. THEN GO TO A WORKSHOP. This will be good for you, regardless of this apartment.

ABOUT THE HOME:

• The four-family home is just a 4-unit building in an otherwise residential neighborhood. (You know, it’s like a “duplex” but is actually a “quadraplex”.) Each apartment has 2 bedrooms and 1 bathroom, a rather large living room, and an eat-in kitchen. Three are upstairs, and a slightly larger one is downstairs. The regular rent is $695/mo. It’s nicer inside than it looks outside. The neighborhood has no known crime problems. It’s located very close to the intersection of Ga Hwy 20 and Peachtree Industrial Blvd, in Sugar Hill, near Buford, west of Mall of Georgia and I-985 or I-85, northeast of Atlanta.