[Atlanta] Help a Digital Nomad game plan his real estate dreams

Atlanta, Georgia
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[Atlanta] Help a Digital Nomad game plan his real estate dreams

Christopher Shei
Member since 2023 · 2 posts · 4 votes

Long term goals
My dream is to own multiple real estate properties in various locations, rent them out so they cashflow, and also have a place to stay whenever I visit that city. Ideally these would be STR's, so I can stay there whenever I'm in town.

Short term goals
For my first investment my main goal is mainly learning. I’d like to decrease my rent costs as well, build my network (find contractors, etc), and have a place to call home as I’m living out of a suitcase right now and all my stuff is in storage. Obviously, would like a “good deal / investment” as well.

Current plan
Leaning towards house hacking a duplex, or some SFH that has separate entrances so it feels like a duplex. I also contemplated getting an apartment / condo (2 bedroom) and just Airbnb'ing the whole unit (whenever I'm gone), or room by room. I'm quite flexible, especially because I could + do travel a lot.

Finances
- Income 130k+ a year
- Credit score - 800+ 
- Ideal downpayment - 30-100k (could go higher), although open to an FHA loan as well.
- Price range (300-500k, although it could be up to 1 mill, but I would prefer starting smaller) 

Location
I’m leaning towards Atlanta right now due to its affordability and size of the airport. Open to other suggestions for cities, but ideally they are close to a big airport (e.g. 20 minute drive). Regarding neighborhoods, and location, ideally something somewhat safe, rather walkable with things to do nearby (as I don’t have a car), and somewhat close to a Marta station maybe.


Questions + Feedback
I'd love your thoughts + feedback!
- What should I do first? Secure financing? Find a good real estate agent? Read more blog posts?
- Is this reasonable? Would you recommend a Condo / SFH / Multi unit first?
- How should I approach this?
- What are some resources you recommend reviewing?
- What neighborhoods in Atlanta do you recommend?

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Most Popular Reply

Josh Bowser
Real Estate Agent · Atlanta, GA · Member since 2020 · 416 posts · 233 votes
3y

Hey Christopher - sounds like you're in a great position to get started!

I have a few things in mind that may be good options for you - I will reach out in the DMs

3Reply
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  • Bradley Pax
    Member since 2021 · 5 posts · 4 votes
    3y

    Hey Christopher,

    I think this is a great plan for the digital nomad life, as I am doing something of similar caliber to have goals that fall in line with yours. In the city of your choice, I would start with finding a good agent. I interviewed 4 agents before picking the one I wanted to work with. My agent brought me a deal before it hit the market and I was able to make an offer 1700 miles away while heading to the slopes in Aspen. A Rockstar agent has the ability to supply you with the good B to C class neighborhoods that you'd choose for higher cash flow. Also I found city-data is a great resource to get household and crime statistics from. 

    My first rental was a duplex that is a good student rental seeing as its nearby the city's university. I have heard Atlanta has a lot of SFH available seeing as majority of people rent there, you may be able to find a good deal. Knowledge is everything so I advise continued efforts into learning about real estate strategies and studying your market. Turnkey may be your go-to as opposed to fixing up a place seeing as you travel a lot. Hope you have great success in your real estate career and are able to travel to amazing places.

    2Reply
  • Christopher Shei
    OP
    Member since 2023 · 2 posts · 4 votes
    3y

    That's amazing, thanks for the feedback, Bradley. Did you do anything specific to vet which agent to work with? 

    1Reply
  • Josh Bowser
    Real Estate Agent · Atlanta, GA · Member since 2020 · 416 posts · 233 votes
    3y

    Hey Christopher - sounds like you're in a great position to get started!

    I have a few things in mind that may be good options for you - I will reach out in the DMs

    3Reply
  • Adelola Sokoya
    Member since 2023 · 15 posts · 10 votes
    3y
    Quote from @Bradley Pax:

    Hey Christopher,

    I think this is a great plan for the digital nomad life, as I am doing something of similar caliber to have goals that fall in line with yours. In the city of your choice, I would start with finding a good agent. I interviewed 4 agents before picking the one I wanted to work with. My agent brought me a deal before it hit the market and I was able to make an offer 1700 miles away while heading to the slopes in Aspen. A Rockstar agent has the ability to supply you with the good B to C class neighborhoods that you'd choose for higher cash flow. Also I found city-data is a great resource to get household and crime statistics from. 

    My first rental was a duplex that is a good student rental seeing as its nearby the city's university. I have heard Atlanta has a lot of SFH available seeing as majority of people rent there, you may be able to find a good deal. Knowledge is everything so I advise continued efforts into learning about real estate strategies and studying your market. Turnkey may be your go-to as opposed to fixing up a place seeing as you travel a lot. Hope you have great success in your real estate career and are able to travel to amazing places.


     I will love to know how you go about renting out to students as that is one area am interested in. Am also in Atl, I also dm you.

    1Reply
  • Bradley Pax
    Member since 2021 · 5 posts · 4 votes
    3y
    Quote from @Christopher Shei:

    That's amazing, thanks for the feedback, Bradley. Did you do anything specific to vet which agent to work with? 


    Yes, when I interviewed the agents I was looking for one who fit the below criteria:

    They work with investors in the area: Your agent can help you increase your network by introducing you with other investors. This comes in handy if an investor has a deal that doesn't fall in line with their goals but they'll send to you because it matches with what you have been looking

    They themselves invest in the area: This is helpful because they will help guide you away from the neighborhoods that are not beneficial to invest in towards the areas where your money goes farther and you will get better tenants. This is also a good trick cuz they can provide advice of property analysis and marketing for those tenants

    While interviewing them, they provide me with more information than I asked: Always make sure the people on your team are more knowledgeable than you are in their field. They will provide timeless information  

    They have a team: You want an agent who is so busy with volume that they have to take on more assistants to keep up. That's how you know they are the right agent because quality service generates higher demand 

    I would recommend the below book because that's where I got my criteria from. Also David Green wrote Long Distance Real Estate Investing. I have not read that one yet but it's on my list because I am sure there is a wealth of knowledge in that one. Why do I feel like a bigger pockets ambassador right now?

    The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Smart Buy & Hold Real Estate Investing

    1Reply
  • Michael Dumler
    Real Estate Agent · Atlanta, GA · Member since 2020 · 1k+ posts · 1k+ votes
    3y

    @Christopher Shei, just so aware, the City of Atlanta and surrounding Counties are starting to crack down on STRs. Most markets are now at least requiring STR owners to pull permits to comply with City/County ordinances, aka a greater tax burden. Nevertheless, as market conditions continue to change so will your investment strategy. Focusing on the now, house hacking is one of the best investment strategies one can pursue to acquire their first deal while mitigating risk. As an investor-focused real estate agent licensed in Georgia, I work with house hack clients time and again. Keep in mind, there is whole bread of different strategies when it comes to house hacking. A couple of options to explore: rent-by-the-room (young professionals/students), in-law suite, ADU, or finished-out basement that can be sourced as either an STR or LTR, small multifamily, etc. Moreover, it's extremely important to analyze the property after you move out if you plan to hold it for the long run. As noted by Bradley, you want to work with an agent who predominantly focuses in the investment space. They know what works and what doesn't. Anyway, if have any additional questions regarding investment strategies or the Atlanta market in general, feel free to shoot me a text or email to connect (contact info is listed in my bio).

    2Reply
  • Michael Dumler
    Real Estate Agent · Atlanta, GA · Member since 2020 · 1k+ posts · 1k+ votes
    3y

    @Christopher Shei, also, I forgot to mention, most condo communities will have HOA rental restrictions that do not allow STRs. If you pursue a condo, townhome, or any other HOA community for that matter, it's vital to look over and read the bylaws. Furthermore here are the steps you need to follow: connect with a real estate agent, get pre-approved, start analyzing properties that meet your criteria, submit offers, and close on the deal... a simple process but it does take time.

    2Reply
  • Harold Looney
    Member since 2023 · 98 posts · 31 votes
    3y

    Christopher Shei - greetings fellow Digital Nomad! I currently own a 2 Unit Building in Brooklyn NY that I rent by rooms. I keep a space available for myself to use when I visit there - when it is warm (lol).

    Before COVID, I spent over a year staying in Airbnbs exploring different locations to invest. I was working some deals in Jackson MS that feel through during COVID. 

    Because of the travel restrictions, I was introduced to the #VanLife Community and saw this as a tremendous lifestyle & business opportunity. I invested in https://www.kift.com/. I discovered that I was not aligned with their changing strategic direction.

    Have you heard of https://www.padsplit.com/. They offer weekly room rentals. They started in Atlanta and are rapidly expanding across the country.

    Padsplit even offers Turnkey Properties for Passive Investors. My business partner and I are Private Lenders in the Padsplit Vendor Network. 

    Would love to connect to discuss opportunities to collaborate. 

    1Reply
  • Greg KurznerBusiness Member
    Real Estate Broker · Atlanta, GA · Member since 2016 · 200 posts · 75 votes
    3y

    Atlanta is a great place to start and stay in our opinion.  House hacking is always the easiest entry point.  As many above stated, you need a strong investor-focused team in a new market and until you develop expertise and experience or it can be rough.  Happy to talk off line if you like.  

    Kurzner Group510 Reviews
    WebsiteView Page
    1Reply
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