This is my first post on the forums. I'm a recent college grad looking to build a steady stream of passive income outside of my current job. I'm in Atlanta, GA, and plan to live here for the next couple of years or so. My soon-to-be-wife and I are looking for a place to live, and I thought "What better time than now to begin my real estate investing career?"
The thought of living in one side of a multi-family and renting out the other side seems appealing, yet somewhat daunting. Is this a rational fear for a first time investor, with my only experience coming from a couple of books and the Bigger Pockets Podcast?
As far as next steps, should I just begin looking on Zillow, Realtor.com, Trulia, etc.? Or should I just make an appointment with a Real Estate Agent that is willing to show me a couple of multi-family properties in the area?
Thanks for any help!
I think that's a great idea and a good way to start building wealth. That being said, there are a couple of downsides you should consider, but they are not insurmountable.
You will have a tenant right next door. That means late at night when their toilet clogs or they notice bugs, they can find you. You should be prepared to establish clear boundaries and maintain them with any tenants. If that makes you or your wife uncomfortable, you could consider a property manager who would be the contact for the tenant and require all property communication to go through them.
You need to be well-informed regarding laws in your area. You can do the research, join a local apartment association or hire a PM.
If that sounds doable to you, you can certainly search online for a property, but if you find a good agent, they should be able to steer you to a property that will serve you well as well as point you in the right direction for any management advice you might need.
Best of luck!
@Dusty Register I think it is a great idea, wish I could go back and house hack. Atlanta is a competitive market, make sure you have your financing in place and ask around for an investor friendly agent. Send me a PM if you’d like me to give you my agents contact info.
Start out with sfh first get a few and then once you have at least 100k liquid made the jump.
Welcome to BP. This is a great place for you to be. I am a RE agent in Marietta Ga. If you have any questions please PM me.
Best Wishes and much success!!!
@Dusty Register Love the idea you had of house hacking. First step would be getting pre approved so you know what you can buy. In the meantime, browse and run numbers on properties for practice.
Welcome! I'm new too and have thought about this a bit. I'm considering house hacking with a PM company and just saying that I'm just a new tenant. I'm going to build in the cost of a PM because when I move out I already want a system in place. I like to think I'd be training my tenants AND PM at the same time! How's Atlanta looking? I'm in CA and want to go out of state.