I am a newbie looking for my first investment in the GA area. The podcast was suggested to me through a colleague that I am taking a class with. Since then, I have listened to almost 2 day for the last 2 weeks. I love the knowledge I am gaining! This came at a perfect time because I have recently sold a few toys and have a little extra money liquid. Have set up an LLC. Been prequalified for $350k. But with only $45k liquid I would like to stay under $250k. Looking for multi-family preferably. If anyone knows of a good broker that specializes in investment properties in GA I would be very appreciative!
Thanks and looking forward to jumping in with everyone!
Hello @Beau Watson send me your email. I have a duplex and a 6plex sale in your price range.
@Beau Watson what's got you set on GA?
Not set in stone to stay in GA. I was hoping for my first rental I would be able to drive to it. However if the financials worked out for an out of state deal where management and tenant were already in place I would consider that.
@Beau Watson I'm not sure how the OKC market matches up to GA but I'd be interested to compare!
What's an average C class price point?
What to you factor for maintenance, insurance, taxes and property management?
What's an average (or goal) cap rate for 20% down a conventional loan?
Because as I said I am new to investing I am unsure of price points and classes of the property. However what I do know is Atl area is much higher prices than the rest of the state. I am currently looking at a property in Columbus, GA for $225k that is a 6 unit.
I am estimating costs high every chance I get.
Capital improvements 10%
Insurance I am totally guessing (waiting to hear back from insurance agent)
Taxes have been easy to find so far.
Mortgage rates I have shopped a bit and finding decent rates
If I can get 10% cash on cash ROI. I would be VERY happy.
Found a 4 unit in Tulsa for $259k. Full remodel in 2018 and rents are very good. Also want to explore that one soon.
@Beau Watson i'm local here in Columbus GA. Remember to plan for Vacancy (8%) and all the CC and commissions the Seller will have to pay....typically the best deals are off market if you'd like to spend the extra time looking. Shoot me a PM if you would like to discuss the deal more in depth. Here to help. - Dave
@Beau Watson I'm glad you're factoring conservatively! Thanks for giving some insight!
@Alyssa Dyer and @beau I have a 6plex I am looking to liquidate. $500+/mo rents for $194k. Albany Ga. Renovated 2018 w new roof windows flooring etc... My best performing property. Only selling because I have another deal I am working on. PM me for pics and info.
@James H. my portfolio is all focused in different areas of OKC, but thanks for presenting!