Good Day BP!
I just got back from Atlanta after spending a week in a rented house with my family. The plan was to bring my family to Atlanta to have a great time and to convince everyone to move down there with me (I just need the wife to be convinced). I also used the opportunity to check the market, establish some connections, and to put boots on the ground. This is important since I live in NYC (Brooklyn), and the properties are too expensive. After brainstorming, I think I would like to bring in an investor. My goal is to purchase commercial multi-unit properties, but I have to get seasoned before a lender would look my way. I would like to jump into that space, but I don't have the finance nor the experience. I bought a multi-family in Philadelphia many years ago, but sold it and have not purchased any property since. I would like to work with someone to either purchase a duplex or work with someone on a deal on a multi-unit property in Georgia.
What can I bring to the table?
I have a few pre-approvals in NYC (can't be used in Georgia) and was pre-approved in Georgia (working on getting a better lender with great rates)
I have 20K for a deal, but need another 20K to start with one family. *I rather work on a duplex so I can maybe do a FHA. Rent one out, and Air BnB the other side which I can also use to stay when I am in Georgia when it is not being rented.
Credit is in the 700s, and I have been in the IT field for the last 20 years with ok income.
The tech in me loves to research and working on getting better at this. I gathered a lot of knowledge over the years, and tend to think out the box keeping the next steps in mind as I am working on present projects.
I am hungry and would like to purchase at least one property a month.
As I stated, I want to get in the multi-unit property space. I think I have to start with buy and holds, and especially flips to get to the multi-unit goal. I want to make areas better then I found it, help as many people on the way, create financial success with crippling my family finances, and financial independence.
I am back at my 9-5 today after a great week, and realize more then ever I want to start a new beginning. Once I get a handful of properties under my belt (mine or partnering), it will make my transition easier from NY to GA.
PS The best way to investigate a market is to turn it into a family vacation. It was expensive but so worth. If the family like the area, that is half of the battle. These decisions are easier when everyone can be involved.
Hello Gershom, I agree with you NYC is expensive, so is where I live here in California. Have you attended Real estate investment meetings in your area in NY. I think that will be a great start to meet people that you can create relationship and present a deal with people you trust. If you plan to move to Georgia assume everyone is on board. You can purchase up to a four unit with a FHA loan with 3.5% down as far as you live in one of the unit. You have a very good credit score and a stable income.
Here’s my opinion. Just because property prices in Atlanta are lower than NYC does not mean that there are amazing deals here.
Deals are harder to come by right now. Living in Atlanta, I see out of state investors buying houses at what they think are steals, when in reality they’ve over paid or purchased in a suburb that’s technically “outside “ of Atlanta.
Be conservative in your underwriting and bet everyone you come into contact with ( especially your boots on the ground people).
Like I said, I’m local so feel free to reach out if you have any additional questions.
Hope this helps.