Newbie, Starting out. 2 properties.

Starting Out
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Newbie, Starting out. 2 properties.

Ashley Lance
Member since 2019 · 7 posts · 3 votes

Newbie here. I want to introduce myself and hopefully connect with everyone.

Real estate always excited me! Still does, lol that’s why I’m here. Currently living in Atlanta, GA but I’m from Pawleys Island, SC. I bought my first property here in Atlanta (Dunwoody area) 1 bdrm condo back in 2017 ($130,000). This year I bought a townhouse in Tucker, GA. I want to really start investing in real estate. I always knew this would also help me get to My goal of financial freedom.

I currently live in the condo, my parents are in the townhouse (want to keep this property). I really don’t know my next steps. I’m all over the place. Sell my condo? Take the profits and reinvest? Rent it out? (Don’t think it’s any cashflow)

I want to start buying rentals back in my hometown, Horry County, SC.

Just looking for advice and some next steps. I have already created my LLC. I ya e some cash saved up. Not sure what to do next? Better yet, what's the best next wove for my situation.

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Cin Khai
New York City, NY · Member since 2019 · 47 posts · 12 votes
7y

@Ashley Lance I’m happy for you. I’m just still lost at looking for markets that fits my budget. I will get there sooner or later. Cheers!!

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  • Bill HamptonBusiness Member
    Accredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 977 votes
    7y

    Welcome to Bigger Pockets and congratulations on your first two purchases. 

    I suggest that you learn as much as can on this site for free by reading articles, watching podcasts,  etc. 

    Then do some research on the locations that want to invest until you become an expert. Develop a strategy on the type of house you want, cost, etc. 

    Join a local real estate investors association for education and networking. I suggest the Georgia Real Estate Investors Association. GAREIA dot com. 

    Good luck on your real estate journey. 

    404-482-3170
    Hampton Tax and Financial Services LLC4.7106 Reviews
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  • Ashley Lance
    OP
    Member since 2019 · 7 posts · 3 votes
    7y

    @Bill Hampton thank you, Bill. I will do this and get connect with the GA real estate investors.

    1Reply
  • Cin Khai
    New York City, NY · Member since 2019 · 47 posts · 12 votes
    7y

    @Ashley Lance

    Hi congratulations!!! I'm also still looking to get my first property. May I ask if you did BRRRR or what method for those properties? Or did you buy a turnkey? Thanks in advance.

    0Reply
  • Ashley Lance
    OP
    Member since 2019 · 7 posts · 3 votes
    7y

    @Cin Suan Khai I just bought it on my credit. Conventional loan. Did the same with the second one, but I had to put 20% down the second time.

    1Reply
  • Cin Khai
    New York City, NY · Member since 2019 · 47 posts · 12 votes
    7y

    @Ashley Lance what? You didn’t even have to put down 20% on your first one? I have never imagined there are deals that would cash flow with 100% financing. Which part of the country do you invest that?

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  • Ashley Lance
    OP
    Member since 2019 · 7 posts · 3 votes
    7y

    @Cin Suan Khai hahaha, I did put money down on the first one was well, just not 20%. Believe it was 3-5%. I’m in Atlanta, GA, US.

    1Reply
  • Cin Khai
    New York City, NY · Member since 2019 · 47 posts · 12 votes
    7y

    @Ashley Lance I’m happy for you. I’m just still lost at looking for markets that fits my budget. I will get there sooner or later. Cheers!!

    1Reply
  • Keith Perkins
    Member since 2019 · 59 posts · 31 votes
    7y

    @Ashley Lance sounds like your first property was an FHA and has PMI probably around 100 bucks or so. Have you explored the possibly of refinancing that property and if it would cash flow as conventional loan without the PMI? I personally would not want to have a condo as a rental and you may want to check and see if it is even possible to do it since most Condo HOAs only allow a certain % to be rentals.

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  • Ashley Lance
    OP
    Member since 2019 · 7 posts · 3 votes
    7y

    @Keith Perkins Hi Keith! Thanks for response! My first property was a conventional loan, I got on the wait list for rental and my name is up. Not sure if I want to rent, I don’t think the cash flow is worth it. I have about 30-40k equity. Wondering if I should just sell it, take profit and reinvest in something that would provide at least 2% cashflow.

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  • Keith Perkins
    Member since 2019 · 59 posts · 31 votes
    7y

    I would sell it, especially if I felt it wasn't going to cash flow.  Maybe find a 2-4 unit in the area and live in one of the units.  Just so you can get that "on the job training".  See if you are even comfortable being a landlord.  

    1Reply
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