New to Real Estate · Snellville, GA · Member since 2019 · 46 posts · 14 votes
Hi BP,
Beginning real estate investor here looking for some advice from the forum. My first investment property is a multifamily that is undergoing renovation with the use of the FHA203k loan and should be done in about 45 more days (fingers crossed). What I wanted to ask is when should I start searching for my next property, I have about 50k that I can use as a DP for it.Should I see this first renovation through and get it rented first? I have a high income from my W2 and excellent credit to get another loan. I also thought of the idea to buy a condo for cash in the Lithonia or Union City areas and do some cosmetic upgrades and rent it as well. I welcome any advice you guys can provide.
Yes, as an investor, you should always be looking for your next deal, particularly in a competitive market like Metro Atlanta! Great deals won't wait until you're ready to take them down...
I'm not a fan of condos, for a variety of reasons, but the more deals you consider the easier it will be for the cream to rise to the top and overshadow the more marginal "opportunities."
As long as your investment decisions are guided by the financials, there's no such thing as too many killer deals!
Yes, as an investor, you should always be looking for your next deal, particularly in a competitive market like Metro Atlanta! Great deals won't wait until you're ready to take them down...
I'm not a fan of condos, for a variety of reasons, but the more deals you consider the easier it will be for the cream to rise to the top and overshadow the more marginal "opportunities."
As long as your investment decisions are guided by the financials, there's no such thing as too many killer deals!
Investor · Chesapeake, VA · Member since 2016 · 17 posts · 8 votes
6y
Congrats on your investment! I would hold off on looking for your next deal at least until you have enough signed leases to cover the mortgage; I've found it takes a couple months to get tenants placed and get rents coming in consistent enough that I consider a property self-sufficient. I've never done a total overhaul on a property before, so you might not have as many surprise repairs or as long a lag-time, but paying mortgage payments on an investment eats at your confidence even if you can make the payment from your W2. @Mitch Messer is right that the deals won't wait for you, but especially as a first deal, I would ride out the whole process and take a moment to see what you learned before you go for your second.
Yes, as an investor, you should always be looking for your next deal, particularly in a competitive market like Metro Atlanta! Great deals won't wait until you're ready to take them down...
I'm not a fan of condos, for a variety of reasons, but the more deals you consider the easier it will be for the cream to rise to the top and overshadow the more marginal "opportunities."
As long as your investment decisions are guided by the financials, there's no such thing as too many killer deals!
Investor · Jasper GA · Member since 2015 · 1k+ posts · 1k+ votes
6y
I'm guessing you have checked to make sure there aren't any issues with the HOA on rentals. Also make sure there aren't so many non-owner occupied units that you can't get a mortgage when cashing out or selling. Is the HOA solvent?
Lender · Playa del Carmen, México · Member since 2014 · 2k+ posts · 1k+ votes
5y
@Adrian Wooten I'm happy to share my "Million-Dollar Money Guy" with you, but you'll need to call, text, or email me; I cannot receive DMs here on BiggerPockets.
My contact info is below in my signature block, provided you're NOT on the app.