My wife and I have just completed our first real estate investment. We bought a SFR here in SD (primary residence) fixed it up, added an ADU which we now rent out and just refinanced.
We are now looking to put our equity to work in some out of state rentals using the BRRRR strategy. After much research Atlanta has come up as an area to invest due to city growth, job growth and a lower cost of entry into the market compared to other popular options.
We are looking to connect with wholesalers, realtors / investors and some trusted contractors to embark on purchasing some properties. Ideally looking for Multifamily but will also consider SFR if the numbers make sense.
Look forward to hearing from you soon.
Hey @Duncan Stafford , welcome to the BP community and the ATL market!
Atlanta is a fantastic market for all those reasons you listed, plus many more. However, this has led to an insane amount of competition building up, which has been amplified lately with such low rates (more home buyers and more folks refinancing instead of selling). This has all compounded to give us super low supply, both in SF and MF.
I assumed you are referring to residential MF, correct? Unfortunately, supply of small MF is practically non-existent right now. You'll see things pop on the market here and there but, if it's a decent deal, it's gone in a few days with a bidding war. That being said, keep your eyes out for the rougher properties that need a good deal of work since those won't attract as much attention; and be ready to move as soon as an opportunity presents itself.
You might also want to give more consideration to SF since supply is a good bit higher (the MSA is mostly zoned SF so there's a ton of it). You could even look at homes with multiple living spaces or add on during the rehab. This will give you MF-like income without the trouble of finding a MF.
Still plenty of deals to be had here in Hotlanta, it just takes a little creativity and readiness to pull the trigger.
Hope this helps a bit! Please, feel free to reach out anytime if you have questions or just want to chat!
@Duncan Stafford Congrats on the success of your first of many more deals to come in the future! That lead domino will lead to much bigger things as you take the lessons from that and apply elsewhere in your RE investments.
Brendan mentioned several good points to be aware of. Lots of submarkets in the country are experiencing the low inventory and high demand making it difficult to win properties. Atlanta is no exception, however it is doable with the right mindset and team especially since you will be doing this long distance.
For BRRRR specifically, if you seek out the worst properties you will certainly gain a competitive advantage because there will be fewer investors looking for those.
Happy to connect!
Congrats on that first deal! So I totally agree w/Brenden. I think in ATL you may want to look for homes w/"In Law Suites", otherwise I would suggest looking outside of ATL...way outside. I like NW GA for my #s, but this all depends upon the returns you are looking for :)
Also, I see you are looking in other markets around the country as well. PM me if you want to know my favorite under the radar spots ;)
Thanks for the information, we will definitely be looking at the worse houses in order to meet our initial purchase price requirements and if needed might look at other areas outside of Atlanta for now until in a position to buy at higher prices.
Does anyone have good, reliable contractors that they work with?