I'm new to BP but have been reading the forums for ~1 month now trying to devour as much info about RE investing as I can. I'm interested in moving out from my parents and house-hacking into my 1st RE investment.
As far as some general criteria/thoughts:
- My workplace is in the Cobb/Vinings area and I would ideally like to be a < 30 min drive to work (though I don't mind if its up to 1 hour away since that is my current commute)
- I'm interested in using a FHA loan to put ~5% of a down payment (3.5% down pmt + 1.75% upfront mortgage insurance premium)
- My target all-in purchase price range is between 200k - 400k
- I would prefer to live in a 'A' or 'B' class property that I could rent another unit to a young or established professional/college or grad student
- Just from discussion with my friends, a lot of them seem to dig living in areas like Midtown, Buckhead, Virginia Highlands, Brookhaven, Lindbergh.. how feasible would it be for me to househack in any of those areas and expect to generate a decent return in the future once I move out and rent out my unit?
Apologies if this was super vague.. just super interested to get started ASAP! Please let me know if I left out any important details that I can share for better answers.
@Bernie Liew good for you!! Wish I had started out with house hacking. Those areas you mentioned are amazing but are some of the most expensive parts of the city. Some other ideas are North Decatur, Tucker, Scottdale, Avondale and parts of Clarkston. Those are close to Emory and Agnes Scott so could work for the college set.
@Bernie Liew if I were you, I would look at West Midtown, Riverside or Bellwood Quarry. Look for places as close to the beltline or Bellwood development. Should put you close enough to Vinings
@Bernie Liew not the same Bernie that interned in Syndicated and Leveraged Finance at STRH right?
You can still look in the upscale areas. Maybe an older house on land you could buy that eventually might be torn down and a new larger one built.
You could also buy in a new subdivision stage zero and when finished out in a few years hopefully have some nice equity growth.
I tend to not like areas that are EN VOGUE currently because of a stronger economy. Those areas can trend down just as fast as they went up. I like areas that are higher quality and can weather the storms of the cycles better.
@eric slater Hey! Yes it is I