So I was getting all excited about buying my first multi family, the recent podcasts were setting that notion in stone. Hey, I thought, hack your housing, once your current tenant moves out, use that money to buy a multi in the city. I'd been doing my homework, had identified a number of potential places.
Perfect idea only it seems that everyone here in Atlanta must be buying multi families. *All* the properties I had tagged are under contract - this week! Jeez.
1. can you do podcasts on something else to distract people, say commercial real-estate?
2. If anyone her is in Atlanta and has a duplex, triplex, or quad that is looking to sell, please reach out to me. I'm only looking for properties in the best school districts.
LOL... I can't believe you are asking Brandon and Josh to talk about something else to "distract" investors in your area and steer them towards something else so that you could get yourself a multi family.
I think you should keep looking, keep doing analysis, or expand the area that you are searching in. I find it hard to believe that there aren't any duplex's, triplex's or fourplex's for sale in Atlanta. Reach out to agents in the area that you're looking for and have them notify you when one hits the market and jump on it, if the deal makes sense and works for you. Do the same with realtor, truly and zillow. Or... get your real estate license and have access to mls.
LOL..... : )
I have been on twice for commercial.
Although I have a lot more to cover in material. I will wait for Josh and Brandon's call to do another one again.
I think commercial doesn't get covered as much here because many of bigger pockets members can afford a house but not a commercial property. I do get clients here though that have substantial money but they are very private and lurkers on here versus engagers on the forums for the most part.
There is competition no matter where you buy. Some of those podcasts where people used a strategy was years ago in a down market. Those some strategies today might be ineffective due to demand and investors getting off the fence now to buy stuff before interest rates rise even further.
"I'm only looking for properties in the best school districts."
Those are trading for stupid pricing like a 5 cap in certain parts of Atlanta. I don't buy any of that stuff.
@Joel Owens - I'm looking for the best (or good) schools as that's what drives Atlanta pricing. Previous Atlanta forum comments allude to the glut of rentals available in B, C or D locales. So i'm avoiding those. Additionally, if I hack the house and move in, not only can i get easier financing, I'm not as concerned about the absolute price as long as my monthly nut is low.
@George Pappas I'm looking & have feelers out there. I also thought a little humor in the title might attract feedback from folks with properties they know of.
Now thats an idea.... Distract all of the other investors in a hot real estate market from buying real estate. Get some MLM info and go to REIA groups.... Once all of the other investors are hooked on the ponzi scheme you will have the entire market to yourself! Love it... Im going to try it in the Fort Wayne market.
Look at little to no cash flow. Buyers are generally holding those for retirement and tax write off and hoping for appreciation long term.
My friends that have bought many of those properties did so 2009 to 2012. Since that time the market has been mainly dried up for deals in the best areas for that type of product.
Keep looking and maybe you will hit that 1 in 500 property and get lucky.
Have you tried mailing out yellow letters to home owners?
@George Pappas yep, I've sent out Yellow letters, but not to multi famliies. that and looking for low or negative cash-flow properties are on my agenda. thank you all.
@Joel Owens I'm interested in going commercial in the future, so I do appreciate the info in your podcasts. The only question I have is how much money does someone need to get started in that area?
I'm assuming that partnerships or syndication will be the easiest way in the door.
Folks on the forum can have the Warren Buffet debate later, I only bring him up because I am a devotee of Benjamin Graham.
There is a section in the article entitled: "Be willing to buy something no one else wants, cheaply." Graham was also a big fan of the mantra: "What everybody knows is not worth knowing."
A lot of people know about Atlanta. People are learning more and more about multi-families. Maybe it's time to think of an edge you can provide that no one knows/cares about. Better yet, something that people often underestimate.
On your own for national quality assets and loans about 400,000 plus liquidity and net worth requirements with your personal financial statement.
LOL! I guess you assume that all Atlanta buyers/investors listen to BP?
My best advice would be to 'drive for dollars' only on multis... find the ones that are unkempt, in disrepair, have high vacancies (signs that read 'first month rent free') or are otherwise showing an owner who doesn't or can't care anymore. Walk in the office, or knock on a door and get the owner's contact information. I have one in my hip pocket with this strategy after only one day of looking around. Good luck, I know how frustrating it is to have the 'want to' and the 'ability to' but just can't find the 'able to' anywhere.
- Willough~Penta Management Group, LLC
- (540) 384-0625
duplexes and best school districts don't always go together...
I buy them however, just for long-term..
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