1st Multifamily Property in Atlanta?

[Louis Vaughn]

Hello. I'm Louis. I'm looking to purchase a 2 to 4 multi-unit property here in Atlanta soon. I'm looking for a great area to invest in as a first time home buyer. I'm not sure if I want to pursue a FHA 203k loan or some other kind of mortgage loan. I don't want my first time experience to be so overwhelming that I become paralyzed. I'm Looking for some great advice to move forward and make this first experience as smooth as possible.

[Ola Dantis]

@Louis Vaughn Hey Louis, 

What we used to buy our first MF building was a traditional FHA 30-year amortized loan, as the 3.5% would certainly help you as this is your first time. 

I'd advise you to stay away from an asset that is extremely distressed and in need of a ton of repairs. 

A quick tip for you (free of charge, lol): Look for a building where all the rents come to, say, $2k/month and your mortgage is $1.2k. When you see this, you may have found yourself a decent deal, then you can do some serious deep dive. 

Hope this helps, Louis. Goodluck. Thanks! - Ola