Looking to network with RE Investors in Rome, GA

Multi-Family and Apartment Investing
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Looking to network with RE Investors in Rome, GA

Dushyanth Malkud
Atlanta, GA · Member since 2017 · 16 posts · 8 votes

I am looking to network with real estate investors living in Rome, GA

I see potential to build a good portfolio of multi-family properties in that area. Any thoughts?

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Josh Gardere
Rental Property Investor · Atlanta, GA · Member since 2021 · 14 posts · 6 votes
5y

@Dushyanth Malkud I recently bought a triplex in the Rome area and I must say, it was a complete steal. The numbers hit the 2% rule, CoC return 40% and 12% cap rate. Plus, the previous owner already had a property manager so I kept them on and its been a great partnership thus far. I've been able to build a few relationships with property managers and real estate brokers in the area. I'm actively looking for another multi-family in Rome and other rural areas outside of ATL. Hopefully, you've had a bit of luck since your initial post.

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  • Vincent Catanzaro
    Medford, NY · Member since 2018 · 25 posts · 3 votes
    7y

    Hello Dushyanth,

    I am an investor from NY. I've been focusing on multifamily properties in  the Atlanta area. I've put in quite a few Letters of Intent to purchase but no luck just yet. I would like to partner with other investors to possibly acquire a multifamily in that area. Let me know your thoughts.

    Vincent Catanzaro

    1Reply
  • Matt Hershberger
    Riverdale, GA · Member since 2019 · 49 posts · 27 votes
    7y

    Hello @Dushyanth Malkud and @Vincent Catanzaro I work out of Atlanta and I also see some great growth opportunity in that area. I always enjoy connecting with other investors in the area and Vincent please feel free to reach out with any questions you may have since I see you are located in New York. 

    1Reply
  • Jeff Kehl
    Rental Property Investor · Charlottesville, VA · Member since 2012 · 1k+ posts · 726 votes
    7y

    @Dushyanth Malkud I lived in Rome for about 13 years and just moved to Charlottesville in June. I own around 200 units of small mutli-family and houses in Rome so I can answer any questions you might have.

    It's been sort of an undiscovered area in that it's an hour from downtown Atlanta and has a good economy and growth but until recently there hasn't been many investors there and so the prices are still pretty reasonable.

    Let me know if I can help out.

    1Reply
  • Vincent Catanzaro
    Medford, NY · Member since 2018 · 25 posts · 3 votes
    7y
    @Matt Hershberger and @Jeff Kehl I have been searching the Atlanta market. Sent out quite a few LOI's but nothing yet. Would very much like to partner up with someone! Thanks
    2Reply
  • Nathan Hui
    New to Real Estate · Rome, GA · Member since 2017 · 107 posts · 34 votes
    7y
    Originally posted by @Dushyanth Malkud:

    I am looking to network with real estate investors living in Rome, GA

    I see potential to build a good portfolio of multi-family properties in that area. Any thoughts?

    Hey there, it is a pleasant surprise to see my keyword finder for "rome" actually worked! Normally I am looking through posts where people are saying "Rome wasn't built in a day"... to my disappointment. 

    I live here in Rome and I think this is an excellent place to invest. I am working on acquiring my first property here. The rental market here is competitive and home prices remain reasonable (relative to the rental income potential). 

    What are you looking for? Single family, multi-family, apartments, commercial?

    1Reply
  • Dushyanth Malkud
    OP
    Atlanta, GA · Member since 2017 · 16 posts · 8 votes
    7y

    @Vincent Catanzaro - im doing my due diligence right now on Rome, GA market. If opportunity presents, maybe we can work something out.

    @Matt Hershberger - hi. Which part of Rome, GA do you see growth in and good potential for rental units. 

    I am not involved in section 8.

    Multi family - maybe start off with a duplex or triplex

    Single family - looking for areas that have good long term tenants.

    @jeff khel - Maybe you can shed some light on the above?

    Also, I’m guessing you already have a great property management team in place. I am interested in knowing about that system you have established - expectations to have for criteria for tenants, % of rent compensation for property management, how they operate, how are you managing things esp now that you are out of state?

    I am interested in either turn key or buy with equity.

    Total amount out of pocket = 70%(includes purchase price + fixing). Cash out refi.

    Or even a good condition turnkey to start off with.

    @nathan - I am fairly new to RE investing as well. Started 2 years ago. Own two rental units now. And currently looking to purchase my third.

    Def open to private inbox communication and learn how we can help each other grow.

    My goals are to build wealth, long term, by buying cash flowing properties. 

    3Reply
  • Matt Hershberger
    Riverdale, GA · Member since 2019 · 49 posts · 27 votes
    7y

    Hey @Dushyanth Malkud I sent you a request to connect.

    0Reply
  • Josh Gardere
    Rental Property Investor · Atlanta, GA · Member since 2021 · 14 posts · 6 votes
    5y

    @Dushyanth Malkud I recently bought a triplex in the Rome area and I must say, it was a complete steal. The numbers hit the 2% rule, CoC return 40% and 12% cap rate. Plus, the previous owner already had a property manager so I kept them on and its been a great partnership thus far. I've been able to build a few relationships with property managers and real estate brokers in the area. I'm actively looking for another multi-family in Rome and other rural areas outside of ATL. Hopefully, you've had a bit of luck since your initial post.

    2Reply
  • Dushyanth Malkud
    OP
    Atlanta, GA · Member since 2017 · 16 posts · 8 votes
    5y

    @Josh Gardere

    thats awesome! I have not had any luck since the post. a few offers did not go through as the market was hot and people were overbidding. how did you come across finding it?

    0Reply
  • Jeffrey Donis
    Investor · Durham, NC · Member since 2020 · 1k+ posts · 691 votes
    5y

    If you have access to costar, you could track down which LLCs are buying the multifamily properties in your area. That way, you'll know who's active in your market. Or, just look on social media for "syndicators in Rome, GA" to see if anyone has it in their bio. Your network = your networth!

    1Reply
  • Justin Goodin
    Investor · Indianapolis, IN · Member since 2018 · 1k+ posts · 756 votes
    5y

    What do you guys like about the Roma and/or Atlanta market?

    0Reply
  • David Bilandzija
    Lender · Venice, CA · Member since 2021 · 189 posts · 132 votes
    5y

    @Jeffrey Donis good insight

    1Reply
  • Dushyanth Malkud
    OP
    Atlanta, GA · Member since 2017 · 16 posts · 8 votes
    5y

    btw I am now looking into container homes in Atlanta, GA. Just started my research

    @Justin Goodin

    I've had a few conversations with people that mentioned multi fam units in Rome, GA were going for a good price with decent rental numbers. not sure how the market is today

    I have a single fam in West end area, the prices have sky rocketed now. Not seeing much opportunity anywhere these days.


    @Justin Goodin

    1Reply
  • Ashish AcharyaBusiness Member
    CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
    5y

    I am in Atlanta :) 

    [email protected]941-914-7779
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    WebsiteView Page
    1Reply
  • Eamon Holtschlag
    Member since 2020 · 1 post · 0 votes
    5y

    Does anyone have any experience with the housing authority in Rome? i.e. actual vs published FMR
     I am seeing a big difference in their published FMR’s vs what some section 8 properties are actually collecting($550 actual vs $1000-1150 published FMR). Could just be that rents haven’t been raised in years, but it has spooked me a bit and kept me from pulling the trigger. 

    0Reply
  • Matt Nettles
    Member since 2017 · 53 posts · 32 votes
    5y

    @Dushyanth Malkud

    I am in Macon GA. Let’s connect

    0Reply
  • Jason Nelson
    Member since 2021 · 3 posts · 0 votes
    5y

    I live in Rome, Ga and would like to get started. Let me know if anyone would like to connect. 

    0Reply
  • Josh Gardere
    Rental Property Investor · Atlanta, GA · Member since 2021 · 14 posts · 6 votes
    5y

    @Dushyanth Malkud sure — I came across it last year online when buyers weren’t so eager to buy RE due to the virus. I was able to close another deal in Rome last month where it’s a SF house with a bonus apartment out back. Rome seems to be known for structures like that so I would be on the look out since you can forgo a 25% down payment and only put down 20% due to zoning. Honestly, Floyd county in general, has extremely low inventory so I’ve been checking other areas in NW and middle GA for deals as well.

    If you have an appetite for SF deals in B and C neighborhoods with >20% CoC return, Macon, GA is a good spot to check. I recently closed on one that's section 8 yielding about 25%. Unlike Rome, Macon is a more active market with more inventory and lower prices per sqft. I hope this helps but let me know if you have any other questions.

    0Reply
  • David N Peterson
    TBD · Member since 2017 · 43 posts · 17 votes
    5y

    I was just out in Rome on Monday evaluating a 12 unit MF complex and some other properties.  I"ve been investing in the "Y" of Atlanta and some of the more rural areas with good success.  

    1Reply
  • Lee Boozer
    Marietta, GA · Member since 2018 · 5 posts · 3 votes
    5y

    @Vincent Catanzaro HI Vincent. I'm in the Atlanta area. Feel free to reach out if you have questions about a specific area or need "boots on the ground".

    0Reply
  • Cameron Braig
    Atlanta, GA · Member since 2021 · 493 posts · 162 votes
    5y

    @Dushyanth Malkud

    Hope the networking and opportunities worked out in Rome, interested in hearing an update. 

    Also, interested to hear your thoughts/experiences on another city north of Atlanta in Dawsonville. The 400 corridor has quickly grown to the end of 400. New multifamily apartments, breweries, retail center, restaurant development and infrastructure growth such as widening 400 has brought new investment into the area. A short drive to Atlanta, close to Lake Lanier and a growing county (Dawson County was one of the 100 fastest growing counties) seem to show Dawsonville has a great opportunuity set. Interested in getting thoughts. But again, hope Rome has been valuable and would be interested to hear your experiences. 

    0Reply
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