Multifamily BRRR deals in Atlanta

[Wes Crafton]

Hi everyone!

This is my first BP post after listening to several podcasts, reading books and sifting through various discussions on BP. I am in my mid thirties and somewhat new to the field of commercial real estate but for the past three years I have been working as a registered commercial appraiser in Atlanta. Prior to my appraisal experience, my family and I sold our engineering firm in Cobb County and I have a fair amount of cash to invest in a multi family property- I have approx. $700k and thought about quitting my job now and started knocking on doors in Atlanta looking for a good BRRR deal.

I know the answer is obvious to some of the younger folks out there on BP, however I have a family to raise and bills to pay but at the same time I long for financial flexibility offered by MF. A lot of the podcasts I listen to seem to have the same regurgitated story of house hacking with say a husband and wife with no kids and don't have a lot of cash. My circumstances are slightly different and we are living comfortably with my salary and diversified stock portfolio. After working in commercial RE for a few years I am quickly discovering $700k doesn't go too far especially in this market. I seem to be caught in between starting with several SFR BRRR deals or just waiting for a downturn and deploying all that cash for a multifamily. I hate timing the markets and I personally don't see a recession coming anytime soon but I am curious what the Pros on this board would recommend doing given my current situation.

Lastly, I have little experience with rehabs and was considering working for a property managment or asset management firm to gain skills, continue having an income and prepare for a downturn. Thoughts/partnerships/new relationships are welcome! Thanks y’all!

[Bryan Mitchell]

Wes, you're about to get bombarded with comments from those with Congratulatory responses, advice from a variety of Experienced individuals, and those who will subtly offer syndication opportunities. People will ask you what your risk tolerance is and and provide legal advice or considerations regarding the larger sum of money you have to invest which happens to be more than what most on bigger pockets have. They'll discuss forming a trust, forming an LLC, diversifying the $700K into multiple smaller deals, and some may even advise you to hold on and wait for a downturn and then pour the entire amount into it. Good luck!