My Fiancé is getting a new job in Atlanta so it turns out we're moving! I'm a newbie to investing however I've already decided that I want to master local multi family properties following the BRRRR method. Is there a Market for this in ATL or should I consider doing long distance somewhere else (I was thinking Chicago) ? I also realized ATL is a College city should I switch my niche to local student housing/rentals? I don't want to get to used to switching my niches. However technically I havent bought anything yet. I'm ready to go all in and master one niche then move to another. Any advice? Not sure if it matters but I currently live in Northern NJ.
Hey @Justine Veal , welcome to the BP community!
Atlanta is absolutely on fire, supply is at record lows and seems to get lower every month (last I checked it was just over 1 month). This is due to the influx of homebuyers moving to Atlanta from areas like NY and NJ, plus low rates convincing first time buyers to jump in.
That being said, you want to look at Atlanta as an MSA, not a city. The MSA is rich and diverse in terms of real estate niches and opportunities. It is not simply a "college city" or any other kind of one-horse town.
However, if MF BRRRR is the niche you choose you will need to source your own deals off-market. The MF space is even more competitive than the SF space due to practically non-existent supply and very high demand. Everyone wants a coveted small MF here so most that hit the market are appreciation plays and could not cash flow unless you purchased with cash/very low leverage.
Here in Atlanta, creativity is key. Find that niche that is not completely overrun and you'll do very well.
Good luck with the move, and please, feel free to reach out anytime if you have other questions or just want to chat about HOTlanta!
Hi @Justine Veal, I recently moved from SoCal and I must say the market is a lot different. Every word Brandon stated is true, the down side is we as current / new investors to the Atl market has entered an over inflated market were the only strategy is to buy below value homes and find off market deals. The up side is we can use this as a planning and strategical time to prepare for the next cycle.
Good luck with the move, once settled in reach out to me to chat.
ATL is very hot, which is good and bad. Bad because it may be hard to find deals in ATL, however it is good because that means that surrounding cities are experiencing growth. As mentioned, you want to look at it as a MSA, not a city. MSA will include a lot of "sub-markets" which may fit your investing criteria better + will make it more likely that you will find a good deal.
Best of luck with the move!
@Justine Veal . Atlanta is a city that doesn't stop changing. Every month, it seems, there's a significant announcement about a new development. You need to spend some time learning about all those announcements and the where the change is impacting housing (student/multi/ and single). Atlanta Business Chronicle is a good source for learning about what's happening where.
After that, I'd suggest trying to buy where you're in the path of progress or in the midst of the progress. Over time, you won't be wrong. Atlanta should continue to grow tremendously over 20 years. Specific streets and neighborhoods are harder to guess the impact without really studying them.
Thank you all so much for your feedback and advice it turns out I got some homework to do. I will do my research. This is great stuff I love it here!
@Justine Veal , I can echo others sentiment on Atlanta. You might have a little better luck in Chicago in finding properties, but even then, multifamily is in particularly high demand across the country.
Chicago, overall, is losing population on the net level, but it is still a major city with a diverse economy. I believe the landlord laws are less favorable in IL and Chicago than in Atlanta, but when talking small multi-family, with good tenant screen process in place, that should have minimal implications.