House hack Atlanta

13 Replies

Hello everyone! I have been reading on this forum and saving aggressively for about a year and have finally reached a point where I’m ready to invest myself.

Hoping to make contacts/get advice for the Atlanta market. I just took a nurse practitioner job and will be a first time home buyer.

Ideally would like to buy a multi family and live in one unit. I know these can be hard to come by. I’ve also thought about buying single family, fixing it up, then moving in a year (I have a roommate who will be moving with me and is an interior designer, which could be an asset.)

I’m currently renting pretty cheap month to month in Atlanta so I can be patient finding a place. I’m not sure if waiting for the housing market to settle down a bit would be in my best interest.

Any advice or local contacts/leads would be greatly appreciated. I’ll be looking for everything: real estate agents, contractors, local banks, any off market deals, etc.

Thanks in advance for any help. You all have been an inspiration to me and taught me a lot this past year and I’m anxious to finally be an active investor myself!

you're in a great position if you can move into your rentals with someone to share expense while renovating. check out postcode 30318 in atlanta its the fastest growing post code with most affordable properties. Don't be afraid to look at many properties in the same area and don't get emotionally attached. stick to the numbers and you should be fine. all the best Marian 

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Excited for you! Its hard to come across multi-units especially in ATL so I've actually resulted in house hacking homes with large basements and adding a kitchen, laundry hookups and private entrances to sort of make a duplex (that is if they don't already have those things which is quite common.) Closing off the top from the bottom (taking out stairwells or walling off entrances.) We also got lucky and found a property where the previous owners converted their detached garage into a two story 800 sqft house! so we house hacked that one as well by renting out the main house and living in that one. and when you move they cashflow like crazy! I've got a great investor friendly agent if you need one, he's helped me find my house hacks so let me know if you want that contact and feel free to message me anytime! @Ashish Acharya is also a fantastic CPA in the ATL area if you ever have tax questions, need help filing or need assistance structuring your business the right way!

@Zachary Aldridge Thank you so much for all of the information and recommendations! Are you guys doing this in Atlanta or Marietta? I'm still pretty unfamiliar with the Atlanta area but I'm starting to get my bearings. I'm looking at homes in Decatur and East Atlanta village tomorrow. I'm not sure if you're familiar with these areas or know of any other neighborhoods. I'm hoping to get into a house for about a year and then be in a place that would rent well when I move out.

Originally posted by @Zachary Aldridge :

Excited for you! Its hard to come across multi-units especially in ATL so I've actually resulted in house hacking homes with large basements and adding a kitchen, laundry hookups and private entrances to sort of make a duplex (that is if they don't already have those things which is quite common.) Closing off the top from the bottom (taking out stairwells or walling off entrances.) We also got lucky and found a property where the previous owners converted their detached garage into a two story 800 sqft house! so we house hacked that one as well by renting out the main house and living in that one. and when you move they cashflow like crazy! I've got a great investor friendly agent if you need one, he's helped me find my house hacks so let me know if you want that contact and feel free to message me anytime! @Ashish Acharya is also a fantastic CPA in the ATL area if you ever have tax questions, need help filing or need assistance structuring your business the right way!

interested in getting that agents info looking for houses to hack in the Atlanta area as well. 

Appreciate the value Zachary.

Welcome and congratulations! I'm finishing up my FNP myself and know what you're going through. I'm going this path myself with the multifamily. If I was in the position to I would get a FHA loan on a 3 or 4 bedroom house, rent out the rooms to help you save up capital or equity in your first property, then take the time to network, research MF properties, and search for a good deal. I'll shoot you a DM.

Hey @Marian Allen , thanks so much for the kind words - although they were technically directed at all of BP, not just myself haha

Congrats on saving up and laying that foundation to start investing! That first step is one of the most difficult and many don't even get to the point financially where it makes sense for them to start investing. 

Like most here on BP, I am a strong advocate for house hacking (I do it myself). However, it is a very tough market for low-down homebuyers right now. Snagging a small MF with an FHA loan is practically impossible due to the competition from cash investors. That being said, it certainly isn't possible, you just have to be patient and diligent.

That being said, another strategy that I am focusing on myself and with my house hacking clients is to purchase a SFH that has a mother-in-law suite. Basically a MF that is legally still SF so benefits from the strengths of each. I would recommend this approach over the buy now and rent later model. Unless rents drastically increase in the next year, you are unlikely to cash flow when you move out, after all expenses. This is not a terrible strategy, especially if you purchase a distressed property. But, why not just purchase a distressed SFH with a mother-in-law suite and fix up one side, live in that side, then fix up the other side, and rent that side out? After a year, you can move out, rent out both sides and rinse and repeat (if you have the savings to do so).

This strategy is not quite as clean and simple as purchasing a MF, but in crazy markets, those who succeed are those that can get creative. 

Feel free to shoot me a message if you have more questions or just want to explore the topic further! I'm also happy to provide recommendations for any team member role you're still looking to fill. Best of luck with your house hack search!

I agree with what @Brenden Mitchum said.  I'm looking to purchase MF with cash myself and the few that were deals  were under contract in under 24 hours upon listing.  Many investors are hungry and know what they want and move fast.

Hey @Marian Allen . Any luck finding a house hack in the Atlanta area? I've run into the same issue of duplex scarcity in Atlanta. I'm thinking that the basement mother-in-law suite approach might be the easiest to find. Lots of nice ranches in the North Druid Hills area.

I had a friend build a very nice ADU (2/2) in their backyard in Grant Park and is renting that out and covering their mortgage. Big yards and building an ADU is another option but takes more time and capital. Good luck!

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Thanks for all of the responses and advice! @Tommy Davis I did actually end up finding a 3/1 close to druid hills in north Decatur. It has a pretty big back and side yard so my thought was to build an ADU or at least add a bathroom. Any chance you know more details on your friend building the ADU? (total cost, timeline, dos/don'ts, etc.?)

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