Looking to buy first property and seeking advice

[Henry Stockdale]

Hi all, I have been thinking about buying an STR property for a long time and I have analysis paralysis. I would prefer to buy a property in the Atlanta area, but it is difficult to make the numbers work. I've been looking at Vine City/English Avenue area because it looks like this area is going to appreciate fairly rapidly with its proximity to downtown and universities. My budget is around $250k, but could spend a little more if the revenue potential is good.

Is it worth continuing to look in ATL or should I consider other areas or out of state investing where the ROI may be higher? ideally, I want to scale and add more units in the future.

Thanks for any advice.  If you know of any investment friendly real estate agents in the downtown area, please let me know.

[Dan Maciejewski]

I can’t give you specific advice about your area, but I have some thoughts on local vs remote. The farther away any active Real Estate (especially Short-Term) is, the more you can get nickel-and-dimed with little expenses.

Even if you manage yourself, you'll have to pay for trips out to the property for little things. Having a property manager is a great idea for all new investors. Keep in mind that the farther away you are, the more you’ll have to push onto the PM’s plate, which will cause more upcharges.

There are many other reasons to consider local vs remote, but that’s the first that comes to mind. I usually advise newer investors to look a little closer to home unless they know the area very well. Like a vacation area you love to visit, or an area you grew up in, or an area your family currently lives near.