New From Atlanta Area

[Rachelle S.]

Hello! My name is Rachelle and I am fairly new to the real estate investing world. I am 29 years old and I work as a microbiologist here in Atlanta. I currently work in Atlanta and live in the Dallas GA area.

I purchased my first home out of college and have managed to purchase two additional properties in the past 2 years when I saw great opportunity. Atlanta had incredibly low prices and high inventory here for a short time. I went in completely unprepared with no education on the correct way to do things. I have managed to come out unscathed with two sets of renters and a positive cash flow due to great deals.

I am here to learn whatever I can as quickly as possible. I have so many questions and am excited to hear back from everyone with advice, criticism, strategy and ideas. I am currently involved in SFH for long term rentals. I am looking to expand in this area as well as possibly multi-family units.

I am in need of information on good contractors for all aspects of renovations (electrical, plumbing, etc). Also very interested in learning about financing options and how to limit credit score hits with new utilites and loans. That drives me crazy!

Looking forward to interacting with you all!

Rachelle

[Rachelle S.]

Thanks everyone!

I am focused on the NW atlanta suburbs currently and have felt comfortable in that area because it is where I grew up and know the market so well. I am very interested in the Smyrna and Marietta areas for rentals as well as my personal home. I am willing to expand into Atlanta and other areas for the right properties.

Currently I am trying to build my reserves while I search for new opportunities. So far all my properties have been financed and I never realized so many other option existed, although they seem a bit scary to me.

I think my biggest concern, and I have seen its a common one, is whether or not to form a LLC. and other asset protection. I have an umbrella policy and with financed property, I may not be as worried as I should be about taking the next step. I have seen and read so many conflicting reports. I have spoken to one RE lawyer who suggested an LLC with a max of two properties in each one. The upfront cost was a factor since I had just purchased my second property and didn't have any cash flow and had to invest money to rehab. There are lots of factors now that concern me ie. LLC. Can't finance property, transferring property into the LLC. and perceived lack of protection from a single person LLC. There is so much information and now that I am doing my research it is very overwhelming!

Thanks again, sorry for the rant. Any ideas are always appreciated and I will search and form new posts on the forum for answers also.

Rachelle