Newbie from Jonesboro, GA

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Newbie from Jonesboro, GA

Marlene Michael
Investor · Jonesboro, GA · Member since 2015 · 86 posts · 18 votes

Hi everyone! My name is Marlene, and I am a new investor. I currently live in Jonesboro, GA which is approx. 20 minutes south of Atlanta. My family and I moved to GA from NY, and have resided here for almost 10 years. I am a teacher by trade, but decided to take some time off with my children, so this is the perfect time to pursue my passion of real estate!! My hubby Paul and I moved here with 2 little ones, and now we have six, so I really need to be successful in this field to pay for all of their college tuitions!

We currently own one rental property which is our former home, but I plan to own no less than six rental properties (preferably small multi-family units)  in addition to the one we currently own, which is "under water".  I enjoy the rehab process, and look forward to purchasing and rehabbing distressed properties to flip and/or hold. I am really interested in wholesaling as well, but my lack of knowledge on the subject makes me uncomfortable. Hopefully I can learn from you all, and add that to my success plan as well.

I look forward to learning from, and sharing with all of you. Any advice you can give would be greatly appreciated.

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James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
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@Marlene Michael 

welcome to the site. Congrats on being dealt of rough hand and being underwater on your 1st rental & still sticking it out.

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  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
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    @Marlene Michael 

    welcome to the site. Congrats on being dealt of rough hand and being underwater on your 1st rental & still sticking it out.

    1Reply
  • Marlene Michael
    OP
    Investor · Jonesboro, GA · Member since 2015 · 86 posts · 18 votes
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    Thanks @James Wise! 

    1Reply
  • Demetria S.
    Investor · Bronx, NY · Member since 2014 · 15 posts · 8 votes
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    Marlene Michael welcome to BP Marlene!! I've never heard of Jonesboro but have family in Atlanta. It's great that you've already started yr investing career. I have a few duplexes in MD & although the tenants are not perfect I like the fact that when 1 unit is vacant I can still collect rents from the others to cover my carrying costs. Since you're a teacher, you should find out if your city offers HUD homes at half price as they do here in my hometown of NYC. I believe the program is called Good Neighbor Next Door. I think that's an awesome way to continue yr investing career. I also like a book called "Investing in Duplexes, Triplexes & Quads" by Larry B. Loftis. It gives excellent tax advice and strategies on how to evaluate, buy & build wealth with these properties. My brother, an investor too, is trying to get me to wholesale some property but I, like you, am a little nervous because it's uncharted waters.
    1Reply
  • Marlene Michael
    OP
    Investor · Jonesboro, GA · Member since 2015 · 86 posts · 18 votes
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    @Demetria Shomala, great advice! I used to look for homes in NY when we there through the HUD program , Teacher Next Door, but haven't checked into it here. That's a great idea.

    0Reply
  • Paul Timmins
    Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
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    @Marlene Michael 

    Welcome. Time to build the foundation below.

    Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.

    You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it. Atlanta is in the top 10 US markets for student housing.

    Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

    http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

    Good luck

    Paul

    1Reply
  • Marlene Michael
    OP
    Investor · Jonesboro, GA · Member since 2015 · 86 posts · 18 votes
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    @ Paul Timmins 

    Thank you for such great advice. I will be sure to check the books out. I have planned to attend a few of the meetings that the local REIA here in Atlanta offers each month . I know that I need to interact and network in order to be successful in this business.

    I never thought about specializing in student housing. That is a phenomenal idea with all of the schools in our area. I don't understand how to control a property without owning it. Can you explain that for me? 

    0Reply
  • Marlene Michael
    OP
    Investor · Jonesboro, GA · Member since 2015 · 86 posts · 18 votes
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    Please see response above. I'm still getting used to tagging users :)

    @Paul Timmins 

    0Reply
  • Larry Fried
    Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
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    @Marlene Michael Hi and welcome to BP!

    0Reply
  • Jon HuberPro Member
    Rental Property Investor · Boca Raton, FL · Member since 2014 · 1k+ posts · 713 votes
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    @Marlene Michael

    Welcome to the community! BP has a tremendous amount of information to help you, but it is only available if you seek it out. Be sure to be as active and engaging as possible. Read blogs, post questions, and the podcasts are gold! The best free education you can get.

    0Reply
  • Marlene Michael
    OP
    Investor · Jonesboro, GA · Member since 2015 · 86 posts · 18 votes
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    @Larry Fried and @Jon Huber 

    Thanks guys! I am looking forward to learning from everyone here, and benefitting from the podcasts and other free resources.

    0Reply
  • Jon HuberPro Member
    Rental Property Investor · Boca Raton, FL · Member since 2014 · 1k+ posts · 713 votes
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    @Marlene Michael Speaking of free resources: Awesome online resources I use

    The thread is full of other users adding their resources as well.

    0Reply
  • Isaac Kessler
    Investor · Miami, FL · Member since 2014 · 16 posts · 6 votes
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    @Marlene Michael Welcome to BP! Lots of helpful material on here that we can all learn from and lots of nice people willing to offer advice. 

    You should have lots of success with all your real estate goals!

    0Reply
  • Marlene Michael
    OP
    Investor · Jonesboro, GA · Member since 2015 · 86 posts · 18 votes
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    @Isaac Kessler 

    Thank you!! There are really nice people (you included) who are very encouraging. Wish I had joined years ago.

    @Jon Huber 

    Thank you for sending me that :)

    0Reply
  • Mike Watkins
    Wholesaler · Powder Springs, GA · Member since 2013 · 516 posts · 143 votes
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    welcome to Atlanta 

    0Reply
  • Pyrrha Rivers
    Investor · Yokosuka, Japan · Member since 2014 · 631 posts · 184 votes
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    @Marlene Michael Welcome to BP. I'm a fellow GA teacher living abroad for the moment, but did research the Good Neighbor Next Door program when I was there. It's been at least 7 years since I looked, so my memory may not be too sharp and things may have changed. These were my impressions:

    Teachers, police officers, firefighters and I believe preachers are offered participation in the program in order to improve the neighborhood. So most of your neighbors will probably be in need of the positive influence you and your family are expected to provide. However, with 6 children, the influences may be reversed for any one of them if not several.

    I decided against participating because:  

    The neighborhoods were not where I wanted to be in terms of safety for my family. I was a single parent and didn't want to have my children pioneering in uncharted territory and was concerned about the influences as I mentioned above.

    I believe they require you to be currently employed in the neighborhood school or perhaps a Title 1 school.

    Best wishes on your endeavors!

    0Reply
  • Marlene Michael
    OP
    Investor · Jonesboro, GA · Member since 2015 · 86 posts · 18 votes
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    @Pyrrha Rivers 

    I do remember that now. Thanks for the reminder of why we never purchased through the program in NY. The neighborhoods were awful, and the houses were in horrible conditions. If we weren't required to live in them for a period of time, I wouldn't mind at all, but as you stated, with my kids that is not an option!

    1Reply
  • Jerilyn D.
    Real Estate Agent · Peachtree City, GA · Member since 2013 · 34 posts · 12 votes
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    @Marlene Michael 

    Welcome to BP, Marlene! I am a newbie investor in Peachtree City. This site is such a wealth of information, and a great place to share ideas/questions and network. I'm just getting started, and have been so amazed with how supportive this community is.

    Welcome! : )

    0Reply
  • Todd Campbell
    Investor · Austell, GA · Member since 2014 · 101 posts · 21 votes
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    Welcome!

    0Reply
  • Jeremy Tillotson
    Investor · Fort Wayne, IN · Member since 2014 · 1k+ posts · 515 votes
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    welcome to BP

    0Reply
  • Marlene Michael
    OP
    Investor · Jonesboro, GA · Member since 2015 · 86 posts · 18 votes
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    @Mike Watkins 

    Thanks guys!

    0Reply
  • Marlene Michael
    OP
    Investor · Jonesboro, GA · Member since 2015 · 86 posts · 18 votes
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    @Jerilyn D. 

    Thanks for the welcome! Do you attend the EPIC group meetings through the Atlanta REIA?

    0Reply
  • Mike Watkins
    Wholesaler · Powder Springs, GA · Member since 2013 · 516 posts · 143 votes
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    yes. And at the haves and wants(a non teaching meetup) there's no pressure. They have a tally of the money made through deals at the meeting over the last 10 years. It's at a couple million now. 

    I came in and my have was eager to learn and my want was a closing attorney. Met with him and then I came back with a deal closed. 

    0Reply
  • Marlene Michael
    OP
    Investor · Jonesboro, GA · Member since 2015 · 86 posts · 18 votes
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    @Mike Watkins 

    Seriously? Wow!! That is good to know. I checked out the schedule of meetings for the month, but hadn't considered that one at this time since I don't have anything, and am not even sure what I want yet :). I will definitely add that one to the calendar now though! About how long do they last? I am way on the south side, and just need an idea to avoid traffic and schedule afterschool arrangements for my kiddos.

    0Reply
  • Mike Watkins
    Wholesaler · Powder Springs, GA · Member since 2013 · 516 posts · 143 votes
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    I think about 2 or 3 is when they end. The Georgia REIA deal makers meetup is earlier at 10:00 am I think but will cost you $10. If it's closer to you it might make more since.

    0Reply
  • Marlene Michael
    OP
    Investor · Jonesboro, GA · Member since 2015 · 86 posts · 18 votes
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    @Mike Watkins Awesome. I will look into that one as well. Thanks again!

    0Reply
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