Accountant · Dallas, GA · Member since 2017 · 19 posts · 5 votes
Greetings from Atlanta!
I am a CPA in the Atlanta area looking to start building a real estate empire! Maybe eventually, right now I'm just looking for a decent multifamily. I have spent the last few years watching everyone else make money and decided there's no time like the present to get in the game. My wife recently passed her real estate licensing exam; so, between her license and my tax experience I feel like we have a greater advantage than most to make a go at it. Right now I am absorbing everything I can and am excited about using this forum to show me the ropes on actually finding and executing deals.
Welcome! I am new myself here in ATL and looking for something just like yourself. Would be great to get connected here locally and share some thoughts on what we have absorbed and getting going as new comers here in the city. I am also looking for a first multi.
Welcome! I am new myself here in ATL and looking for something just like yourself. Would be great to get connected here locally and share some thoughts on what we have absorbed and getting going as new comers here in the city. I am also looking for a first multi.
Investor · Decatur, GA · Member since 2015 · 313 posts · 207 votes
9y
Good luck with the new venture. You might want to start with a few rental homes to see if you want to manage multifamily. Apartment tenants can be trying.
Investor · Austin, TX · Member since 2013 · 933 posts · 1k+ votes
9y
Ryan,
Alternatively, although this is a DIY site by and large, don't discount ways to get in the game at a bigger level (200+ size units) through syndication deals. Commercial property has a lot of advantages especially large communities where scale and forced appreciation thru value add approaches work well in many environments. Since we are in the latter part of the cycle, its especially important to be patient, selective and not be afraid to learn and earn from others by partnering. Also, would recommend plugging into local meetups in your focus area to start meeting the players and accelerate your practical education.
Good luck with the new venture. You might want to start with a few rental homes to see if you want to manage multifamily. Apartment tenants can be trying.
Yea, I think this is what I'm most nervous about. I am confident I can manage the income, expenses, and other financial aspect; but, dealing with people may be an entirely different ball game. Do you see any difference in your tenants based on the price of rent?
Investor · Decatur, GA · Member since 2015 · 313 posts · 207 votes
9y
Yes the neighborhood has the greatest effect on the quality of renter. Background checks are very important so I would research a screening service as part of your 1st rental purchase. Multifamily means you have to worry about the tenants getting along in addition to protecting your property.
Alternatively, although this is a DIY site by and large, don't discount ways to get in the game at a bigger level (200+ size units) through syndication deals. Commercial property has a lot of advantages especially large communities where scale and forced appreciation thru value add approaches work well in many environments. Since we are in the latter part of the cycle, its especially important to be patient, selective and not be afraid to learn and earn from others by partnering. Also, would recommend plugging into local meetups in your focus area to start meeting the players and accelerate your practical education.
I can learn the numbers quickly but, the practical education and steps to execution is definitely what I need. I'm scouting a few local meetups now.
Ultimately, that's the level (large scale commercial) I want to be at. I like the idea of syndication; but, not being an accredited investor limits the number deals I can participate in. I like REITs and I've invested a bit before; however, it doesn't have the same feel as owning something tangible.
It would be really exciting to be on the other side of the table, identifying opportunities and helping structure these deals/investments.
Yes the neighborhood has the greatest effect on the quality of renter. Background checks are very important so I would research a screening service as part of your 1st rental purchase. Multifamily means you have to worry about the tenants getting along in addition to protecting your property.
Thanks for the guidance. Just noticed you were close, best of luck in the new year and let me know if you want to connect.
Investor/Syndicator · Cincinnati, OH · Member since 2014 · 470 posts · 599 votes
9y
@Ryan Easley & @Stan Sugarman You may benefit from the monthly local BP meet up I run. Here is a link to the event if you're interested. Hope to see you there!
Rental Property Investor · Atlanta, GA · Member since 2016 · 325 posts · 253 votes
9y
I use TransUnion's MySmartmove to verify my tenants. It cost about $26 to $30 for credit check, 52 state criminal and background check and eviction reports. Tenant pay $50 application fee per head for every individual in the family who is over 18. I do employment verification myself. You can also find a discount code for the service as well. I have turned down several before accepting the right tenants. Often time, even when you tell them that you will do the checks, they will still tell you everything is fine with their records. Anyway, my recommendation is to start small, get your feet wet and see if this is what you want to do. Since you are a CPA and your wife is now a realtor, all you need is a good handyman once you find your first property so start thinking about it as well besides the areas you want to invest into. PM me if you have any questions.
Accountant · Dallas, GA · Member since 2017 · 19 posts · 5 votes
9y
@Jered Sturm Sounds great, I'll be there if I can make it! (May be in London) I really want to take some action in the next two months so this doesn't become another dream that will happen 'tomorrow'.
@Al Pat Thanks for that resource. I agree that I want to start small. I'm moving fast and would much rather make a small mistake than a large one. The handyman is one area I will definitely need some guidance. My YouTube expertise will only get me so far.
Accountant · Dallas, GA · Member since 2017 · 19 posts · 5 votes
9y
@Brian Adams I just gave your story a read, wow! I definitely have that same "if this guy can do it!" feeling when I'm still at the office at eleven during peak season. I have a very similar plan on getting a smaller property first to test the waters while I'm working and then starting to get involved in larger and more exciting deals. Look forward to hearing more from you!
Oklahoma City, OK · Member since 2015 · 96 posts · 55 votes
9y
@Ryan Easley - Welcome to BP! As a CPA, I'm sure you are used to process and procedure, right? Well, dealing with tenants is process and procedure. You want to take out as much emotion and thought out of the tenant screening and property management experience. (You have to... you don't want to be sued for discrimination.) A proven lease that has been used and tested by a property manager or landlord you trust and then reading Landlording on Autopilot by Mike Butler will eliminate 90% of your problem tenants/issues.
Also, read The Millionaire Real Estate Investor by Gary Keller. (and of course ALL of the BP podcasts.. ;-)
Remember, location, location, location... determine where you want to play and understand the pros and cons of it. For example, if you want to get great returns, look at mid to lower end neighborhoods... but know that they are usually more of a maintenance issue and may have more tenant turnover. Figure out your process and/or hire a property mgt company, crunch your numbers and determine if it makes sense for you.
Keep a running list of things to make life easier for a landlord when you see it... for example, same paint (and give tenants a quart), show them how to change filters, and "bulletproof" your investments (I do tile floors on slabs if possible, seal every crack, get rid of dishwashers and garbage disposals, get rid of screen doors, encourage tenants to email through your system for needed repairs (I use Buildium) so those $10 fixes don't become $500 dollar fixes.