Hi Benjamin! Welcome to the community. I am also in the Atlanta area and happen to also be in IT! I am looking to take my first dive as well into real estate but looking to start by house hacking, preferably a duplex or townhome. Just wondering if you have already started the process of buying student housing and could provide any insight into the process as a fellow new investor.
Welcome to BP Benjamin!
Hi @Benjamin Benomar ,
Welcome to BP! How far along are you in the process of looking into properties? Have you socked aside some down payment money? Have you spoken with a lender? Have you started analyzing some proprties?
Congrats on making the decision! The above items are some very low barrier activities you can do to get started!
Feel free to ask any other questions you have along the way!
Hello @Benjamin Benomar , welcome to BiggerPockets! It is great to have you and please feel free to jump in the community - there are certainly great people around here!
Welcome @Benjamin Benomar ! I'm a former IT guy. More consulting and sales side of IT. I've been investing in real estate for quite awhile and full-time for the last three years. Atlanta is a great market for holding long-term. Take advantage of the great financing options you have as a W2 guy.
Make sure you pick growing colleges like GSU and Kennesaw where student housing is in high demand.
Welcome to BP!
Welcome! You should check out the meetup organized through BP site and the REIAs for networking. It is always cheaper to learn off others' errors. Hope to meet you in person.
@Benjamin Benomar - Welcome to BP! I listened to a ton of episodes before I finally engaged here on the forum as well. I'm in Atlanta, live in Alpharetta, office in Sandy Springs and invest mostly in town. Let me know if I can be of service in any way. Take care!
Welcome @Benjamin Benomar. I too am in the Atlanta market. Would love to connect and cuss and discuss the multi family Atlanta market. I'm just starting as well.
Good luck and I hope to connect.
Buying a duplex is a great way to start! The biggest advantage you have right now is that you're a w2 earner, and banks like stable and predictable borrowers.
I started buying a duplex as well, and if I could choose duplex vs SF, I'd definitely go duplex-quadplex.
Many recommend you buy a property that can have the mortgage covered by the tenant's rent payment, but I made my duplex profits from appreciation. We bought in a very nice area, with purchase prices, so our tenant's rent only covered 60% of PITI, meaning we owner-occupied and paid 40%. With higher prices come a nicer and more desirable neighborhood, so our property appreciated way faster than our surrounding zip codes.
Just another way to look at hacking your first deal.
Excited to see your first deal close!
Thanks a lot, @Nathan Platter !. I am still in the process of getting pre-qualified and saving up for a down payment but am excited to embark on the journey. Still learning more every day but GA appears to have pretty helpful programs that assist first-time homebuyers to reduce the amount required for a down payment. My goal is to have something for sure by June.
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