I am brand new to real estate investing and have been listening to these podcasts every time I get in the car. To keep it brief, I'm a young investor looking to buy my first real estate investment in the Marietta, Kennesaw, Vinings, or Smyrna, Georgia area. My fiance and I are looking for a multi-family home (duplex-quadplex) where we can live in one unit and rent out the rest. If anyone has tips on how to start, where to find deals, and/or whether I should go with a 20% down traditional loan or a 3.5% FHA loan please reach out! Can't wait for the real estate journey to begin :)
Welcome to BP! Thanks for contributing to the community with your first post. I like your idea of "house hacking" a duplex or larger multi-family complex (i.e. your "live-in-one-unit-and-rent-out-the-other(s)" plan). I think the best place for you to start is to continue to educate yourself through the different programs/blogs/articles on the BP site relating to house hacking, including the different financing methods (e.g. FHA, etc.). It seems like you've already started doing your due diligence, so keep it up!
Next, I would try to determine which market you want to be in (if you have the choice). Check out BP's "Marketplace" for leads on different investment opportunities (https://www.biggerpockets.com/forums/517-real-estate-marketplace?property_listings=true). I've found this website very useful, particularly after filtering down to my geographical area and investment type. In conjunction with your own searches, network with a local agent (you can probably find someone on BP) by e-mailing them or taking them for coffee. With a good agent on your side, you're well on your way.
I stress the importance of teeing yourself up for success prior to swinging, because if done right, house hacking can be one of the best ways to launch yourself towards financial freedom. You'll be there before you know it.
Best of luck!
Welcome to BP. I live in Kennesaw and have been investing in SFH for about 15 years. I have done mostly buy and hold rentals in West Cobb. I am starting to do some rehab projects in the area as well and even considering a house hack myself.
I am a real estate agent and also work with other investors in the area. As Sean mentioned, it is so important to do the due-diligence, run the numbers, develop and use your network to assist in the process. I am not sure where you are in your search of possible multi-family properties but I see there are some available properties in the areas you mentioned. I would be happy to help you in your journey if you need any assistance from an agent or just as another fellow investor in the area to chat and discuss ideas.
Don't let any of your tenants know that you are the owner. Be the manager or live-in maintenance man. The owner should be "somewhere else" so you can "blame" decisions on him. Have rents mailed to a PO box in a different zip code if possible, never to your address.
I appreciate all the feedback!
@Rob Rothman - why do you suggest not letting any tenant know I'm the owner? Is there a reason other than blaming decisions on "him"?
Many tenants tend to tug at the emotions of owners. It is easier to make reasoned decisions when your business is run like a business. Many tenants want you to run a charity, not a business. If they know you own it, they will try to make you feel guilty for normally good business decisions. Keep your personal separate from your business.
Welcome to BP. I live in Marietta and own rentals in Cobb County. You likely will not find many 2-4 unit properties available in portions of Marietta or Kennesaw, but I do think house hacking is a good way to start an investment portfolio if you can find one in an area you want to be in and the numbers work. If you (or anyone else on BP) would like to get together and talk real estate, just message me.
Best of luck on your journey!
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