Hello, BP community! I'm a new real estate investor from Atlanta, GA. My fiancé and I are looking to buy our first rental property in the next year or so, either in Atlanta or Chattanooga (where my fiancé is from).
We're waiting to buy our first property until after our wedding in September, so I want to spend the next few months learning as much as I can and meeting people through Bigger Pockets. Any recommendations on the best preparation before a first purchase?
Looking forward to getting to know y'all better!
Hello and welcome! My advice would be to start building your team once you choose the market you want to be in. Your most important asset when investing in rental properties in other cities will be your property manager. Solid contractors / wholesalers / lenders will be next. You can start analyzing 1 deal every single day until you get comfortable looking at properties and making quick decisions on whether to buy or not. By the time September comes around, you will have analyzed over 100 deals and should be very comfortable with numbers, and be on every single cash buyer's list out there.
I personally invest in rentals in the Chattanooga market and I do believe it's one of the strongest rental markets in the country. Best of luck!
@Lindsey Stewart Good plan. Take the time to get some scouting done. However, start hunting, evaluating and making ridiculous offers thru the selling agents while you get your wedding done. It's the best preparation for the real deal.
I'm from Sewanee, TN - Just north of Chattanooga, but I've been in Atlanta for a long time now. You can't beat Atlanta for growth, appreciation, ok income yield, and convenience if you live here. However, your income yield will be a lot better in Chattanooga. Lastly, don't think about one market or house but your target portfolio -- maybe both markets make sense longterm. They are somewhat complementary. You didn't declare your goal so I'm assuming a balance?
Where in Atlanta are you?
I agree with Daniel - analyize as many deals as you can and eventually it will become second nature.
Do you know what type of property you are looking for? SFH, Multi-Family, Flips.....?
Thank you, @Daniel Beaulieu! I'm going to make analyzing 1 deal per day a goal - that sounds like a great way to learn. I appreciate the suggestion!
Thanks @Rick Baggenstoss ! I'm in the Brookhaven/Chamblee area currently. That makes sense about focusing on the portfolio as a whole - I'd love to invest in both markets in the long term, but I had wondered if starting off with just one would be easier to start off with.
Thanks @Matt Fore ! I'd like to start with smaller multifamily and see how it goes from there.
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