New REI, LA to Atlanta, looking for advice

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New REI, LA to Atlanta, looking for advice

Ryan Shyng
New to Real Estate · Atlanta, GA · Member since 2020 · 13 posts · 7 votes

Hello all!
I know I am not the first to post this post and will try to breakdown my situation as quick as possible:

About me:

  • I am 28yo, new to the REI business, but absorb information like a sponge and have a strong drive & work ethic
  • I currently live with my fiance in Los Angeles, CA, but plan on moving to Atlanta, GA when our lease is up in March 2021
  • I work as an data analyst and pursue acting on the side hence the move to Atlanta (opportunity + cost of living + CAs taxes)
  • My analyst job is fully remote, salary is ~64k/y, and is very flexible time-wise. I also have ~60k saved up
  • I've absorbed approximately 30 hours of REI podcasts/videos in the last week, mostly from BPs YouTube
  • Strengths: Analyzing deals, rehab/interior design, optimizing processes, project management, probably landlording (used to manage my mom's property in OC)
  • Weaknesses: New, temporarily lives far away, don't know what I don't know

Thoughts so far:

  • Brandon Turner's haircut in yesterday's (10/21/20) webinar was SHARP!
  • Networking is essential and I am extremely grateful to have found BP
  • My first step will probably be to house hack a multifamily property (but open to other ideas), then BRRRR to aggressive passive income goals, however not closed off to other opportunities. Also, I'm not sure if the timing would work either purely due to the logistics of moving from 2000 miles away on a deadline
  • Barring the information you can only learn through actual experience, I know I am missing a lot of details which leads me to some of my questions below

Questions:

  • What typical strategies work in the Atlanta area? SFH/MFH/other?
  • Is anyone interested in chatting with me, potentially even partnering with me in the future?
  • Which strategy will be most effective for me to achieve my goals?
    • I am looking for "passive" income so am leaning more towards the buy & hold strategies rather than flipping/wholesaling
    • I would love to be able to quit my job in <4 years, hopefully <2-3 from passive income
    • I want to build a REI business that nets 200k/y in 6 years, let's start with 1 property :)

Thank you so much to everyone who reads this long post and thank you to everyone who responds.
Let's do this!

PS: let this be the thing I look back on and laugh at how naive I was, smile at how far I've come, and inspire me to keep going

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Most Popular Reply

Bill HamptonBusiness Member
Accredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 978 votes
5y

Ryan,

Welcome to Bigger Pockets. Bigger Pockets is a great place for education and networking. 

I recommend that you check out the following resources:

1. Start by reading the Ultimate Real Estate Investing Guide: https://www.biggerpockets.com/guides/ultimate-real-estate-investing-guide/introduction

2. Check out other online guides available here: https://www.biggerpockets.com/guides

3. Take a look at BP's blog where new articles are published every day: https://www.biggerpockets.com/blog

4. If you want to network or ask specific questions about your local market, go to your local real estate forum and connect with investors from your area: https://www.biggerpockets.com/forums/86-local-real-estate-networking

5. You can meet local investors by registering to attend real estate events in your area: https://www.biggerpockets.com/forums/521-events-and-happenings

6. BP has various tools to help you analyze your deals (rentals, flips, wholesale, etc). : https://www.biggerpockets.com/investment-calculators

7. If you can't find what you're looking for, try the Bigger Pockets Fileplace. It contains hundreds of files such as ebooks, checklists and spreadsheets for real estate investors: https://www.biggerpockets.com/files 

8.Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

9. When you get to Atlanta check out the Georgia Real Estate Investors Association for local networking and education. 

Good luck investing.

404-482-3170
Hampton Tax and Financial Services LLC4.7106 Reviews
WebsiteView Page
1Reply
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14 Replies

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  • Marlen Weber
    Specialist · Plano, TX · Member since 2020 · 2k+ posts · 861 votes
    5y

    Thanks so much for sharing a bit about yourself with us, @Ryan Shyng. If you are looking for passive income, have you considered apartment syndication deals? It sounds like it may be right up your alley.

    0Reply
  • Ryan Shyng
    OP
    New to Real Estate · Atlanta, GA · Member since 2020 · 13 posts · 7 votes
    5y

    Hi @Marlen Weber, thank you for asking! I’m actually studying that right now and am very interested. It seems more complicated due to the sheer number of doors but Brandon did mention there’s less volatility in the variables, even if there are more variables, which I like.

    I also imagine the sheer volume of units helps with risk management, but please correct me if I’m wrong. I will look more into this for sure, but thank you for the tip! Got any more advice regarding it?

    1Reply
  • Bill HamptonBusiness Member
    Accredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 978 votes
    5y

    Ryan,

    Welcome to Bigger Pockets. Bigger Pockets is a great place for education and networking. 

    I recommend that you check out the following resources:

    1. Start by reading the Ultimate Real Estate Investing Guide: https://www.biggerpockets.com/guides/ultimate-real-estate-investing-guide/introduction

    2. Check out other online guides available here: https://www.biggerpockets.com/guides

    3. Take a look at BP's blog where new articles are published every day: https://www.biggerpockets.com/blog

    4. If you want to network or ask specific questions about your local market, go to your local real estate forum and connect with investors from your area: https://www.biggerpockets.com/forums/86-local-real-estate-networking

    5. You can meet local investors by registering to attend real estate events in your area: https://www.biggerpockets.com/forums/521-events-and-happenings

    6. BP has various tools to help you analyze your deals (rentals, flips, wholesale, etc). : https://www.biggerpockets.com/investment-calculators

    7. If you can't find what you're looking for, try the Bigger Pockets Fileplace. It contains hundreds of files such as ebooks, checklists and spreadsheets for real estate investors: https://www.biggerpockets.com/files 

    8.Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

    9. When you get to Atlanta check out the Georgia Real Estate Investors Association for local networking and education. 

    Good luck investing.

    404-482-3170
    Hampton Tax and Financial Services LLC4.7106 Reviews
    WebsiteView Page
    1Reply
  • Ryan Shyng
    OP
    New to Real Estate · Atlanta, GA · Member since 2020 · 13 posts · 7 votes
    5y

    Thank you Bill, it's exciting to know there are even more resources than I thought!

    1Reply
  • Greg KurznerBusiness Member
    Real Estate Broker · Atlanta, GA · Member since 2016 · 200 posts · 75 votes
    5y

    Ryan,  connect with me when you get to Atlanta.  I am sure we can help you get rolling in some way.  G

    Kurzner Group510 Reviews
    WebsiteView Page
    0Reply
  • Ryan Shyng
    OP
    New to Real Estate · Atlanta, GA · Member since 2020 · 13 posts · 7 votes
    5y

    Will do Greg, looking forward to it.

    1Reply
  • Marlen Weber
    Specialist · Plano, TX · Member since 2020 · 2k+ posts · 861 votes
    5y

    @Ryan Shyng right on. Here is this article on more information on apartment syndication. I hope it helps. https://www.biggerpockets.com/...

    0Reply
  • Clark Williams
    Rental Property Investor · Atlanta, GA · Member since 2016 · 19 posts · 8 votes
    5y

    @Ryan Shyng i look forward to welcoming you to Atlanta. I am a local investor here in Atlanta and would love to connect. Feel free to reach out.

    0Reply
  • Ryan Shyng
    OP
    New to Real Estate · Atlanta, GA · Member since 2020 · 13 posts · 7 votes
    5y

    @Marlen Weber thank you! I've done some reading on apartment syndication including the article you linked and listened to the BP podcast 324. 

    It seems to be similar to a multifamily buy & hold strategy, with the exception of much bigger numbers, the need for limited partners due to high $ amount, and the profit split between partners. 

    Since I do not yet qualify to be an LP to be involved in apartment syndications, I would need to be a sponsor or general partner, is that correct? So my value add would be the workhorse aspects of a deal like finding them and then being project manager throughout the deal? Am I missing anything?

    0Reply
  • Kevin Hamilton
    Marietta, GA · Member since 2020 · 4 posts · 1 vote
    5y

    Hi Ryan,

    I am also in the Atlanta area and will be happy to meet up with you when you get here.  I've been learning a ton over the past several months, and I've gotten to know and work with several good contractors for my own home-- maybe we can team up!

    0Reply
  • Mitch Messer
    Lender · Playa del Carmen, México · Member since 2014 · 2k+ posts · 1k+ votes
    5y

    Hey @Kevin Hamilton, thanks for connecting! I'm happy to share a great attorney recommendation, however I cannot send DM's (I'm on BP's naughty list, apparently...).

    Feel free to text or email me. If you're using the BP website (not the phone app), you should see my contact info below in my signature block. 

    0Reply
  • Dustin MorrisPro Member
    Rental Property Investor · Salem, VA · Member since 2017 · 113 posts · 39 votes
    5y

    @Ryan Shyng house hacking sounds like a great way for you to get your feet wet. Definitely bigger things like syndicating are great but networking and partnering with others can help you learn and grow so you can do more on your own as well. Good luck!

    0Reply
  • Ryan Shyng
    OP
    New to Real Estate · Atlanta, GA · Member since 2020 · 13 posts · 7 votes
    5y

    Hi everyone! Thanks for all the support! I can see a bright future coming up already :)

    0Reply
  • Jingru Sui
    Real Estate Agent · Atlanta, GA · Member since 2014 · 683 posts · 317 votes
    5y

    Hey, Welcome. I just send you a connection invite. I'm an Atlanta based investor/realtor. Feel free to ask me any questions regarding the city. 

    0Reply
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