Any GA/ATL investors around?
Howdy! I've made a few posts in the ATL subforums, but now I'm wondering if there is anyone near where I live (Issaquah, work in SLU in Seattle) that also invests in Georgia? Especially SFHs (which we are putting offers in for now) and apartment complexes (where I'd really want to be but being new I'd need sponsorship).
Willing to do darn near anything to get the experience I need.
Day job is writing web service apis, so if there's a needed tech angle someone might find that valuable (though most folks in SEA doing this are software folk, too).
So . . . anyone else to GA real estate from here and want to compare notes?
We're hitting up a span between Mechanicsville and English Avenue at the moment and could talk a good bit about those areas.
Also, spent most of my life there and went to uni at GaTech (right next to these areas) and visit several times a year.
@Steve French Hello from Issaquah!
Unfortunately I can't help you on the ATL front; sounds like you've already found that subforum and reached out, which would be my recommendation. I believe Pro members can also search for members in specific zip codes.
Any reason you're looking at SFHs and not small MFRs (2-4 units)? I'm currently looking into a small MFR here in the PNW to get my feet wet and build some credibility for moving into apartment complexes.
Thanks.
@Pete M. I've read and heard mixed things about the utility of the experience gained via dealing with 4 or less units in regards to experience with commercial multifamily deals, so I'm moving forward with what I know can work at this moment, but that's always subject to change :)
There are not nearly as many MFR units back home near downtown. There are large swaths of once forgotten neighborhoods in various stages of gentrification, and there's density backfill with condos and luxury apartments, the SFHs are going to be increasingly rare and prized. I figure we've got a year or two in the targeted areas and then we'll have to find another vein to tap.
Having a father as a GC makes rehabilitating these kinds of properties especially appealing to us, either as a flip or a B(some number of R's, I forget).
Are you actively investing? We're hot on our first deal, lots of offers, and finally finding what it takes to win where we are looking.
Nice to meet ya!
Steve
Currently looking for the first investment property. I just toured an off-market duplex in Tacoma yesterday--doing a bit more research and deciding if that's a route we want to pursue. Spokane is another option.
As to ATL, you have to work with a strategy that fits the area and your goals-sounds like SFH works for you. I'm sure commercial MFR will be different than small (one is Cap Rate-based and the other is not, for example), but I figure it will at least look good to lenders in the future.
Steve,
We live in Tacoma and have a SF rental in East Point, just south north of the ATL airport. Bought in spring 2016 and have been happy with the investment so far. Bought for $51,500, put in about $6k (all for a new roof) and am renting it for $785/month (which is a little below market) in order to keep a really great tenant from looking around.
I'd be happy to chat further if you'd like to compare notes.
@Andrew Harris at 51k, did you have to purchase all cash? What is minimum for a loan?