I'm looking for recommendations for a great investor's Real Estate Agent, specifically someone who is very familiar with duplex, triplex, and quadplex properties, in the $400,000 to $600,000 range, ITP, preferably Virginia Highlands, Druid Hills, Inman Park, or as close to those neighborhoods as possible while keeping in that price range. Any recommendations would be greatly appreciated. Thank you in advance!
Hi @Brian Baker , do you have specific questions about inventory in those areas?
Hello @Ryan Johnston , thank you for getting in touch. No specific questions right now. This is part of one strategy my wife and have for our investments. I'm working somewhat regularly in Atlanta, so we're planning to set up a house-hack there. I also work in different parts of town, so we're interested in something very central, hopefully in a decent (or very soon to be decent) neighborhood with good/quick access to different parts of the city.
I'm also in the ATL and would like to house hack in mid 2018. Only problem I forsee is my work is in west midtown and finding something close to the area may be difficult.
@Brian Baker Interesting strategy. Don't forget about the potential to AirBNB the unit you live in when you are not staying in town. Have a couple of big travellers in my network doing very well with that model. I'd say first thing is to try to nail down a budget and then a couple neighborhoods.
@Charles Kennedy Keep a good eye on the market. It really depends on your budget for those areas. They can be found. Work with quite a few "investors" with in-law suites, apts over garages or standard duplex, triplex situations. Lots of great neighborhoods surrounding Midtown/West Midtown.
@Josh Hooper I'm frequently on Zillow/Redfin looking for Duplex's. Many seem to be priced around 300k-400k in the good areas. With a 3% FHA I should be able to get there (anticipated $15k saved by the time my lease expires). The PMI wouldn't bother me too much as I understand it can be tax deductible from the little research I've done.
I currently walk to work so having to join the hellish traffic this area has isn't something that's appealing.
@Charles Kennedy that Atlanta traffic...smh. Don't forget to check Loopnet.com and MLS access from a real estate agent may have some deals you aren't seeing. Also tightening the personal finance belt can be helpful to maybe save a lil more and open up more of the budget... I say that without knowing your situation, so could be way off. Wish you the best in the journey!
Happy to connect more to bounce ideas and potentially work together in the future.
@Josh Hooper thanks! I'm pretty tight with my personal finances. I budget and track everything. I just graduated in late April and started working 2 months ago, so that puts saving $15k in perspective. I'm already more than a 3rd of the way there, so I very likely will surpass this goal too.
@Charles Kennedy the West Midtown area is going through significant growth but the prices are still a little suppressed from other Intown areas. Your should be in good shape, there are some places now that would be good samples.
@Brian Baker Your price range for those neighborhoods is right on point for a duplex and potential triplex. You have to watch out for the Single Family Homes that are zoned as SFR but being marketed as Multi Family. Some are grandfathered in but some aren't. Either way there should be a few options.
@Josh Hooper Thank you for the great advice. We really like the idea of AirBnB-ing the property, and found the website offers a co-host option for those times we wouldn't be in town to handle check-in/check-out, etc. For our budget, we're honing in on $400,000. I'd be able to cover the loan payment based on what I'm typically offered for a housing allowance. For neighborhoods, we're not being too speculative. We're looking at neighborhoods that are already in good shape, or are pretty close to getting there... west of 75/85, but inside the perimeter, from Grant Park north to Morningside/Lenox Park.
@Ryan Johnston Thank you, and you're right. We've seen a few of those already. We want to keep everything legal and above board, so we're steering clear of any properties that aren't zoned or grandfathered for the intended use.
@Charles Kennedy Sounds like you're off to a good start towards a smart goal! Best of luck and post updates of your progress!
Hi @Brian Baker -- other than price range, what else is important to you? I source properties and conduct concrete deal analysis for my investor clients. Message me so we can discuss specifics-- your buying strategy, exit strategy.