I have no experience in real estate investing, but am digging into all of the books, podcasts, and forum posts that I can. That said, I do my best learning watching it all go down. I'm in the Athens area so Atlanta is a bit of a stretch to me, but I'd love to attend some meetings to listen/learn from others if anyone can point me in the right direction - especially the Athens area, as any "groups" I've found are no longer very active. I don't know anyone in the business personally. What should be my next step? How much money do I need to save up to begin at all?
Thanks for your help.
hi @Emily Turner ! I would encourage to start by befriending a local real estate agent. are u already familiar with the atl market? like knowing where the most cash (investor) purchases are happening, or where the most sought after areas where retail (homeowners/families) buyers are buying? that is something a real estate agent can help with. plus once u start searching for leads u will need to be able to determine a value and after repair value which a agent can also help with. and an agent can also give u a list of properties owned by absent owners, and that can be the first list u target to find some deals! I wholesale in dallas, TX but I have family in atl and am interested in atlanta market also. that is why I'm looking to meet some resources there and found your post! this site is great
Hi, Try checking the meet ups in Atlanta. There's one that's free with no pitching allowed that usually has about 100 people or so and meets in Sandy Springs once a month. Beginners to well seasoned people there. There a meetup forum on this site
If I'm not mistaken I believe there was a meet up in Athens just last week. It was advertised here on BP.
I agree with the idea of finding a realtor who can help you get a lay of the land up there. Do you know what you're looking to do? Do youwant to flip, buy and hold, wholesale? Are you looking to purchase this month or by the end of the year? What is your budget? Are you looking for turnkey properties or fixer uppers? 150k or 30k? What kinds of properties are you looking for? SFR, 35 unit apartment buildings? You'll need to know these things before you contact an agent, so they know what to look for.
I'd start by identifying your buying criteria, then an agent can help you narrow down the neighborhoods in Athens that suit your needs.
@Emily Turner Since Athens is a college town, I'd seek out the buy and hold investors that do student rentals. I believe that you will find investors that are willing to share their knowledge. Best of luck to you!
There actually is an Athens meetup that is still active. It is hosted by @Georgui Kasaev and meets the last Thursday of every month at 6:30 at Allgood lounge. There was a pretty good attendance last Thursday. Hope to see you there.
I will be at the next Athens meeting for sure! Thanks to everyone for your responses. I really appreciate you all taking the time to get back to me.
As for what type of REI interests me, I've definitely been reading/listening to a bit of all of it. If I am to get into REI the soonest, it seems that wholesaling would be my only option due to it's low barrier to entry (at least in regards to cost). Otherwise, I will need to start save, save, saving (which I am doing regardless, of course!). I do have some concerns over the legality of wholesaling after reading several posts; people are very passionate about that answer, no matter how different their views may be! I feel the need to point out that I know this is still an undertaking that requires a great deal of work and knowledge; I don't want anyone to get the idea that I'm looking to "get rich quick" or anything of that nature. I just know that while I don't have a lot of money on my hands right now, I do have a lot of grit.
Long term, I'd love to be generating passive income though rentals. I just don't see that as a viable short term option. I'm a long time BP lurker, but I finally decided it's time to join the conversation so that I'm at least taking a step in the right direction. It's quite overwhelming and the thought now is that I should save a good bit of money first, but I hate to miss out on any opportunities in the short term if I don't need to be. Even without money, I can be aligning with the right people and maybe shadowing others in the business.
Anyways, this was a long winded THANK YOU to those who responded! Hope it was a great 4th for you all!
@Emily Turner First off welcome to BP. Secondly I would suggest learning the craft of deal deal evaluation, real estate investing concepts and what cap rate, noi, cash flow, cash on cash return are. All the best to you on your REI journey.