My wife and I are wanting to begin acquiring some rentals but need some guidance. We have been to previous REI meetings when we were in another state but really didn't see much value from that at the time. Lots of bad advice, lots of inexperienced people or shady characters. Because of this, we are not looking to pay for a "mentor" "coach" "training" etc. but want to talk with someone willing to spend a bit of time to answer a few questions, guide us on next steps, etc. What should we do next? Talk to a RE Agent, banker, hard money lender, etc? How do we find trustworthy folks to talk with about investing (other than BiggerPockets)?
We are not looking for any "offers" "great deals" or anything else anyone is selling right now. We have just about read too many articles, posts, etc. to drive us crazy. We need to take the next step and need to really understand our options (risk/effort/reward).
I recommend to network with an investor-friendly local agent or a reputable turnkey wholesaler that can find deals for you. Look up reviews on these individuals or services on message forums. You just may find some reviews on these people here on BP. You can try "Invidual/Company name City review" on Google. I sometimes use the word 'forum' instead of 'review'.
Or like me, find the time to drive around looking for FSBOs or vacant properties, use the tax assessor's website to find the name of the owner, use zabasearch or whitepages premium to get owner's contact info, and use resources like BP's deal calculators to see if the numbers make sense.
Thank you! I am reaching out to our agent that sold us our house, but she mostly focused on North of Atlanta. Will be reaching out to an agent advertising they work with investors down south also. Would be great to find a few reputable wholesalers for these areas.
If you are in contact with a trusty Agent ask them for a list of expired listings.
These are old offers pulled off of the market and didn't sell. Call these people and see if they will do subject to, owner financing, or an option on their properties. Being expired will allow you to buy with greater options to the seller. You will need more hustle and time than money with some of these deals.
Great idea. Thanks for that tip!
David, hope I can be of some help. I imagine you've spent plenty of time studying on how to analyze buy and hold properties. I lived in WR for a lot of my life, and I've spent time working in Macon. Are those places that are interesting to you just because of proximity to where you live, or?... WR and Macon doesn't seem to be doing a lot of growth right now to my knowledge, but if you are looking for some cheaper properties that you can fix up and try to BRRRR that may be a great option. (Maybe closer to Centerville?)
You are correct on several things. We want to start somewhere close to where we live (McDonough) but also something inexpensive to buy and hold. We don't mind putting in work but are not ready for a complete teardown/rebuild. Maybe something in between rent ready and where we can add plenty of value. Generally speaking we are trying to stay south of Atlanta within an hour or two drive.
David, thanks for posting. I had to respond to your post because, No.1, I've been a fly on the wall here for far to long and No.2, We have very similar goals regarding the South of Atlanta. I'm in Fayette County and I'm about to take the state exam to get my real estate license. I am setting out to be investor friendly in order to really get to know the market and meet other investors, hopefully learning how different people approach the business. I know that doesn't help you at the moment, but perhaps in the relatively near future I could be of service. Good Luck to you and your wife.
No problem. Thanks for responding. This is all about relationships and connections. Today's introduction is tomorrow's help. :)
@Rush Wall Thank you. I agree, our finances have been our primary focus and we have made significant progress on that. We know our current goals are to acquire buy and hold properties for long term cash flow. Our criteria is a work in progress. BP has been a great help with that. We primarily want to stay with something that will not push our leverage too far (if at all). At least until we have some cash flow coming in to cover some contingencies. This means low cost acquisition if possible that can use funds over a short period of time to get rent ready. We could go higher cost and use financing or loans, but do not want to unless it's a great deal and it makes good sense for the numbers. We are planning to attend a GaREIA and some other local groups so we'll be showing our faces in the next few months.
@David Middleton Hey man, I know I am a little late to the party but we have a monthly meetup that I started going to in college and I have loved it ever since. Very action oriented and nobody there is trying to pitch you on anything. Reach out to @Vincent Crane and he will get you linked up. I am also an investor/wholesaler/agent in Atlanta but I live out towards Henry County and my family lives in Jackson. Feel free to reach out anytime.