Tennessee transfer dipping into REI industry

8 Replies

Hello everyone, I just moved to Georgia from Knoxville, TN and am looking into deep diving into the Real Estate Industry. I'm a 25 year old kid in the middle of his career looking for a way to earn income on my own time by putting in the hard work and effort it takes to succeed in this industry while also passing along knowledge to others whenever I can. I'm particularly interested in the BRRRR method as well as House Hacking if that is viable. I'm planning to move to the Vinings area soon and create opportunities for myself within the city of Marietta, Smyrna, and Vinings.

I'm currently in the process of becoming a Loan Signing Agent, planning to start doing signing by the beginning of July, and attempting to attend as many REI meetups in the area. I would love to connect with like minded individuals here in the area for lunch or dinner during the weekday evenings or the weekend, just shoot me a message or post here and I'd love to chat.

I would also like to know if there is a certain trend going on in the Atlanta area, is it wholesaling? flipping? BRRRR? I'd love to know more about the environment here!

Thank you for reading and hopefully we can connect soon!

Hi Wellington, you mentioned the tips I would offer, join the local REIAs and figure out which one you find most useful. I was a member of 3 or 4 some (many) years ago, then I narrowed down to just one, GaREIA. You may make your own choice. My gig is buy and hold, help folks in my REIA learning / doing their first buy and holds.

RE is a team activity where your network is there to learn from and guide you past problems at the locale level.   

West Cobb / Douglasville / Douglas Co are good areas to buy 1% rentals.  Read the paper i wrote linked off my profile Bullet Proof Rentals.

Originally posted by @Curt Smith :

Hi Wellington, you mentioned the tips I would offer, join the local REIAs and figure out which one you find most useful. I was a member of 3 or 4 some (many) years ago, then I narrowed down to just one, GaREIA. You may make your own choice. My gig is buy and hold, help folks in my REIA learning / doing their first buy and holds.

RE is a team activity where your network is there to learn from and guide you past problems at the locale level.   

West Cobb / Douglasville / Douglas Co are good areas to buy 1% rentals.  Read the paper i wrote linked off my profile Bullet Proof Rentals.

 Immediately pulled up your guide and plan to dig into it after work, thank you! I'll also be looking into GaREIA as that's exactly the type of community I'm looking for. Hopefully we can meet sometime in the near future, thank you for responding!

Originally posted by @Wellington Johnson :

Hello everyone, I just moved to Georgia from Knoxville, TN and am looking into deep diving into the Real Estate Industry. I'm a 25 year old kid in the middle of his career looking for a way to earn income on my own time by putting in the hard work and effort it takes to succeed in this industry while also passing along knowledge to others whenever I can. I'm particularly interested in the BRRRR method as well as House Hacking if that is viable. I'm planning to move to the Vinings area soon and create opportunities for myself within the city of Marietta, Smyrna, and Vinings.

I'm currently in the process of becoming a Loan Signing Agent, planning to start doing signing by the beginning of July, and attempting to attend as many REI meetups in the area. I would love to connect with like minded individuals here in the area for lunch or dinner during the weekday evenings or the weekend, just shoot me a message or post here and I'd love to chat.

I would also like to know if there is a certain trend going on in the Atlanta area, is it wholesaling? flipping? BRRRR? I'd love to know more about the environment here!

Thank you for reading and hopefully we can connect soon!

 I hate to be the bearer of bad news but Georgia is an attorney only state for loan signings. That means that you cannot perform any loan closings unless you are an attorney. You can, however, do general notary work in the State of Georgia such as wills, POAs, etc. Notaries are getting in trouble in Georgia for performing closings because they are not licensed to practice law. Good luck on the rest of your ventures though! I'm a signing agent in Florida and am working on getting my RE license for extra income and experience.

@Robert Goldman   I'm not in the lending industry but friends are and have had much Dodd Frank study, I may not be aware of the nuances of "roles" but I thought you needed a Banking Loan Origination License to originate which to me means "signing loans".   Maybe there's a lower level role of just getting docs signed by borrowers??   Anyrate I hear being a loan officer is a tough, production oriented, largely commission'ed job and folks are moving into other gigs out of the banks for better job quality.  Only the messenger of what I've heard.

Additionally a licensed agent is not an easy job or easy income either...  LOL

Today I'm full time real estate investor, landlord self managing our own rentals, to me vastly better job then my prior office worker engineering job at a large co. :)

But I agree that one needs a W2 job to qualify for FANNIE rental loans to buy rentals... 

Study up on creative financing, mainly buying subject-to. These sellers are lurcking as FSBO (craigslist etc) and long days on market and expired listings. "would you rent your house till I can get a bank loan?" this is just a "test question" if yes then you work those sellers into signing over the deed and you take over paying on the mortgage. IMHO this is a good use of getting licensed to network with 100's of other listing agents to bring you the sellers who don't have enough equity to list and sell and cover the commission yet need to sell and some (after some time) would be motivated enough to sign the deed over and let you start paying on their mortgage...

IMHO the best deal in real estate, rentals without personal debt, buyng subjet-to.   :>

Depending on the price point you are looking at, I would suggest looking in areas outside of Smyrna, Vinings, or Marietta.    The price point (even on the BRRRRs) can be rather inflated.    As @Curt Smith mentioned, West Cobb (Mableton/Austell) may have more options.

Alternatively, depending on your risk tolerance, you may keep an eye on pockets in the Westside area (Grove Park, Washington Park, English Avenue, as well as East Point/College Park.