Millennial Investor in West Atlanta

11 Replies

My name is Bryant. I'm 25 years old, currently living in Atlanta, GA and I want to buy a multi-family property in West Atlanta to live in within the next year. Focusing on the area north of I-20 and west of I-75 (Area of Interest). Any advice on how I should start my search?

Originally posted by @Bryant Baugh :

My name is Bryant. I'm 25 years old, currently living in Atlanta, GA and I want to buy a multi-family property in West Atlanta to live in within the next year. Focusing on the area north of I-20 and west of I-75 (Area of Interest). Any advice on how I should start my search?

Bryant, are you already familiar with the west Atlanta area? If you don't already know what neighborhoods and streets you would or wouldn't be comfortable living in, if I were you I'd spend a lot of time driving around the area to get to know it better. And if you can map your drives around going past homes currently for sale you might be interested in, then even better.

Hi @Lloyd Hardrick ideally I'd like to find something around or less than $100k before doing any repairs. I believe asking $800 per unit would not be unreasonable in most of West Atlanta and I imagine I could raise that slightly after fixing up the property. I've read that the 1% rule is the best way to weed through a lot of potential properties so I'd say that's the deal I'm really looking for. Cash flow is not my biggest priority right now, I'm really just trying to start building a portfolio of long term holds around Atlanta. If you have more questions, please don't have hesitate to message me!

@Sam Touroonjian I have a good amount of familiarity with West Atlanta (6.5-7.0/10 i'd say). Don't know many of the neighborhoods or streets by name but I've driven around enough to know what areas look better than others. Have not come across anything I would be straight up opposed to yet, fingers crossed lol. The link to the map I posted is where I've spent most of my time driving around. 

By multi-family, I take it you mean a 2-4 unit, correct?  Are you talking $100k per unit or for the entire property?  

$800 per unit is a good rule of thumb for that general area, but you would need to take into account condition as well as the following 3 considerations: (1) location (2) location (3) location.  

I've done a bunch of research on this kind of thing and I've got a couple of duplexes in my portfolio.  Let me know if you want to chat or drop in on one of my active projects.  

How west you want to be? Mableton? Powder Springs? Dallas? 100K for entire property before rehab is extremely hard to find in this market. Think about it. If cash flows every month this kinda properties are great recession hedge that people are going to keep not sell in this market. I'd love to connect and know more about your goals.

Make sure you have enough $$ for down-payment.  If you are just starting out, then you'll need 20-25% cash down.  Also for nomenclature purposes, "2-4", is still considered Single Family (even though you have multiple tenants).  Anything that is 5+ is officially considered Multi-Family:)