Hey Guys, Thanks for taking the time to go over the post and helping out.
I'm still a newbie in real estate and have started almost started in early 2019. I'm currently based out of Dallas, TX and couldn't hold of a deal so far. However, I'm happy that I offered contracts on a few properties but stick with my numbers which made sense to me and didn't get emotional.
Having said that, I'm moving to Atlanta by the end of August for work. My work is in downtown and would like to rent initially but in the meantime looking for the recommendations on the decent areas where I can do house hacking. I have got a family and couldn't go to a ghetto neighborhood. Any suggestions will be really helpful.
Thanks in advance.
Hi A Bari,
This is great news Atlanta is a great market. My biggest thing would be proximity to your job so you can cut down on transportation (one of the big three expenses). Neighborhoods you should look at are Midtown, Old Fourth Ward, Edgewood, East Atlanta Village, Brookhaven, Decatur, there are many I am leaving out. The further you go from downtown the less expensive but tougher the commute. Typically the better schools are towards the north. All of the neighborhoods are coming up from the construction from the Beltline project. This is a good start. Feel free to PM if you have any other questions.
Hi A Bari. I’ll second Rodolfo’s opinion. It depends on your priorities. If you’re sending your kids to private school then you have more choices of where to live and possibly house hack. If like me you’re sending your kids to public school then City of Decatur (which is a small area within proper Decatur) or East Cobb have the best public schools, but house hacking is more difficult and expect to pay more. I live in City of Decatur and just last night I was running numbers for a duplex listed for sale in my area for $400k, and it’s a no deal even if I offered $300k, for either flip or hold. Just to give you an idea. The best deals in Atlanta are in transitional areas. So my advice is if you have kids that you consider living in as nice area as you can afford close to downtown but invest in transitional areas. Also, look at Sandy Springs to live. The traffic from East Cobb to downtown is horrible, 1 to 1.5 hours. From Decatur about 20 to 30 mins. I hope this helps.
This is remarkable. My wife and I also just moved from DFW to Atlanta at the beginning of the year for work. We were fortunate to find a duplex in Sandy Springs to house hack. Hopefully it is encouraging to know it is definitely doable. As others have mentioned, Decatur and Sandy Springs can be good options. Properties are at somewhat high price points but there are deals to be found. Definitely check commute times for your work. I thought the traffic would not be too big of a difference coming from the Dallas area, but it can get pretty tough here depending on the location
Great advice here! Also if you want to search by school district, Mary Lin in Atlanta City Schools is also an excellent school that serves some wonderful in-town neighborhoods (close to downtown).
And PS: @Nelson De la Torre I'm also in City of Decatur! Hi there :)
Do you want to stay in the city or you are willing to get to the suburbs? how far you want to travel for work?
@Jingru Sui Suburbs are okay as far as they are in a good neighborhood and have a good school. However, wouldn't like to be on the road all day long. Anything within 1 -1/2 hour should be fine.
@Bobby Lynn Thanks for sharing thoughts. So how was your experience being in Atlanta? I'm pretty familiar with the DFW area now and know decent pockets where I see the cashflow but Atlanta is going to be all from scratch.
Did you find Atlanta more cash flowing than DFW in term of principal investment and the deals or its same? My question is more on 1% rule and beyond that.
And would also love to know how to start looking for deals in Atlanta. If you have any wholesaler or good recommendation for a broker would be a great help.
@Rodolfo Saez Thanks, will PM for details.
@Nelson De la Torre How are you finding properties, on MLS or wholesalers. I don't have the luxury to send kids to the private school, so would also consider good public school. And any recommendation on starting a real state journey would be great.
Meanwhile, how hard/easy to find good deals there in term of good cash flow.
@Sara C. Thanks. I'll appreciate if you/anyone here, can help with multifamily deals.
I'm looking at both MLS and wholesalers. If you're busy like me with a full time job and trying to raise children, a real estate agent is a great resource. You'll probably find the best deals if you do your own marketing, and I used to, but I don't have the time anymore.
@Atta Bari happy to help anytime. Feel free to DM me if you’d like to talk further. Thanks!
@Atta Bari I would love to connect and see if I can be any help to find you an ideal house.
I feel that Atlanta is pretty similar to the DFW area in terms of cash flow. It is difficult to find something meeting the 1% rule that does not need significant rehab. Similar to DFW though, there do appear to be pockets where it is possible, but it might be further out than you want to live. For my wife and I, location took more of a priority over the 1% rule. We both have a commute that is 20 minutes or less, which anyone living in ATL will tell you is remarkable. For that, we definitely paid a premium on the property, but the value of our time saved is well worth it.
You can definitely find properties that may not cash flow as well initially, but have great appreciation upside due to the location.
A nice bonus going from DFW to ATL is the property tax is much more favorable in ATL.
We worked with a local real estate agent. I can get her info to you if you want to send me a direct message