Atlanta House Hacking

[Minh Bui]

I'm planning on buying a property in Atlanta and will try to rent out each room. Does anyone have any prior experience doing this in Atlanta? How did you screen tenants? Do you have any tips? This is will be my very first property. 

Also, I have two different mentors telling me two different ways they suggest I buy a property. One suggests I just do a FHA loan and buy through a realtor, while the other suggests I use a wholesaler and come up with the cash from family and friends, rehab, then refinance and pay the debt back. I'm leaning towards the FHA loan because I feel like the wholesaler route is more risky, but I am open to hear everyone's thoughts on this subject.

[Sherif Lyons]

Originally posted by @Minh Bui:

I'm planning on buying a property in Atlanta and will try to rent out each room. Does anyone have any prior experience doing this in Atlanta? How did you screen tenants? Do you have any tips? This is will be my very first property. 

Also, I have two different mentors telling me two different ways they suggest I buy a property. One suggests I just do a FHA loan and buy through a realtor, while the other suggests I use a wholesaler and come up with the cash from family and friends, rehab, then refinance and pay the debt back. I'm leaning towards the FHA loan because I feel like the wholesaler route is more risky, but I am open to hear everyone's thoughts on this subject.

Atlanta native here, may I ask where in Atlanta are you purchasing this property? As for screening, ask for the usual. Credit check(!IMPORTANT), at least 3 references, proof of income, proof of employment(IMPORTANT!), Income is at least 2.5x the rent. I will also be an outlier and ask if your applicants would mind you taking a look at their current home/room. Its a longshot but can save you from hoarders, bug infestations and impromptu animal shelters. The area you are investing in is also important as it can have a big impact on the quality of applicants you are going to get.