Firefighter · Atlanta, GA · Member since 2014 · 15 posts · 9 votes
Good evening fellow Atlanta BP members!
A little about myself. I’ve been interested in investing in real estate for the past year but haven’t had the finances or knowledge to feel comfortable enough to take the leap. Over the past year I’ve been listening to podcasts and saving money in order to one day do a deal.
So far I’ve saved 30K and I feel like I’m ready. I work as a fire fighter in my main job so I have the time to Invest in Real Estate. Can anybody offer any sound advice for investing in the Atlanta market? I’ve reached out to a few wholesalers and the feedback I’m getting is that 30K is not really enough to finance a deal.
Any advice would be greatly appreciated. Is partnering with an exp. investor a good idea? If so, where is the best place to meet these seasoned investors? Thanks
RE Investor · Newnan, GA · Member since 2015 · 309 posts · 132 votes
8y
@Ricardo Carey you should look into joining one of the local REIA's and visit some meet ups to start networking. IMO your best option would be the BRRRR method or a cosmetic flip. Since you have 30k saved up, you will want to get pre-qualified with a traditional lender for a loan to purchase a property and use your 30k for the rehab.
@Ricardo Carey
I’m in the same situation at the moment. Seems to me, by the responses to my initial forum discussion post, that folks in our position have more options than we can comprehend.
I wonder if you’re already a home owner, currently renting, or living with family members?
Regardless of your current living situation, having A pile of cash leaves one in a position to make some choices about how to invest that hard earned money.
But where to begin? If you’re like me, it took me some time to save and I’ve become quite risk averse. I’m not afraid of investing my money. But rather, afraid to invest it poorly and lose it.
Picking the right strategy for me is the hard part....I guess that’s why I’m here on BP.
Good luck I look forward to hearing how you choose to invest.
Best,
Greg
Firefighter · Atlanta, GA · Member since 2014 · 15 posts · 9 votes
8y
@Account Closed Yes, our situations are quite alike. It took me a while to accumulate what i have and i don't want to mess things up on a bad deal, that would be devastating! I need my first deal to go well and catapult me to do more deals in the future. I'm looking forward to hearing about your next move as well, Greg. Wishing you much success, keep us (BP) posted
RE Investor · Newnan, GA · Member since 2015 · 309 posts · 132 votes
8y
@Ricardo Carey you should look into joining one of the local REIA's and visit some meet ups to start networking. IMO your best option would be the BRRRR method or a cosmetic flip. Since you have 30k saved up, you will want to get pre-qualified with a traditional lender for a loan to purchase a property and use your 30k for the rehab.
Asheville, NC · Member since 2017 · 385 posts · 274 votes
8y
I would skip the flip and try to house hack a multi family property. Preferably , a duplex that has the possibility of being turned back in to a single family home at some point in the future. Owner occupied loans require much less of a down payment.
Investor · Minneapolis, MN · Member since 2015 · 252 posts · 263 votes
8y
@Ricardo Carey, @Account Closed, start with financing. Start by talking to a lender at your main bank. What's your borrowing capacity? What will they finance for you? What are you other finance options? It will give you an idea of what you can do. Flips - don't forget the taxes. IRS will take about 50% of your take on the flip. For the first deal, I would look for something rent ready, or almost rent ready. Rent a place for a year or two, buy another one - rehab and sell your first one. Build a pipeline. This way you are paying long term capital gain taxes or doing 1031 exchange and paying no taxes. 30k should get you into 120k-200k property. Ask more pointed questions for the better answers :) Good luck
Firefighter · Atlanta, GA · Member since 2014 · 15 posts · 9 votes
8y
@Jon Arsenault I agree with you, it seems lIke a multi family would definitely be the way to go, hopefully I can afford one in this area and in this market. Thanks Jon