What’s up beautiful people.
I am a NEW investor in Atlanta GA wanting to purchase a very first “Brrrr” rental property. What are some tips/advice you guys could give me before going into my first deal or before. What are the the things I need to have lined up before even looking at properties.
Create your goals as to why you are investing in real estate. Make sure you can define it as what you want your life to look like as a result of owning real estate. From there you can decide the strategy and lastly you can decide what tactic you can use.
I did series on the BP Youtube channel where I helped someone from North Carolina by an out of state property in Atlanta. You may want to check that out as it will give some good insight as to questions that will come up that you do not know exist just yet.
Its called the Dream Investment Adventure with Joe Roberts.. Good luck
Congratulations! Line up good financing, network with agents and wholesalers in your local market, as well as find some contractors to work with. Analyze deals weekly and make offers that work for you...then be patient but consistent. Im in Atlanta...primarily wholesale but there are lots of other good wholesalers and agents in Atlanta on here you can work with. Goodluck
Thank you sir! I will most definitely do that. Your response is greatly appreciated!
Thank you so much! I am eager to learn as much as I can about real estate! Hopefully one day we can link up for some amazing deals.
Decide exactly what you want to do price range, location, acceptable scope of work. The. Find financing for that level of work much more than paint and carpet traditional financing may not work. Talk to a great agent who invests themselves in that area. I would ask how many rental properties they own in the metro area. If the number is less than 1 then they are most likely not the agent for you. If you’ve got experience and access to cash and or hard money for flipping or buying and selling houses then wholesalers are a great option. I invest in the suburbs of Atlanta Kennesaw and Acworth and have done two successful Brrrr deals this year each cashflows over $500/mo.
Thank you for your advice! I am just a sponge trying to soak up all this good info. I hope one day we can meet and talk about all our great investments!
Congrats on making the decision to buy!
The first thing would be decide on a strategy that many others have said as that will help define your goals and ideal properties.
The second would be getting pre approved with a lender of your choice based on your financials or securing hard money/private lenders that you can work with once you select a property.
While you do step 2, start looking for properties either on the MLS or drive around different neighborhoods that you are interested in.
If you find an ideal property on the market, go see it and determine how much it will cost you to rehab and what the arv will be. If it makes sense, put in an offer based on your numbers.
If it doesn’t repeat step 3 until you find one and get an offer accepted.
If you identify properties not for sale through driving around, try door knocking, cold calling or direct mail to see if they want to sell.
If they do, write them an offer and close on it using one of the ways mentioned in step 1.
Lastly and simultaneously start building your team of contractors that will do the work needed in your rehab.
Book I recommend reading to understand the scope of rehabs is the book on estimating rehab costs by J Scott.
In summary you need to find a solid agent that understands your goals. He/she will introduce you to lenders that can get you approved. From there you can find properties on/off mls.
Secure contractors, start work, rent, refi and finally repeat.
Wow! That is some great info! Honestly that’s what I needed for that extra push! Could you message me over your info so I can reach out to you? I would love to get together or maybe speak with you on buying my first deal.
Marco, welcome to the Atlanta market! You're already on the right track as we have an amazing market here with a lot of opportunity. I see a lot of other members have provided some great tips and pieces of value already. If you have any additional questions or would just like to connect with a fellow investor here in Atlanta, please feel free to reach out. I can also connect you with some investor friendly realtors if you need one.
Thank you! Please send over your info so that hopefully we can connect and talk a bit more about real estate!
Don't wait for the perfect BRRRR. A good-enough BRRRR deal should be significantly better than the traditional way of buying a rental. The sooner you do your first BRRRR (regardless of how it goes), the closer you are to your perfect/better/more BRRRRs. Good Luck !
Great advice @Hersh Shah !
@Alex Morrison thank you!