New to Real Estate Investing
Member since 2023 · 3 posts · 4 votes
New to Real Estate Investing
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Real Estate Agent · Atlanta, GA · Member since 2020 · 1k+ posts · 1k+ votes
3y@Vani Anand, it depends on your situation, but nine times out of ten I will recommend that newer investors house hack their first deal. Do you currently own a primary residence? Are you paying for someone else's mortgage in the form of rent? Do you not have a substantial amount of capital saved up? Depending on how you answer those questions, house hacking can be a viable solution for you to kick off your real estate investment journey. If house hacking is something that you can not pursue at this time, then we can discuss other investment strategies and what some of my clients are implementing in the market. If you have any additional questions regarding investment strategies and the Atlanta market in general, feel free to reach me via cell or email to connect (contact info is listed in my bio). Moreover, if you have the time, read Bigger Pocket's Ultimate Beginners Guide. The resource is packed with practical information. Hope this helps!
12 Replies
- Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes3y
Welcome aboard Vani! There are a lot of good places to start, it really depends on what your goals are. I would definitely start attending your local REIA group and I'd recommend a few books too; The Millionaire Real Estate Investor and How to Invest in Real Estate are two you should get.
- 3yRobin SimonBusiness MemberLender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
Quote from @Vani Anand:
Hi Everyone - My name is Vani and this is my first post. We moved to Atlanta 2 years ago from Arizona. I am new to real estate investing but very interested in learning and growing. I started researching recently and there is tons of information and I am not sure where to start. I do not have any particular strategy in mind but I am thinking mid term rentals. My goal is to build passive income and eventually quit my day job to do real estate full time.
For all the experienced folks, could you please advise where I should start? If there is anyone who is willing to share knowledge for an hour long webex session, I will be willing to pay for your time to gain knowledge. Please let me know.
Welcome! I would recommend these BP forums and the bookstore and blog on this site as well!
Harpoon Capital514 Reviews - Real Estate Agent · Atlanta, GA · Member since 2020 · 1k+ posts · 1k+ votes3y
@Vani Anand, it depends on your situation, but nine times out of ten I will recommend that newer investors house hack their first deal. Do you currently own a primary residence? Are you paying for someone else's mortgage in the form of rent? Do you not have a substantial amount of capital saved up? Depending on how you answer those questions, house hacking can be a viable solution for you to kick off your real estate investment journey. If house hacking is something that you can not pursue at this time, then we can discuss other investment strategies and what some of my clients are implementing in the market. If you have any additional questions regarding investment strategies and the Atlanta market in general, feel free to reach me via cell or email to connect (contact info is listed in my bio). Moreover, if you have the time, read Bigger Pocket's Ultimate Beginners Guide. The resource is packed with practical information. Hope this helps!
- 3yNoah BaconPro MemberProperty Manager · Lansdale, PA · Member since 2021 · 826 posts · 1k+ votes
Quote from @Vani Anand:
Hi Everyone - My name is Vani and this is my first post. We moved to Atlanta 2 years ago from Arizona. I am new to real estate investing but very interested in learning and growing. I started researching recently and there is tons of information and I am not sure where to start. I do not have any particular strategy in mind but I am thinking mid term rentals. My goal is to build passive income and eventually quit my day job to do real estate full time.
For all the experienced folks, could you please advise where I should start? If there is anyone who is willing to share knowledge for an hour long webex session, I will be willing to pay for your time to gain knowledge. Please let me know.
Hey Vani! Welcome to BiggerPockets and thanks for joining!
Here are some tips for networking and making the most of your account.
1) I'd fill out your profile fully before you do anything else! As that will at least help folks that you reach out to know that you are a real person, with a picture and professional bio. Particularly be sure to include your goals for real estate investing so that folks can help you.
2) Go to the Search bar, and look for some local members in your area! Reach out to a few of the folks, perhaps those with hundreds or thousands of posts in this forum, and connect. You can do that here.
3) Check out some of the local meetups that you can find in this forum! There are so many so be sure to filter by your location.
4) Review this comprehensive 64 page deck on the state of the 2023 housing market (in your resource page as a member of BiggerPockets!) for real estate investors put together by Dave Meyer and available for all BiggerPockets members.
5) Consider meeting with a few agents in your area even if you are just getting started! An investor friendly agent can do all sorts of helpful things, like setting you up with a search for properties or connecting you with folks who have recently done deals like the ones you want to do.
6) Consider analyzing a deal or two in your local market, just for practice, with a free use of our Rental Property Calculator (or other calculators).
Hope this helps! Please reach out with any questions you may have!
- Investor · Columbus, OH · Member since 2023 · 73 posts · 82 votes3y
@Vani Anand I agree with Micheal, I think house hacking is one easiest entry points into REI. Personally, I'd look into multi families for your first hack.
If you're interested in MTR you're gonna want to focus on location, a lot of investors situate MTR near hospitals because of doctor/nurse turnover.
In general, these forums are a great place to learn and add value. I'd advise absorbing as much information via books podcasts, youtube, etc... on topics that interest you. And networking is key, so look into local real estate meetups, maybe connect with a brokerage.
- 3yBonnie LowPro MemberLender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
Hi, Vani and welcome! As you're new to real estate investing, I'm curious how you heard about/ landed on medium term rentals. It is an exciting and growing niche but I didn't think it was all that well known outside our circle. Have you had experience with midterm rentals yourself, perhaps traveling for work or other reasons? While I love the MTR space and feel it has a lot of opportunity and directions to go in, I can't disagree with others that househacking is an excellent way to get started IF you have a property that suits itself to househacking and if you're agreeable to sharing your property with others. Atlanta is a great market, particularly for MTRs, so you're already off to a good start. Feel free to reach out if you have specific questions. Good luck!
- Member since 2023 · 3 posts · 4 votes3yThanks Michael - we have our home in Suwanee which we don’t want to offer to others. So I assumed house-hacking is not an option. Maybe I did not get the concept right and I think I need to learn more about house hacking and how I should go about it.
Quote from @Michael Dumler:
@Vani Anand, it depends on your situation, but nine times out of ten I will recommend that newer investors house hack their first deal. Do you currently own a primary residence? Are you paying for someone else's mortgage in the form of rent? Do you not have a substantial amount of capital saved up? Depending on how you answer those questions, house hacking can be a viable solution for you to kick off your real estate investment journey. If house hacking is something that you can not pursue at this time, then we can discuss other investment strategies and what some of my clients are implementing in the market. If you have any additional questions regarding investment strategies and the Atlanta market in general, feel free to reach me via cell or email to connect (contact info is listed in my bio). Moreover, if you have the time, read Bigger Pocket's Ultimate Beginners Guide. The resource is packed with practical information. Hope this helps!
thanks for offering to help, I am just getting started and was thinking to do some research / self study this weekend to learn more before deciding what I want to do. - Member since 2023 · 3 posts · 4 votes3yBonnie - I heard about MTR from BP podcast. I think I will research more on house hacking
Quote from @Bonnie Low:
Hi, Vani and welcome! As you're new to real estate investing, I'm curious how you heard about/ landed on medium term rentals. It is an exciting and growing niche but I didn't think it was all that well known outside our circle. Have you had experience with midterm rentals yourself, perhaps traveling for work or other reasons? While I love the MTR space and feel it has a lot of opportunity and directions to go in, I can't disagree with others that househacking is an excellent way to get started IF you have a property that suits itself to househacking and if you're agreeable to sharing your property with others. Atlanta is a great market, particularly for MTRs, so you're already off to a good start. Feel free to reach out if you have specific questions. Good luck!
- 3yBonnie LowPro MemberLender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votesBest of luck to you, Vani!
Quote from @Vani Anand:
Bonnie - I heard about MTR from BP podcast. I think I will research more on house hackingQuote from @Bonnie Low:
Hi, Vani and welcome! As you're new to real estate investing, I'm curious how you heard about/ landed on medium term rentals. It is an exciting and growing niche but I didn't think it was all that well known outside our circle. Have you had experience with midterm rentals yourself, perhaps traveling for work or other reasons? While I love the MTR space and feel it has a lot of opportunity and directions to go in, I can't disagree with others that househacking is an excellent way to get started IF you have a property that suits itself to househacking and if you're agreeable to sharing your property with others. Atlanta is a great market, particularly for MTRs, so you're already off to a good start. Feel free to reach out if you have specific questions. Good luck!
- Developer · Decatur, GA · Member since 2011 · 1k+ posts · 1k+ votes3y
I do some MTR because it's easier than STR. I go back and forth as the house becomes available again and I grow weary of STR.
Tenants are usually folks from the neighborhood renovating, family coming to town for a lengthy visit (baby born), insurance paid renter where they need to rebuild, etc.
Not much to it other than, it's a tough road. You have to have a great house, furnish it, be patient, and advertise all channels to find a MTR. Meanwhile take some STRs to pay the bills with narrow booking window so you can accommodate the MTR when they pop up.
- Real Estate Agent · Atlanta, GA · Member since 2020 · 1k+ posts · 1k+ votes3y
@Vani Anand, probably a long shot, but what would the numbers/forecast look like if you held your primary residence as a long-term rental and then house hacked the next acquired property? I assume moving out of your primary residence is not an option you'd be fond of? Needless to say, there are many different avenues of real estate investment strategies that you can explore depending on your living/financial position. It's all about getting creative.
- Real Estate Agent · Oklahoma City, OK · Member since 2019 · 956 posts · 600 votes3y
@Vani Anand are you interested in getting started locally or are you open to other markets that make sense? I ask because I'm happy to share what I and the investors I help are doing with you, but I don't want to waste your time if you're hoping to stay focused in Atlanta. I'm Oklahoma City based but I am cash flowing and helping others cash flow even at a 7.63% interest rate! Just let me know if breaking down the steps of investing here would be helpful to you. Good luck!!
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