Where to house hack in Atlanta?

Question

Hi BP, I really want to get started on my real estate journey by the end of the year and I would love to start by house hacking. I guess my first question is the market still good to house hack in Atlanta? Also I know Atlanta market is going crazy right now but are there any areas in town that are good for house hacking?

Penny Brown · Answer

Yeah!!! Congrats on starting the journey!  Atlanta is a great place to house hack.  The area of town is really a personal choice, you want to love where you live.  So start there.  Where is your ideal location? Next go to your finances...speak with a lender to see how much home you qualify for.  Those 2 answers will be the best indicators of your next steps...best of luck house hunting!

Quenton Smith · Answer

Really depends on your budget. Start with either a lender or your personal funds, then evaluate if it's feasible. As a realtor, I can help you find that investment but it would be a wasted effort if you did know how much how you can pay for.  Good luck!

Brenden Mitchum · Answer

Hey @Ajibola Talabi, welcome to the BP community!

House hacking is an interesting strategy in that there really isn't a "bad" market for it. No matter where you do it, you'll be saving on rent and building equity. Now, there are markets where you could find better CoC by investing elsewhere, remotely, but I don't think Atlanta is there, yet..

If you're currently renting here in Atlanta, you likely have already felt the pain of skyrocketing rents this past year. House hacking is a great way to hedge against inflation and raising rents because your loan payment will be fixed, but you can continue to raise rents along with the market. Even if you're not living "for free" when you purchase your house hack, you likely will be in the near future.

Anywhere in town is good for house hacking as long as it meets your return and living requirements. Best thing to do is to determine what parts of town you're open to living in. As @Penny Brown mentioned, it will also depend on how much you can get approved for so start that process with a lender as soon as you can. Happy to recommend one who's very familiar with house hacking!

You'll also want to start asking yourself what your minimum "return" is from your first house hack. Do you have to cash flow or are you ok with breaking even? Or maybe you're even ok just breaking even on PITI? Might even be smart to get into something that is a little negative on cash flow right now. At least then you will be paying down a loan on your own property and do not have to worry about how much your rent will be raised at the next renewal...All of these options are fine, it's up to you to determine which is worth the effort and $$ to purchase a home.

Hope this helps a bit. Please, feel free to reach out anytime if you have other questions or just want to chat!

Niyi Adewole · Answer

@Ajibola Talabi absolutely!

I’m a realtor and investor in atlanta, specializing in house hacking.

I’m currently house hacking a single family with an in law suite in east atlanta, and opted to airbnb to in law suite. This 1 bed 1 bath in law suite brings in ~$2500 on average per month.

Where to house hack in Atlanta?

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