Moving to new property and renting old

[Clay Adams]

Hello,

I am located north of Atlanta and I own a condo that I currently live in. I would like to purchase a new property, move into the new property and rent out my condo. What is the best first step or what are some good strategies to look at? What strategies do other real estate investors use in this area? 

Thanks.

[Brian Cole]

Hey Clay,

I was trying to do the same thing that you are a couple years back. Step one you need to check with the HOA at your condo and make sure they don't have rental restrictions. Mine only allowed you to rent it out for two years and then you went back to the bottom of the waitlist causing the unit to just be sitting there vacant. If you are going to be buying in the Atlanta area I would also suggest house hacking as your best option right now. The uncertainty in the market, current prices in Atlanta, and this being your first investment if your condo building has strict rules house hacking would be the most lucrative. If there are no restrictions you could also leverage the money from the condo and rent it out. Hope this helps a little and good luck with your first deal!