All Forum Posts by: Chauncey Glenn

Hi @Elenis Camargo, thanks for your response. 

I can certainly learn to drive, I am just not sure that owning a car is in alignment with my financial goals. To acquire another expense before pursuing home ownership. Also note, I am currently living abroad in South Korea with intentions of returning to the states in August of 2020.

If I don't find learning to drive and buying a car before purchasing a home, convenient... I can then change my question to: How is it possible to acquire property in the states as a U.S. citizen with a foreign income? By asking this question, it can be implied that I am willing to forfeit the idea of house hacking in a new city and a FHA loan in order to stay put here in Korea (where I do not need a car and already have a secure job with annual raises).

It does seem that I'd need a car eventually as you are correct about transportation elsewhere. Do you have any opinions about what I've written here?

Hey guys!

I just wrapped a webinar with Brandon '...Evaluate and Offer on Rental Properties', and I hope some of you got to experience it! Anyway, I am looking for your thoughts about house hacking in a new City with no car. 

I grew up in Brooklyn, N.Y. and I haven't been afforded the privilege of learning how to drive, even. However, I am considering property in Atlanta, G.A. or Buffalo, N.Y. Affordability is an issue (in Atlanta) which then, doesn't allow me to purchase anything in more urban areas and so I could potentially be outside of the City. 

Is owning a vehicle in such cities crucial to success? 

Is it OK to carpool with services such as Uber and Lyft instead and as an alternative? 

@Jacob D Adamczak

Thanks buddy for the response. I am familiar Buffalo's weather, yet I don't enjoy or it. There are other factors (outside of likability of neighborhood and weather) in terms of affordability, employment, and transport. I agree that I do need mobility. Still, cheap isn't always good (and a car can be costly if not of quality). I can always consider budgeting for carpooling services such as Uber, ordinary taxi's, and/or rental car services when needed. A trade-off. I'm looking at this investment as a passive once hence, I do not want to be responsible for managing it, as I'd need to invest my time into other things including pursuing an MBA, a job/internship, &/or entrepreneurship. 

Here: 'This renovation is why you would want to invest in these houses. Its value add opportunity, the ability to force appreciation. In Dallas, it was much more difficult to find this type of property that you could get at a good price, fix up, and build in some equity for yourself. Savvy investors would seek them out before they kit the market.'  *I think you are saying that it is better to rehab a property in forcing appreciation yet, I am not sure due to the wording you've used. Do note, that I am not interested in appreciation at this moment, just cash flow, cash-on-cash return, and perhaps equity. 

Thanks Jacob!

@Rebecca Cardona Rebecca! Let’s connect and continue this conversation, as a native and person with a similar budget, we can help one another. I’ll send you a request. 

I have just looked into Hapeville as someone here has suggested it, and it seems OK. My main concern and reason for choosing those urban areas initially, is my lack of mobility. I don’t own a car and would need one in considering more suburban and affordable areas. 

Do you drive? What is your take on this? You also appear to be a millennial! Do you think that it’s reasonable or necessary to budget for carpooling services such as Uber as a solution to this mobility issue?

@Elaunte Brown

Based on your suggestions, here’s a bit of research I’ve conducted. 

1. Grant Park (C- schools, C+ crime, A diversity, 38% rent vs. own).

2. Kirkwood (C- schools, C+ crime, A diversity, 43% rent vs. own).

3. East Atlanta (C- schools, C crime, A diversity, 32% rent vs. own).

4. Capital View (C- schools, C- crime, B diversity, 46% rent vs. own).

- near 2 colleges (a plus).

5. East Point (C+ schools, C- crime, B+ diversity, 58% rent vs. own).

- a park (a plus). 

- high rent to own ratio (a plus).

- affordability (a plus). 

6. Hapeville (C schools, C- crime, A+ diversity, 66% rent vs. own).

- near airport (a plus).

- high rent to own ratio (a plus).

- high diversity rating (a plus).

7. Old Fourth Ward (B schools, C crime, 76% rent to own).

- two parks (a plus).

- a medical center (a plus).

- a market (a plus).

- high rent to own ratio (a plus).

Based on this information —as it aligns to my personal ideals— I’d only be interested in Old Fourth Ward and possibly Hapeville as potential neighborhoods. 

@John Ford Thanks John for your response. I am not too interested in speculation but I willl give those neighborhoods a look. Especially if they’re affordable and close to public transportation. 

@Elaunte Brown Hi Elaunte. Thanks for your reply! I am not so concerned with appreciation as I don’t intend to sell for some time. I am concerned with cash on cash return. 

I’d say that my budget is 150 to 200K; if settling for a not so urban/desirable area. 

I am looking to cash flow at 3 to 5 (or more) hundred dollars per month.

I will check out the areas you’ve recommended however. Thanks!

I see. Thanks! Where then (neighborhood wise), are you looking?

@Kelli Huang also, would you then consider lease option agreements in these desirable areas?

Do you know if there are restrictions in terms of subletting with such an agreement?

@Kelli Huang 

Hi Kelli, thanks for your response! (:

Some of these areas are quite expensive indeed. However, I have seen 2-3 bedrooms units (condo’s, townhouses) reasonably priced here and there (400K or less in some of these neighborhoods). I don’t have the time or wherewithal to repair anything and that isn’t my goal (to renovate initially). I’d also potentially live in one of the units and so I don’t want to be far from transportation and accessibility that urban areas bring. Though living further out would bring lower property cost. 

In living in one of the units I intend to access a FHA loan (being able to afford a 3-5 percent down payment of 10-15K max) making my investment more affordable.

With this new information, what would you suggest? Have you invested in the Atlanta market?