All Forum Posts by: Henrik Arnroed

Quote from @Account Closed:

Quote from @Henrik Arnroed:

Quote from @Account Closed:

Quote from @Henrik Arnroed:

Hey all.

I have my eyes set on Atlanta (and eventually a few other areas in GA) to invest in. This will be my first property and I plan on house-hacking (hopefully a multifamily) and applying the MTR strategy. I am currently based in Boston but can move to Atlanta and keep my job from October onwards. The other option, however, is that I can live more or less for free for the rest of the year between a few family members and friends and save that bit of extra cash towards the purchase.

The extra cash could either help me jump on a deal sooner or it could be a buffer/money for potential renovation when I move in. However, the time I could spend in Atlanta before buying might help me avoid headaches by getting to know the market even better than my research.

I currently do not have an investor-friendly agent there, but I do have a real-estate contact here in Boston who lived there for 20 years.

I am interested to hear your thoughts and what you'd do, if you were in my shoes.

I wouldn't necessarily move to an area before I'd invest there, but I would spend a week getting to know the neighborhoods first hand. 

Just curious here, but what do you look for / expect to learn in that week you couldn't learn from an investor-focused agent, for example?

You know by seeing, things that will distress you, that the agent may think is normal. Remember, the agent will overlook some things to get you a sale and make their comission.

I am paid by high end investors to buy properties for them in Phoenix, Dallas and San Antonio. I ALWAYS suggest that my buyers meet me at the property for the first purchase and tour the neighborhood and city with me. I want them to be happy and the only way that happens, is when they've seen both the property and the neighborhood. Once we have spent time identifying details that affect them, I am given permission to buy for them without them having to visit. But we still do a Facetime for each property.

A lot of "unfinished" turnkeys in bad neighborhoods have been sold over the years, by people who have fled the country. ;-) (Portugal seems to be a popular place to flee to).

 You make some good points.

Then it seems to me that flying in before making a purchase (for example when you find a property which seems to be a deal) would be enough to scout out the neighbourhood and get a feel for the property - outside of what lives on paper and pictures. This is something I was always going to do - especially for my first deal - to be comfortable with spending the majority of my savings on this.

By the way, I can understand why people flee to Portugal - lovely place. ;)

Quote from @Jonathan Greene:

Quote from @Henrik Arnroed:

Quote from @Jonathan Greene:

You certainly don't have to live there first, but what you are doing now is not helping you. You are building a plan on paper and paper can burn or blow away. Why Atlanta? Why do you think you can learn to house hack and do midterm rentals right away there? That, in and of itself, is a great idea to live in one side and MTR the other, but you are making your first property more difficult to manage (but easier if you are on site).

You don't have to live there, but why wouldn't you want to investigate the market more clearly before making a decision on it. What looks good on Zillow does not always look good in real life or just from a weekend trip.

I avoided diving into why I have chosen Atlanta and GA to invest in - figured the post would become too long. I have several reasons and have been doing a lot of research both regarding the market and to see if it supports the strategy I am going for. I am confident in that market.

I am okay with the challenge of it being harder to manage a few different units at the same time - and I would be on-site at least for a year.

Investigating the market is simply a time and money aspect. I can't really see what I can learn by visiting the market that I can't learn from an agent - hence this post. What would you look for if you went on a weekend trip, as you put it?

This quote - I can't really see what I can learn by visiting the market that I can't learn from an agent" - will literally bankrupt you. I am an agent, but I am an expert who has been in real estate investing for more than 30 years. 99 percent of real estate agents don't know anything about investing and definitely do not care about you. You need to reframe what you are doing. As I said originally, you are doing what looks good on paper, nothing else.

This is also why I am reaching out on this forum. To learn.

People in this thread are making a lot of good points about having seen the neighbourhood with your own eyes before making a purchase - something I had always intended to do regardless, especially for my first property. My consideration is whether or not I need to be present in the city while I am searching or if it is enough to fly in when something looks like a deal to be considered.

I am still curious, though, about what you would look for as I mentioned in the previous post. What would you recommend doing/looking for with some time in a completely new market?

Quote from @Michael Dumler:

@Henrik Arnroed, take real estate investing out of the scenario for a moment and ask the more important question: Why do you want to move to Atlanta? Relatively cheaper? Warmer weather? Job opportunity? Have you visited the City before? What's motivating you to move here? 

The motivation is to invest in Atlanta and Georgia. Plain and simple. I wish to establish my business there and operate in Georgia. Beyond that, I enjoy cultural exchange quite a bit and having my perspectives challenged. I am originally from Scandinavia and we have quite a different life and culture there. Georgia will be a new setting.
As I mentioned in the post, I will keep my W2 and I don't plan on quitting that any time soon.

Happy to connect!

Quote from @Jonathan Greene:

You certainly don't have to live there first, but what you are doing now is not helping you. You are building a plan on paper and paper can burn or blow away. Why Atlanta? Why do you think you can learn to house hack and do midterm rentals right away there? That, in and of itself, is a great idea to live in one side and MTR the other, but you are making your first property more difficult to manage (but easier if you are on site).

You don't have to live there, but why wouldn't you want to investigate the market more clearly before making a decision on it. What looks good on Zillow does not always look good in real life or just from a weekend trip.

I avoided diving into why I have chosen Atlanta and GA to invest in - figured the post would become too long. I have several reasons and have been doing a lot of research both regarding the market and to see if it supports the strategy I am going for. I am confident in that market.

I am okay with the challenge of it being harder to manage a few different units at the same time - and I would be on-site at least for a year.

Investigating the market is simply a time and money aspect. I can't really see what I can learn by visiting the market that I can't learn from an agent - hence this post. What would you look for if you went on a weekend trip, as you put it?

Quote from @Account Closed:

Quote from @Henrik Arnroed:

Hey all.

I have my eyes set on Atlanta (and eventually a few other areas in GA) to invest in. This will be my first property and I plan on house-hacking (hopefully a multifamily) and applying the MTR strategy. I am currently based in Boston but can move to Atlanta and keep my job from October onwards. The other option, however, is that I can live more or less for free for the rest of the year between a few family members and friends and save that bit of extra cash towards the purchase.

The extra cash could either help me jump on a deal sooner or it could be a buffer/money for potential renovation when I move in. However, the time I could spend in Atlanta before buying might help me avoid headaches by getting to know the market even better than my research.

I currently do not have an investor-friendly agent there, but I do have a real-estate contact here in Boston who lived there for 20 years.

I am interested to hear your thoughts and what you'd do, if you were in my shoes.

I wouldn't necessarily move to an area before I'd invest there, but I would spend a week getting to know the neighborhoods first hand. 

Just curious here, but what do you look for / expect to learn in that week you couldn't learn from an investor-focused agent, for example?

Hey all.

I have my eyes set on Atlanta (and eventually a few other areas in GA) to invest in. This will be my first property and I plan on house-hacking (hopefully a multifamily) and applying the MTR strategy. I am currently based in Boston but can move to Atlanta and keep my job from October onwards. The other option, however, is that I can live more or less for free for the rest of the year between a few family members and friends and save that bit of extra cash towards the purchase.

The extra cash could either help me jump on a deal sooner or it could be a buffer/money for potential renovation when I move in. However, the time I could spend in Atlanta before buying might help me avoid headaches by getting to know the market even better than my research.

I currently do not have an investor-friendly agent there, but I do have a real-estate contact here in Boston who lived there for 20 years.

I am interested to hear your thoughts and what you'd do, if you were in my shoes.

Quote from @Bonnie Low:

Congratulations on getting started. I see you're interested in the MTR strategy. Atlanta is a great market that draws a lot of travelers and does well with insurance placements as well. What type of traveler are you targeting with your MTR strategy? 

 Hi Bonnie,

I was hoping to get a quad with 1b/1b close to a large hospital, which would allow me to serve the medical professionals. The reasoning is mainly because it is the most tangible thing to research when you get started - in my view at least.

I'd eventually like to get SFH and start building relationships with insurance or other companies.

Do you do MTR?

Hi BP.

I have been stalking the forums for a bit, reading books, listening to podcasts and educating myself over the past year.

I am Danish and came to the US (SF/LA) for love - got divorced but stayed for the adventure. I decided to change career after having worked with films for more than a decade - and I have always had an interest in real estate. I decided to get a remote job, establish work history, save up enough capital for my first househack while I researched and learned about markets and strategies.

I'd like to create an active business and I am looking at the MTR strategy. I have researched markets top-down and since I can move anywhere with my job (or travel for that matter) I have options more or less everywhere. I have a budget for my first purchase of about 500k and I am looking heavily at Atlanta or Decatur GA. I'd love to get a 2-4 unit for my first purchase. I will be able to do my first purchase in Q4.

My investment goals are to retire from my W2 in 6 years by the time I am 40, continue my location independence and split my time between the business and writing (it's hard to give up stories when you have worked with it since you were 19). Furthermore, a big driver for me is to be able to care for both of my parents in their retirement, my auntie who recently lost her husband and help friends or strangers in need.

Now I am looking to network and get more intimate with the market I am eyeing - and of course, continue to learn.

- Oh, and I am a total nomad. I not only love travelling but I am constantly amazed by how much I learn from moving around and experiencing various cultures.