All Forum Posts by: Michael Scott

@Andres Munoz, if the goal is to house hack, start including single-family homes that have an in-law suite in your search criteria. These types of properties can be great for short-term rental use and are often less competitive than acquiring small multifamily. Depending on who you speak with, the purpose of house hacking is to limit your current living expenses. Do not expect the property to cash flow significantly on day one. Moreover, as you continue to analyze deals, make sure you are accounting for your exit strategy. AKA will the property perform well as a rental after you move out? If you're not working with an investor-focused agent, I advise that you connect with one to go over your goals and plans. What specific ATL submarkets have you been looking at? As someone who is currently house hacking and has helped others acquire house hack deals, feel free to reach me via cell or email if you have any questions (contact info is listed in my bio). 

@Michael Scott, honestly, yes, even if it were a buyer's market I do not recommend taking on a BRRRR with zero experience. Atlanta is not a bad BRRRR market, in fact, it can be one of the best markets for BRRRR deals since rent rates and housing prices have been steadily appreciating and are projected to continue. It's the fact that inventory is still scarce and investor demand hasn't really seemed to slow down. Needless to say, it will always boil down to the deal itself. To be upfront, sourcing BRRRR deals on-market is not plausible for the reasons noted above. If you're serious about implementing the BRRRR strategy in the ATL market, you'll most likely have to acquire a deal off-market (under market value). This in of itself is a full-time job that most fail to realize... Hence, I do recommend that your first deal be a buy-and-hold. Many of my clients have shifted their investment strategy to rent by the rooms. This asset class assumes more risk than a traditional rental but can perform extremely well if the right systems and management are in place. If you're interested in rent-by-the-room investments feel free to reach me via cell or email to discuss (contact info is listed in my bio).

Quote from @Michael Scott:

Quote from @Hamp Lee III:

Welcome to BP!

There are always good deals out there. Run the numbers and make sure they work for you and your budget. When they do, take action!

I wish you all the best!

 That makes sense, and I found the tools in BP really helpful as well. I will put conservative numbers and will get in only if it makes sense. 

My major worry is in the lines of- what happens if the cash out refinance comes lower than my expected ARV, what if my rehab estimate is incorrect and I have to put in a lot more, what if I don't find renters, etc.

There can always be “what ifs,” but if you do your due diligence, I would tell you, “why not?” 

Why isn’t this your time?
Why isn’t this your opportunity?

You’ve done the work. Now you can execute.

There will be unexpected things that occur. Tackle it the same way. There’s a will and a way with each issue you talked about. 

…but you’ll never know if you remain on the sideline. 

You got this. Do your homework. Execute. 

I look forward to hearing about your success!

Welcome to BP!

There are always good deals out there. Run the numbers and make sure they work for you and your budget. When they do, take action!

I wish you all the best!