All Forum Posts by: Marcel Williams

That makes good sense. Sometimes it's just good to hear someone else's opinion. But yes, do the deal as long as I feel comfortable. Thanks@Josh Bowser

Hello BP!

My wife and I are in the Atlanta area in search of our third rental property and we are super excited about the idea of starting a co-living strategy. But of course were running into the same issues as everyone else, finding a property that actually cash flows, specifically when rented out the traditional way with just one person on the lease. I feel confident about making the property cash flow once we get tenants in the home with the co-living strategy, but just covering all my bases, I would feel a lot better with an extra exit strategy of being able to rent the home out the normal way with one tenant. Also, as this co-living thing is generally new and catching on in some cities, I would hate to have this whole strategy ruined by a new restriction set by the city for co-living or the crazy rise in mortgage cost from property taxes and be forced to revert back to the traditional route.

So my question is for those that are already doing the co-living strategy; are you all buying the home purely off of the co-living cash flow, or are you all considering the cash flow from renting the home with just one tenant as well? And is it a deal breaker if it doesn't cash flow normally?

@Abel Curiel I really appreciate your response Abel, sometimes you just need to hear that an idea is a decent idea from someone else besides yourself lol. Thanks again. 

My wife and I are interested in buying our next rental property, particularly a SFH and we plan to rent by the room, and possibly go through Padsplit and rent by the room.

I own a duplex from before our marriage which is rented out on both sides and she owns a townhouse from before we got married that were currently living in. Both of our properties have about 100k in equity in them so we were thinking about using getting a HELOC on the duplex rental property and use that money for the down payment on the next property. Our plan is to use the "Sneaky tactic" and for the next few years, the plan is to buy a house that needs a little TLC, fix it up as we live in it and move on to buy another house until were tired of doing it or reach a decent income. Together we make about 120k-ish and as were doing this, were actively paying down our credit card debt which together is about 20k at the moment, just fyi.

I feel like this is a solid plan, but I'm not too big headed to admit that I don't know everything. What would you all recommend we do to get our next rental property? Am I going about this the right way? Is a HELOC a good idea for buying a property?

All the money in the world in real estate wont be able to fix what's wrong in your heart if you feel NOTHING when putting a person out on the street. I understand doing what you have to do, but to feel nothing is the root as to why this country is in a crazy place right now. Its business, and you have to do what you have to do, but try to stay a human in this process, even if it's at least when your alone and reflecting on the day.

@Amy Beth I'd rather not hold off too long because I'm not sure how long I can hold onto this job that I have. I run a video production company when I'm not here at work and this job has been getting in the way of me doing some jobs, and the business is number 1 priority.  I can definitely already see that it is going to be a struggle to balance to two of these situations as I get deeper into this job. 

@Michael Ehmann, Im not totally sure, ideally Snellville or somewhere near the Gwinnett/Dekalb line. But more realistically because I don't want to spend that much, Stone mountain or maybe end the West End area since it seems like its getting cleaned up some.

I appreciate your input Brian, I have some more thinking to do...

The issue with house hacking is that there are no multi family homes in Atlanta for 100-150k, or at least I haven't found them.