All Forum Posts by: Niyi Adewole

HI Nikel, 

I would recommend immersing yourself into the real estate game as much as possible. Continue listening to the BP Podcast, Read the book "Sold" by David Greene (solid book to start out with), and secure a seasoned realtor as a mentor. I have been investing in real estate since 2016, but just got my license last year (2021). The items mentioned above along with my past experience investing has helped me hit the ground running in my market. 

 Hi Zac, 

I host a weekly virtual Mastermind Group with other investors in the real estate space, would be more than happy to have you join. WARNING: the individuals in this group are as passionate (if not more passionate) about achieving financial freedom. 

Will PM you more info 

 Hi Rufaro, 

With Interest rates rising in a HOT Atl market, I would recommend considering a different rental strategy to bring in more cashflow. I personally have shifted to purchasing homes for Airbnb/Vrbo short term rental usage to achieve cashflow while benefiting from the appreciation in this market. I hate to say it, but i do not see interest rates declining within the next 12 months, nor do i see home prices reducing in ATL any time soon. THey may level off with higher interest rates, but the longer you wait the more you may actually end up paying. 

 Absolutely not! Your name is unique and will allow you to stand out as you become established. Lean into your name, heritage, and excel. 

It is not, but I do live in Atlanta. I short term rent my in law suite as well as the home I mentioned in the example above. I have received my STR license for both. I also manage an additional 6 short term rentals for other owners that I have helped navigate this process.

for me personally, I still want to continue to build up the short term rental portfolio, and I plan to buy in adjacent neighborhoods to atlanta (I.e. Marietta, Decatur, east point, hapeville, etc). Atlanta is still trying to figure out what the final rules will be around STRs, and once that has been finalized I have no doubt that someone will find a way to have more than 2 within city limits. 

I have 2 short term rentals of my own and also manage an additional 6 (8 total) in atlanta Georgia. I’ve used “Isabelle raphael” (BP member) for all staging/furniture decorations. 

She is open to staying in a market for a few days to get this done. If you don’t find someone in this city, I would recommend connecting with her 

As David Greene would say, you truly have to create the value in a deal. EXample below:

I am a realtor and investor in the atlanta metro area. I purchased a home for $460k last year in a solid neighborhood that everyone wants to be in and that is steadily appreciating. If I were to rent it long term, I could expect to bring in about $2500 per month or $200 less than the PITI payment. I instead fully furnished it and have been renting it on airbnb and vrbo. It has been bringing in between $3300 and $6000 per month, effectively cashflowing and covering itself. It has also appreciated ~$50k in that time period.

If you look at properties through this lense and/or try to take on a rehab project you can still find deals. 

 I had a similar issue when I moved from louisville to Boston. As quickly as you can, I would recommend ensuring you start utilizing a property management software and then connect with your realtor and/or if your realtor is busy, connect with a newer realtor. 

I went from self managing a triplex that I lived in, to remotely managing 15 units after moving for work. Having all of the tenants paying and submitting maintenance requests via a property management portal, and then setting up a commission plan for my realtor to show my Vacant units was how I made it happen. Also would look into potentially using an August Lock or other smart lock for your tenants/maintenance professionals.

Not thoroughly vetting my first property management company. 

@Isabelle Raphael

Congrats On your first property and investment!! You were awesome to work with, and I look forward to seeing your portfolio grow 😁