All Forum Posts by: Shino Denton
Shino Denton has started 1 posts and replied 1 times.
Hello all!
My husband and I recently moved to the Atlanta metro and are looking to get into the real estate world out here. We are recent college grads with minimal debt and a small/decent savings. We have been saving and living frugally with plans to house hack but the low inventory and high interest rates have thrown a bit of a wrench in our plans. We are realizing that a duplex or house with an ADU in our desired neighborhoods are above our price range or too high to feel comfortable. We don't have access to enough cash to rehab a property, but we'd like to add value as we live there.
We're now thinking that we'll try to find (ideally) a 3bed 1.5/2bath house, put the lowest amount down, and wait for rates to drop. The market is unpredictable right now, but we don't want to miss an opportunity to get into the game. We'll also rehab the property as we're living in it for a few years until we're able to refinance or sell into another property. Money would be tight and we'd need to live pretty frugally, but we would be fine assuming nothing crazy happens. My husband works in Smyrna and is willing to commute or be dropped off, but we share one car and also have a 1 year old at home, so a safe neighborhood is top priority for us. We are currently most interested in Dallas, Hiram, Powder Springs, Kennesaw or similar areas, but are open to other suggestions.
One concern we have is that if a house is currently priced very low (around 200k), how much would this house realistically appreciate in the next few years? It seems like there's a reason the houses at this price range are valued as low as they are, will these houses appreciate enough to be worth buying?
What would you suggest in this market and our situation? Should we try to find rent at a lower cost and save until the market settles or should we get in ASAP to gain the benefits of owning a property.
Side question: In the meantime, we'd like to increase our active streams of income. Are there any real estate oriented income streams that I could look into? I have a few years of experience in property management. I am currently a stay at home mom and outside childcare is not an option for us, so would have to be something I could do from home or bring my child along.
Thank you all so much for your time, any help is much appreciated!