Looking to move from Chicago to Atlanta

[Primal Patel]

Hi All,

I am looking to move from Chicago to Atlanta and I am not sure which strategy would work best in Atlanta (house-hack? or short-term rentals? I don't seem to find many MFHs for house hacking, also, might not be looking hard enough). 

I would like to live in a condo preferably so I can do short-term rentals? But, I want to see what REIs in Atlanta say.

Could I please have some advice?
 

[Brenden Mitchum]

Hey @Primal Patel, welcome to the BP community!

There really isn't a "best strategy" in Atlanta. It really depends on the area you're looking to invest in and what your goals are. Like @Kalim Kalla said, Atlanta is a vast city, and it's also a massive MSA - so, one strategy that might work well down in McDonough may not work well an hour away in Sandy Springs.

So, first step is to nail down where you want to live and why. Then, figure out where you want to invest and why. If there is potential for these two to overlap, then house hacking would be the ideal strategy. If they do not line up, then perhaps you rent in the area you want to live and invest in another area close by that's more conducive to your investing goals. 

You could short-term rent a condo but would this be while you're living somewhere else or after you move out? Either way, you'll want to be sure that HOA does not have any restrictions on rentals or STRs. Personally, I avoid HOAs like the plague because there will always be a bit of an unknown that you cannot control. However, if you want to be in one of the nicer parts of town, this may be your only option from a required capital and CoC return perspective.

Really, there is just so much to unpack here and until you do a little thinking on those first two steps, it will be tough for anyone to help much. So, think about both your living requirements and investing goals for Atlanta and drop those here in the forum so we can help further!

And please, feel free to reach out anytime if you have any other questions or just want to chat!