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Updated over 2 years ago,
Newbie looking to start - LTR vs STR as 1st property
been reading as much as I can, but I know that I don't know a lot. I have very good credit, about $20k readily available and working on $150k on HELOC from equity off our house. I live in the Atlanta metro area. Debate is where/how to start. I do have a reliable real estate agent that I have existing relationship with, and they themselves own a couple of rental properties. SFH homes on the northside of Atlanta running $300k+, but rentals are around $2.1k+. Do i continue to search or look for STR? considered Gulf Shores or Myrtle Beach as areas I know, but we are at or past the mid-point of rental season and would not realize as much income from it, adding in cleaning, any needed licensing, possible local mgmt of it.
What are first timer investors looking for in today's market? I thought LTR for initial buy, but not seeing the deals in the Atlanta area right now