Want to buy my first property in Atlanta

[Jeff Amstutz]

Hello BiggerPockets community! I'm thrilled to be here sharing my journey into real estate investing. Inspired by Rich Dad Poor Dad and The Book On Rental Property Investing, I've delved deep into the world of real estate through countless podcasts and YouTube resources. My passion lies in achieving financial freedom from my W-2 job, and I'm excited to connect with fellow investors, especially those interested in the dynamic metro Atlanta market.

I have a couple of questions for anyone familiar with the market here. My currently budget for a property is around $65K after financing and repairs. My wife and I live in East Cobb and would prefer to invest in our first property close to home so we have the ability to be more hands on. I like West Cobb and wondering if my budget would work for a Single Family or Multi-Family Home. Does anyone have any experience investing in this area and have any guidance for a new investor? I'm considering various marketing strategies as well as potentially working with wholesalers to find deals. Any tips would be greatly appreciated. 

Again nice to meet you all!
P.S. I'm also highly considering investment along the belt line but don't think our current budget allows. 

[Michael Dumler]

@Jeff Amstutz, most conventional mortgage lenders require at least 20% down for non-owner occupied investment properties. With $65k cash to your name, realistically, your acquisition budget would be around $240k-$275k (factoring in downpayment, closing costs, and minor cosmetic rehab). No shot you can acquire a deal in East Cobb below $300k haha let alone below $400k. As you've noted, you'll need to predominantly focus on West Cobb and maybe you can even include North Cobb as well (Acworth). Markets such as Mableton, Austell, and Powder Springs are great rental markets if you're working with a resourceful property manager who knows the area. Generally speaking, these markets can be classified as B/B- depending on the condition of the neighborhood and location specifics. If I'm being blunt, I would scratch the idea of investing near the beltline. As a newer investor with a tight budget, there's too much aggressive competition in those respective markets. Moreover, with scarce inventory and interest rates at a 22-year high, don't expect significant cash flow. From my experience and what I've currently been seeing, $100-$150 per month in cash flow should be the goal (obviously, there are other benefits to real estate investing than just cash flow). Sounds like you're off to a great start! I also recommend reading over BiggerPocket's Ultimate Beginners Guide. As an investor-focused real estate agent, please do not hesitate to give me a call, text, or email if you have any additional questions (contact info is listed in my bio).