Staring Out - Atlanta

[Jack Honroth]

Hey All,

I’m a two year out of college salary worker looking to get into the rental property space. Hope it can become my full time job as I’m done with excel lol. I have around $10k set aside right now for the project and recently read Brandon Turners book (Rental Property Investing) and have started listening to the BiggerPockets podcast. Some questions I have:

What sort of property investing have you seen work in the south? I was thinking of doing rental properties near college towns as I think the income would be steady and minimal risk.

What sort of capital is needed to get multifamily properties in B rated areas?

My credit is fairly new but I do have a 730 credit score, is this good for loans in the area? My D2I will be sufficient based on the book.

And any other advice or tips from y’all as you started this journey would be much appreciated. Hoping to get my first property by the end of the year.

Best,

Jackson

[Josh Bowser]

Hey Jack!

I'd highly recommend starting out with a house hack - whether it be a large single family in a good area or small multifamily.  In my opinion, getting into rental property investing by buying a house and getting roommates is going to be the best bang for your buck you can get.

Small multifamily in B areas of the Atlanta metro are going to be $300-$330k in West Atlanta / West ATL Suburbs and $350k-$400k in the eastern suburbs. If you're house hacking, you can put 5% down + closing costs to get into a property. Lenders will want to see 6 months to a years worth of mortgage payments in reserves after closing. That is going to put you in the $40k range to get started.

Feel free to reach out in the dms or contact info in my bio if you have any questions - happy to help however I can!!