Advice on acquiring a second rental property. (Atlanta area)

[Adrian Wooten]

Hi BP,

Beginning real estate investor here looking for some advice from the forum. My first investment property is a multifamily that is undergoing renovation with the use of the FHA203k loan and should be done in about 45 more days (fingers crossed). What I wanted to ask is when should I start searching for my next property, I have about 50k that I can use as a DP for it.Should I see this first renovation through and get it rented first? I have a high income from my W2 and excellent credit to get another loan. I also thought of the idea to buy a condo for cash in the Lithonia or Union City areas and do some cosmetic upgrades and rent it as well. I welcome any advice you guys can provide.

[Mitch Messer]

Hi @Adrian Wooten and welcome to BiggerPockets!

Yes, as an investor, you should always be looking for your next deal, particularly in a competitive market like Metro Atlanta! Great deals won't wait until you're ready to take them down...

I'm not a fan of condos, for a variety of reasons, but the more deals you consider the easier it will be for the cream to rise to the top and overshadow the more marginal "opportunities."

As long as your investment decisions are guided by the financials, there's no such thing as too many killer deals!