Updated over 5 years ago on .
Advice to get started (Atlanta area)
Hello All,
I to get your opinion on getting into purchasing rental property in the Atlanta area. My current townhome in East Point is appraised at 125k and I owe 45k on it. That gives me roughly 55k in equity to take out. I was thinking about using the 203k loan to rehab a quad and owner occupy.There are a few in the city (College Park and Clarkston) for around 200-250k.
First,does this seem like a sound plan?
If so what should be my next move after the quad? Flips until I can use the 203k again? Purchase SFH using the Homestyle loan? Another multifamily using a conventional loan?
Are quads better than dupe/triplexes really?
Should I AirBNB my current space or regular rental?
My credit is 750 and my salary is 190k. I do have 2 kids and most the multifamilies are 2bd but I think we can survive for a year.
I know this as lot but I'm just trying to plan my steps. This is a substantial amount of money to me and I want to use it in the best way possible to start building wealth. Any feedback would be greatly appreciated.
I to get your opinion on getting into purchasing rental property in the Atlanta area. My current townhome in East Point is appraised at 125k and I owe 45k on it. That gives me roughly 55k in equity to take out. I was thinking about using the 203k loan to rehab a quad and owner occupy.There are a few in the city (College Park and Clarkston) for around 200-250k.
First,does this seem like a sound plan?
If so what should be my next move after the quad? Flips until I can use the 203k again? Purchase SFH using the Homestyle loan? Another multifamily using a conventional loan?
Are quads better than dupe/triplexes really?
Should I AirBNB my current space or regular rental?
My credit is 750 and my salary is 190k. I do have 2 kids and most the multifamilies are 2bd but I think we can survive for a year.
I know this as lot but I'm just trying to plan my steps. This is a substantial amount of money to me and I want to use it in the best way possible to start building wealth. Any feedback would be greatly appreciated.