Just starting out

[Shana Taylor]

Hi. My Name is Shana and I just joined BP. Happy to be here! I have always been interested in real estate investing but have never known how to get my foot in. I just turned 28 and I right now, I am ready to learn more about how to get started and take necessary actions that would lead to me hopefully making my first deal. I live in McDonough, GA 30-40 minutes south of Atlanta. I have never owned a home myself let alone invested in one. The idea of house hacking with a multifamily unit interests me but only if it makes sense in the market I live in. Does anyone have any advice on where I should start?

[Matthew Kwan]

HI Shana,

It really comes down to what your long term goal on investing real estate. You want to invest just to have a place to live and potentially offsetting your mortgage payment by renting out the vacated rooms or having x amount of cashflow in the future? Looking into single family houses or multifamily, as there is an actual land that you own and potentially build ADU/DADU in the foreseeable future. However, if you build the ADU and not condomise it, they appraisal will only view it as a SFR and give you the rent as SFR at 75% if lease agreements is being used. If you want to maximize your max rents then if might be a good idea to condomise it so that you can get rents as two separate units. Since last year of November, Fannie and Freddie has allowed borrowers to put min 5% down for conventional loans and being able to invest multifamily up to 4units.

@Carlos Valencia @Albert Bui

[Julio Gonzalez]

It's great to have you here on BP, Shana! House hacking with a multifamily unit sounds like a smart strategy,

I'd recommend starting by checking out local market conditions and connecting with other investors nearby.

-Julio

[Mohamed Camara]

Quote from @Shana Taylor:

Hi. My Name is Shana and I just joined BP. Happy to be here! I have always been interested in real estate investing but have never known how to get my foot in. I just turned 28 and I right now, I am ready to learn more about how to get started and take necessary actions that would lead to me hopefully making my first deal. I live in McDonough, GA 30-40 minutes south of Atlanta. I have never owned a home myself let alone invested in one. The idea of house hacking with a multifamily unit interests me but only if it makes sense in the market I live in. Does anyone have any advice on where I should start?

 Welcome to BP! Joining this community was the first step and in my opinion the next step would be making some business cards and start going to REIAs close to you.  There you will meet all the players in the game and you will get a better sense of how to move forward and make contacts along the way.

[Samuel Diouf]

Welcome to BP Shana,

I personally think out-of-state investing is a top choice. You can invest in any market selecting the ones that you believe are seeing the most growth, and do it from anywhere. Once you get your systems down, you have a real estate business model that you can take to any market and be still be successful. I work with plenty of out-of-state investors who are seeing great success here in Ohio.

[Jimmy Lieu]

Quote from @Shana Taylor:

Hi. My Name is Shana and I just joined BP. Happy to be here! I have always been interested in real estate investing but have never known how to get my foot in. I just turned 28 and I right now, I am ready to learn more about how to get started and take necessary actions that would lead to me hopefully making my first deal. I live in McDonough, GA 30-40 minutes south of Atlanta. I have never owned a home myself let alone invested in one. The idea of house hacking with a multifamily unit interests me but only if it makes sense in the market I live in. Does anyone have any advice on where I should start?

Hi Shana, I'd recommend that you look into Columbus Ohio and as someone who works with a lot of out of state investors - there's so many catalysts for why you should invest here. Specifically, there's job growth (Intel, Honda, Amazon, Nationwide, etc) and the population is growing (unlike Cleveland or Cincy). I really see Columbus Ohio as an extremely safe bet for the next 10-20 years. Plus, there's still so many positive cash flowing and 1% deals here in Columbus Ohio. As a local investor and agent here in Columbus, let me know if you have any questions or want to connect!

[Regina Blake]

Hi, I am an Ohio Realtor. Ohio is a great place to invest in real estate. If you have any questions, please feel free to contact me. Thanks!

Regina Blake-Ohio Realtor

[Michael Dumler]

@Shana Taylor, you should 100% consider/explore house hacking before investing out of state. If you haven't already, read "The House Hacking Strategy" by Craig Curelop. Aside from the traditional example of acquiring a 2-4 unit property, there are other creative methods of house hacking. Connect with an investor-focused real estate agent who is well-versed and knows your market. I'm happy to chat! 

[Brandon Goldsmith]

If there is multifamily local to you, I would start with house hacking. Especially if you live outside the major city, then the price points should be more affordable. @Shana Taylor

[Wale Lawal]

@Shana Taylor

Investing in real estate in McDonough, GA is full of chances for those aiming to meet their money goals. Start by learning the real estate basics, study the market, set your goals, get a team of experts, make friends in the field, look into how to pay for it, begin small then grow, do deep checks, and go for it. By knowing the McDonough and Atlanta home markets, you can make smart choices about house prices, how much rent to ask for, and where growth is likely. If you're into house hacking or other ways to invest, picking the right home and doing a deep check before you buy is key. Remember, putting money into homes needs patience, care, and never stopping learning.

Good luck!

[Melanie Thomas]

Hi Shana, welcome to BP! Congratulations on making the leap. I would start by connecting yourself with other investors locally and really get to know the market. Multifamily house hack would be a great start! Good luck & happy investing! 

[Josh Bowser]

Shana - first place to start is having the conversations with people you know in the real estate business and see what advice they have to offer. Second would be connecting with RE folks in your local market either in person or here on BP.

I think house hacking in McDonough is a great place to start. I'd drive around the and find a few multifamily communities that you could see your self living.

From a financing perspective, new agency guidelines are allowing for a 5% down conventional loan product on properties less than four units. To be honest, your cost to get in a duplex would be right around the cost to get into a SFH in that area.