New member interested in REI from Tucker, GA

[Gamaliel M.]

Greetings BP!

My name is Marcus and I'm a new BP member living in Tucker, GA. I have a current W2 job that I enjoy and love but have always been interested in passive income and the flexibility it gives you. Couple months ago I learned about Bigger Pockets and after several intriguing podcasts, I decided Real Estate was the best way for me to create an additional stream of income. The niche that interested me the most, especially from listening to Podcasts, is Multi-Family. I've kept myself busy over the past couple months educating myself reading several books, and listening to more podcasts. My initial goal is to build a portfolio that cashflows $250k a year in 10 years.

Currently, I'm in the process of obtaining a HELOC, which combined with a cash on hand should net me around 100k to start. Right now I'm thinking to start small with a 2-4 unit multi and scale from there, or if the opportunity presents itself through networking, partner up with someone on a commercial multi-family. I know Grant Cardone preaches partnering and starting big but for now, I want to leave the starting small option open. The market in Atlanta for multi's does seem very hot. I've started to analysis properties of Redfin and the pickings are slim along with the cash flow and COC return. Luckily, I am in a position to be patient and wait for the right property that fits my criteria(strong cash flow, 12% COC return, decent neighborhood/no section 8). So far my target neighborhoods are Decatur, Norcross/Peachtree Corners, and Marietta/Syrmna/Kennesaw area. Has anyone had recent success with Multi-Family in ATL?

Excited to be here and looking forward to networking with all.

[Graham Lutz]

Hey @Gamaliel M.! Welcome to BP!  I'm in Peachtree Corners, have lived in/around Atlanta for 25+ years, watched real estate for 15+, and don't feel like I've ever seen this little inventory.  My sister is actively looking to buy in a personal residence in Peachtree Corners and we're seeing things that were $60K 3-4 years ago selling 10% above asking price within days and sometimes even hours of being listed.  That's not a competition I want to be part of haha!