Residential Multifamily in Atlanta Area

[Anye Wanki]

Hello everyone,

I am very new to Real Estate and excited! I am partnering with my cousin to begin and then expand our RE portfolio. We are looking to purchase a Quadplex in the Atlanta area to househack by the end of March. The locations we are interested in are Atlanta, West of Atlanta till Douglassville (Austell, Mableton etc.), Northern Atlanta (Furthest Smyrna), South (College Park, Riverdale, East Point). Our goal by the end of 2021 is to have 6 doors.

The current step we are on is getting preapproval and then reaching out to a real estate agent. I would like to know other people's experiences with the ATL market and any tips you may have for Triplex/quadplex units in the area as I have searched online and don't find too many.

Thanks!

Anye Wanki

[Brenden Mitchum]

Hey @Anye Wanki, welcome to the BP community!

My tip would be to start sourcing off-market deals. Here in Atlanta the small MF supply is incredibly low and I don't see that changing anytime soon. Getting a cash flowing duplex on-market is tricky enough but tris and quads are practically unheard of. 

Now, that does not mean they aren't around. There are tons of small MF in the Atlanta area but most just don't make it to market before they are sold. This is why you will either want an agent who has access to off-market deals, especially small MF, and/or you will want to start building your own off-market lead gen. 

Another thing to keep in mind as you start this journey is that much small MF here in the Atlanta area is non-conforming, i.e. a duplex with an un-permitted basement finished into a third unit. This is a deal breaker for some but not for others so it is a good idea to look into this further so that when you inevitably come across one you'll know what to do. 

Hope this helps a bit! Please, feel free to reach out to me anytime if you have other questions or just want to chat!