My suggestion is to find an agent that specializes more broadly in out-of-state investing so you aren't tied to one market if you are new and not sure exactly why you're going to that market. I do this for people- I live in CA and help people buy out-of-state-- different markets are better for different people-- but even if you don't work with me, there's others out there.
Unless you're set on Atlanta for some reason. I'm from there and most of my properties are there, but I don't recommend it as a market for others anymore right now.
Curious as to why you don't recommend it anymore now? We just bought a brand-new rental property out in Winder (ENE of Atlanta, about halfway towards Athens), and it's our first foray into being landlords! Everything out there seems to be growing. In fact, we fell in love with the area, found a smaller place (a 1.5-story ranch in the same general neighborhood), bought that too, and are moving there from NYC in about six weeks, selling our NYC condo.
(We picked Winder because my sister and her husband live there and they were happy to help find and get us started with a place.)
Well if you're moving there anyway, certainly check stuff out around there. But for any out-of-state investors who aren't set on any particular market and just want good deals, I believe there are just better deals in other markets and with less saturation. Nothing wrong with Winder or any good deal you find there though.
Antoine, I’m looking at the Atlanta area. I live in California. I’m not new to investment properties (I own a few in my own state). But this would be the first time seeking out-of-state investment properties for me. Thanks!
Real Estate Agent · Woodstock, GA · Member since 2018 · 254 posts · 255 votes
7y
@Zhong Zhuang What area of Atlanta and what price point? Atlanta is a big market, I have sold all over. My preference is outside of the perimeter north.
@Matthew Nicklin Thanks Matthew! I actually don't have a strong preference in terms of the area. I went to Georgia Tech so I knew a bit about that area. But that's about it. I'm pretty flexible regarding price point. I'm open to suggestions.
Real Estate Agent · Woodstock, GA · Member since 2018 · 254 posts · 255 votes
7y
@Zhong Zhuang Most of Atlanta is pretty hot right now, things are going well for Atlanta. What are you looking for? Buy and hold opportunities or fix and flips? Single family or multi-family?
@Matthew Nicklin I don't think I'm looking for fix and flips, as those probably consume too much time and energy, which I'm not sure I have at this moment. :) I'm more looking for buy and hold opportunities that generate reasonable income in the meantime. I'm open to both single family and multi-family.
Investor · Atlanta, GA · Member since 2014 · 112 posts · 80 votes
7y
Hey @Zhong Zhuang, I work all over Atlanta and manage a lot of properties for out of state investors. I'll shoot you a PM as well. We do a lot of work around the GA Tech area.
Yes, I work with an investor-focused super-agent/broker here in Atlanta! Aside from being responsive and knowledgeable, she is also an experienced landlord and property manager and an expert in lease/purchase and owner financing. We recommend her to all our out-of-state and overseas clients.
If you'd like, I'll gladly make a warm introduction for you if you connect with me here on BP!
For the record, I receive ZERO compensation for making this referral!
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
7y
My suggestion is to find an agent that specializes more broadly in out-of-state investing so you aren't tied to one market if you are new and not sure exactly why you're going to that market. I do this for people- I live in CA and help people buy out-of-state-- different markets are better for different people-- but even if you don't work with me, there's others out there.
Unless you're set on Atlanta for some reason. I'm from there and most of my properties are there, but I don't recommend it as a market for others anymore right now.
My suggestion is to find an agent that specializes more broadly in out-of-state investing so you aren't tied to one market if you are new and not sure exactly why you're going to that market. I do this for people- I live in CA and help people buy out-of-state-- different markets are better for different people-- but even if you don't work with me, there's others out there.
Unless you're set on Atlanta for some reason. I'm from there and most of my properties are there, but I don't recommend it as a market for others anymore right now.
Curious as to why you don't recommend it anymore now? We just bought a brand-new rental property out in Winder (ENE of Atlanta, about halfway towards Athens), and it's our first foray into being landlords! Everything out there seems to be growing. In fact, we fell in love with the area, found a smaller place (a 1.5-story ranch in the same general neighborhood), bought that too, and are moving there from NYC in about six weeks, selling our NYC condo.
(We picked Winder because my sister and her husband live there and they were happy to help find and get us started with a place.)
Real Estate Broker · Lexington, KY · Member since 2017 · 135 posts · 139 votes
7y
@Zhong Zhuang my team and I work with a ton of out of state investors to capitalize on the Fayetteville, NC (Ft. Bragg) market... turn-key, BRRRRs, airBnBs & flips (SF, MF & commercial).
We all personally invest so we understand the mindset, how to run numbers, and have the external team in place (contractors, property management, lenders, insurance, etc).
Realtor · Athens, GA · Member since 2017 · 336 posts · 123 votes
7y
I am in Athens Ga. And all thought my market is shrinking rapidly there is still plenty of opportunities in the surrounding areas. Winder being one of them @James Craig Burley . I actually come across a lot of wholesale deals in that area! By the way congratulations on your entrance into the buy and hold lifestyle.
I am in Athens Ga. And all thought my market is shrinking rapidly there is still plenty of opportunities in the surrounding areas. Winder being one of them @James Craig Burley . I actually come across a lot of wholesale deals in that area! By the way congratulations on your entrance into the buy and hold lifestyle.
I am in Athens Ga. And all thought my market is shrinking rapidly there is still plenty of opportunities in the surrounding areas. Winder being one of them @James Craig Burley . I actually come across a lot of wholesale deals in that area! By the way congratulations on your entrance into the buy and hold lifestyle.
Thanks!
You are very welcome, let me know if you need any help.
I am in Athens Ga. And all thought my market is shrinking rapidly there is still plenty of opportunities in the surrounding areas. Winder being one of them @James Craig Burley . I actually come across a lot of wholesale deals in that area! By the way congratulations on your entrance into the buy and hold lifestyle.
Thanks!
You are very welcome, let me know if you need any help.
I need tons of help, frankly! But I hope to get on top of things soon.
We've found what seems to be a good lawyer in town (met with him a couple of weeks ago while we were in Winder), and he and our family there recommended a CPA to handle our LLC, transferring our property into it, etc.
Beyond that, there's quite a long list of things to take care of large and small, and I'm still climbing the huge learning curve here -- and enjoying it, but am not convinced I can move quickly, certainly, and effectively enough on this compared to the pros.
Seems like the big questions are, should we find someone to help get the place ready and on the market? (Would that be a broker, an agent, or what?) And, should we find a property manager, instead of going DIY on this, which is certainly rather challenging while we're still living in NYC for the next 6 weeks or so?
FYI, the property is much larger than we had planned -- over 3,000 square feet, plus an unfinished basement. But it really "spoke" to us, even though it's way too large for us to ever live in (which "everybody" told us should be an important criterion for one's first rental property, "just in case"). Because there are so many positive aspects to it, we've been advertising it (in a very limited way so far) as "Executive Living"; so, as much as I'd love to DIY when it comes to property management, I suspect whoever we find as Tenant(s) (we might split the upstairs two floors from the basement in another year or so) will reasonably expect a higher level of service than I'd be able to offer, given my relative lack of experience in this field.
(Feel free to PM me with any ideas or recommendations that seem too specific to share on the forum.)
My suggestion is to find an agent that specializes more broadly in out-of-state investing so you aren't tied to one market if you are new and not sure exactly why you're going to that market. I do this for people- I live in CA and help people buy out-of-state-- different markets are better for different people-- but even if you don't work with me, there's others out there.
Unless you're set on Atlanta for some reason. I'm from there and most of my properties are there, but I don't recommend it as a market for others anymore right now.
Curious as to why you don't recommend it anymore now? We just bought a brand-new rental property out in Winder (ENE of Atlanta, about halfway towards Athens), and it's our first foray into being landlords! Everything out there seems to be growing. In fact, we fell in love with the area, found a smaller place (a 1.5-story ranch in the same general neighborhood), bought that too, and are moving there from NYC in about six weeks, selling our NYC condo.
(We picked Winder because my sister and her husband live there and they were happy to help find and get us started with a place.)
Well if you're moving there anyway, certainly check stuff out around there. But for any out-of-state investors who aren't set on any particular market and just want good deals, I believe there are just better deals in other markets and with less saturation. Nothing wrong with Winder or any good deal you find there though.
I am in Athens Ga. And all thought my market is shrinking rapidly there is still plenty of opportunities in the surrounding areas. Winder being one of them @James Craig Burley . I actually come across a lot of wholesale deals in that area! By the way congratulations on your entrance into the buy and hold lifestyle.
Thanks!
You are very welcome, let me know if you need any help.
I need tons of help, frankly! But I hope to get on top of things soon.
We've found what seems to be a good lawyer in town (met with him a couple of weeks ago while we were in Winder), and he and our family there recommended a CPA to handle our LLC, transferring our property into it, etc.
Beyond that, there's quite a long list of things to take care of large and small, and I'm still climbing the huge learning curve here -- and enjoying it, but am not convinced I can move quickly, certainly, and effectively enough on this compared to the pros.
Seems like the big questions are, should we find someone to help get the place ready and on the market? (Would that be a broker, an agent, or what?) And, should we find a property manager, instead of going DIY on this, which is certainly rather challenging while we're still living in NYC for the next 6 weeks or so?
FYI, the property is much larger than we had planned -- over 3,000 square feet, plus an unfinished basement. But it really "spoke" to us, even though it's way too large for us to ever live in (which "everybody" told us should be an important criterion for one's first rental property, "just in case"). Because there are so many positive aspects to it, we've been advertising it (in a very limited way so far) as "Executive Living"; so, as much as I'd love to DIY when it comes to property management, I suspect whoever we find as Tenant(s) (we might split the upstairs two floors from the basement in another year or so) will reasonably expect a higher level of service than I'd be able to offer, given my relative lack of experience in this field.
(Feel free to PM me with any ideas or recommendations that seem too specific to share on the forum.)
If you are looking for someone to get your property ready for the market. Then you will need a project manager. Most real estate agents and brokers do not help home buyers sellers to do that.
What it sounds like to me is that you want to invest remotely. If that is the case you need to find boots on the ground. Someone who benefits from you benefiting. Partnering up with someone would be the ideal way to do this. I wouldn't suggest family or friends. But a recommendation from them would be great. Then I would talk to my lawyer and ask him to help me and that person set up an operating agreement.
You do need a good realtor who will send you detailed pictures and videos of the property. However, if you had a project manager that you trust you could bypass this step or ask him to send you the videos.
As far as property management is concerned. If you are in a position where you employ an assistant or a secretary a lot of the day to day can be handled by them, all you would have to do is find contractors to fix problems. But again you run into the same problem of trusting that you are calling the right people.
I use property management for my rental because I do not like to be the person who receives phone calls and I do not wish to deal with evictions.
Did this answer some of your questions? Ask more if you have more.
Thanks, that's very helpful! I've already bought the property and nearly readied it, thanks to my local boots on the ground, as you say. Am in town right now, making further progress.
But I agree it makes sense to call on the pros at this point. Although I'm enjoying learning about this field, will be moving here (ATL) in 6 weeks, and have lots of free time these days, the property will likely have tenants who expect and deserve a higher level of service than I'd be able to provide.
And being on-call 24x7 isn't terribly appealing either! Though maybe moreso than when I was on call at my last job (as a software architect, no less), because at least now it's "my" business to lose sleep over, not someone else's.
Thanks, that's very helpful! I've already bought the property and nearly readied it, thanks to my local boots on the ground, as you say. Am in town right now, making further progress.
But I agree it makes sense to call on the pros at this point. Although I'm enjoying learning about this field, will be moving here (ATL) in 6 weeks, and have lots of free time these days, the property will likely have tenants who expect and deserve a higher level of service than I'd be able to provide.
And being on-call 24x7 isn't terribly appealing either! Though maybe moreso than when I was on call at my last job (as a software architect, no less), because at least now it's "my" business to lose sleep over, not someone else's.
I agree. No matter what you decide to do you will always have to manage people. That being said if you train the people you deal with to the way you CONSISTENTLY do business then it doesn't matter if you are the one who is on call or if some company is.