I am new to REI and have read enough books that I feel comfortable moving forward to acquire my 1st property. My goal is to rehab a single family residence in the Kennesaw area no later than July so I can begin renting to college students for the Fall 2022 semester. I welcome any recommendations for real estate lawyers, accountants, general contractors, handymen, property managers and insurance agents.
Sorry, I'm in Ohio (and second one is in Indiana) so no advice on wholesalers. I lucked into REOs on the MLS for both of these- working thru the listing agent- although it was a lot harder in today's market than 4 years ago.
Rentals in areas surrounding college campuses is a very popular and creative strategy due to the endless demand that can be available. It is a strategy my utilizes as well.
However, Kennesaw is an area that might be more suitable for leasing to other options as well and it may narrow your tenant pool to market exclusively to students.
That being said, if you are dead set on utilizing this strategy, I would recommend other nearby markets surrounding universities such as GSU, Georgia Tech, Emory or the University of Georgia.
Thank you Trent for the feedback. My LT goal is to scale up in the areas you suggested. However, with my son going to KSU, I thought the easiest/safest way to get my feet wet on the 1st one is to start up there where he can bring in some buddies no prob. Also, in utilizing the BRRRR strategy, I would rehab the SFI so it could be appropriate for more than a student population, thus diversifying my potential tenant pool if need be.
If you are looking for property management, feel free to send me a PM and we can discuss it. I have a small'ish portfolio I currently manage and am always happy to expand the business.
Also, always looking to expand my network of likeminded REIs. I currently own 2 townhomes and 3 duplexes in the Woodstock / Kennesaw area.
I'm doing this with my first daughter, and just starting fixing up another house for my next daughter for the fall. The nice thing about buying a dump and fixing it up is all new systems = low maintenance when they move in. Be aware, though, that we are signing leases now for Fall 2023. This depends on college but around here, most students are already looking to lock down fall housing. Good luck!
I'm doing this with my first daughter, and just starting fixing up another house for my next daughter for the fall. The nice thing about buying a dump and fixing it up is all new systems = low maintenance when they move in. Be aware, though, that we are signing leases now for Fall 2023. This depends on college but around here, most students are already looking to lock down fall housing. Good luck!
Thanks for the well wishes! Definitely nice starting off with all new systems. I know I'm trying to get in at the last minute but I've got to take the plunge at some point. I figure worst comes to worst in acquiring a BRRRR property (nothing on the market in the area and I am contacting wholesalers now) and rehabbing it too late is that I turn it into a normal single family rental thru July 2023 and let the tenants know I will not be renewing the lease. And, then I would lock in students early 2023.
If you are in the Atlanta area, are there any wholesalers you would recommend?
Sorry, I'm in Ohio (and second one is in Indiana) so no advice on wholesalers. I lucked into REOs on the MLS for both of these- working thru the listing agent- although it was a lot harder in today's market than 4 years ago.
Hi! I volunteer my dad as a general contractor or handyman for any maintenance or renovations you need. He's a jack of all trades and can do electrical, plumbing, and general carpentry. He lives 10 mins from KSU, off of Bells Ferry Road and Barrett Pkwy. He's currently my go-to person for all of my investment property needs. He is semi-retired so he definitely beats a lot of competition pricing out there with oberheads. Would love to connect you and get you a quote when you're ready.
Hi! I volunteer my dad as a general contractor or handyman for any maintenance or renovations you need. He's a jack of all trades and can do electrical, plumbing, and general carpentry. He lives 10 mins from KSU, off of Bells Ferry Road and Barrett Pkwy. He's currently my go-to person for all of my investment property needs. He is semi-retired so he definitely beats a lot of competition pricing out there with oberheads. Would love to connect you and get you a quote when you're ready.
Thank you very much! I would like to get in touch with him and get more information. I am currently at a roadblock unable to find a BRRRR ready property and so have put my feelers out to a number of wholesalers. Hopefully I can make use of him sooner than later. Please send me his contact info. Thanks again
As you've probably noticed, lots of folks do this. However, you should be aware of the risks involved. Obviously, there are higher maintenance costs associated with college housing. But, the risk I'm talking about is with the County. Cobb County has a very strict occupancy law for single family homes: No more than two unrelated adults in a SFR. I believe they limit number of cars in the driveway too. The city of Kennesaw may be different so my first step would be to check with them.
Probably not what you wanted to hear but it's always good to be aware of all risks with any investment so that you can make an educated decision. Please, feel free to reach out anytime if you have any questions or just want to chat!
As you've probably noticed, lots of folks do this. However, you should be aware of the risks involved. Obviously, there are higher maintenance costs associated with college housing. But, the risk I'm talking about is with the County. Cobb County has a very strict occupancy law for single family homes: No more than two unrelated adults in a SFR. I believe they limit number of cars in the driveway too. The city of Kennesaw may be different so my first step would be to check with them.
Probably not what you wanted to hear but it's always good to be aware of all risks with any investment so that you can make an educated decision. Please, feel free to reach out anytime if you have any questions or just want to chat!
Definitely not what I wanted to hear but I'd rather find reality out beforehand than afterwards . . . because I will find it out! I very much appreciate that. So . . . can you point me in the right direction of where to find landlord/tenant laws for Cobb County and the city of Kennesaw? I have scoured the internet, called several Cobb county offices and no one can tell me where to go. But . . . being this is the case then I won't be able to do what I want in Cobb County. Any possibility you know what the "unrelated SFR" rule is for Fulton, Decatur or Carroll - or where to find that?
You should be good with just the GA tenant/landlord laws. You can find these pretty easily online. These laws don't really relate to the occupancy laws and are set at the state level, as far as I know.
The occupancy law for Fulton and Dekalb County are both 6, I believe. However, the city of Atlanta is higher but also kind of confusing. I've been told it's 10 but don't hold me to that! The best way to find occupancy laws for each city/town is to call the planning/zoning department. They should be able to point you in the right direction.
You should be good with just the GA tenant/landlord laws. You can find these pretty easily online. These laws don't really relate to the occupancy laws and are set at the state level, as far as I know.
The occupancy law for Fulton and Dekalb County are both 6, I believe. However, the city of Atlanta is higher but also kind of confusing. I've been told it's 10 but don't hold me to that! The best way to find occupancy laws for each city/town is to call the planning/zoning department. They should be able to point you in the right direction.
Thanks to all who have chimed in. I contacted Cobb County zoning and although the person could not find the exact language he was pretty sure it was limited to 2 unrelated members per SFH. However, city of Kennesaw zoning does not adhere to Cobb County limits. And I just confirmed with Kennesaw zoning that the unrelated SFH occupancy is only 3 persons. So, I had wanted to start up in Kennesaw as my son goes to KSU and I would offer him free rent in exchange for bringing over his buddies. However, being it is limited to 3 unrelated occupants, then I don't think my goal of cash flowing a minimum of $1000 per unit is easily attainable. Does anyone have any comments? Of course it does come down to the figures - mortgage, insurance, landlord insurance, monthly expenses, vacancy rates (which apparently is very little for college students) and cap ex (did I leave anything out?) - but my gut feeling is I really need about 4 renters to conservatively cash flow $1000. And so, I think I need to shift my focus into acquiring BRRRR ready units in Atlanta where unrelated occupancy rates are apparently much higher. Any comments???