complete my first buy and hold deal

[Tom Valichka]

I have successfully completed my first buy and hold in the north atlanta area a couple month ago! I had the loan already set up and ready to go for when i found the right place. The area i looked in had huge need for single family rentals.  Just through Zillow and a local real estate agent i found a place that had only been listed for 1 day, and the family was unfortunately going through a divorce, and moving. The home was listed far below value in the area so i was able to offer full price, but negotiated some closing costs in.  The deal went through and within 2 weeks i had the place rented for a 9% cap with intentions of raising to 9.5% percent next year.

So far so good! I put the renters through a screening process and there have been minimal hiccups and no damage to the home whatsoever.  Now, i just have to figure out how to secure more financing for more deals. I have my some family member wanting to back me for future deals so that should help on the financing side.  Trying to to decide whether to stick with single family in the areas that make sense to or go to multi-family.

I would love to link up with folks in the Atlanta area who are doing this on a much larger scale than myself! Please, if you are in the Atlanta regions reach out to me. I am always up for meeting up, having a beer, and talking business/markets!

Tom

[Margaret B.]

@Susanna B. This past winter, I investigated the possibility of a beach property to be thru AirBNB or VRBO in The Florida panhandle (especially Panama City) or Myrtle Beach, SC, etc. The numbers did not work; the HOA and 40% management fees threw the numbers into negative cash flow.

Instead, I purchased an NEW duplex near the University of Georgia.  although major maintenance is not anticipated, I budgeted for it anyway, and my estimated net cash flow figured was to be $900!  Needless to say, I'm very pleased and searching for something with similar results.