Looking for Experienced ATL Investors for Apartment Rental Advice

[Emily Allen]

Hey Everyone! I haven't been here for a while. My husband and I have been steadily expanding our little rental business. We have been focusing on single family houses, buy old ones, fix them, and rent them out. We feel pretty comfortable about this category. However, husband is thinking about mid-size apartments recently and possibly quitting his job! This is a big step for us. We've done our spreadsheet several times but still feel uncertain. We would love to have someone to look over our plan for us. Happy to buy coffee or pay consulting fees. If you know Atlanta market well, if you have experience in commercial apartment rentals, please reach out! 

[Rob Rice]

Welcome Emily. I will give you the advice that I give most people. Get to a REIA. Please, Please, Please, Get to a REIA. Be cautious also about who you take advice from, and how you word your post. I just don't want to see you get taken advantage of. I have met people who could easily peg you as someone to sell a deal to that isn't a deal at all on the apartment side.

Now that I have that out of the way.....

Evaluating apartments is actually easier to do than single family homes in my opinion.  

This is simply because the numbers are there on I and E Statement. Apartments are valued by the amount of cash they throw off. The ROI, Cash on Cash return, and the NOI. Its that simple.

If you know your goals going in... IE...buy and hold for cash flow, force appreciation, value add, wholesaling for fast cash, syndication, sandwich lease options, etc, you will be fine. Determine that first. Pick a strategy and get the info. Then when your comfortable.... Pull the trigger. The REIA will have plenty of investors who deal in apartments. The REIA will also have people there with all the training, networking, info, and money you may need to get rolling.

When I wholesale apartments I have found that Atlanta market cap rates are all over the place. It can vary depending on the are of the city. When I don't know the area that good, I will usually go to my REIA, network, and find an agent. A CCIM, and simply ask them about rates in the area where I'm working. If they are experienced, they usually know buyers in that market. This works great because you have someone who is not only an agent, but is involved hands on with investors in one shape or form.

As far as Hubby leaving the job.  Just remember that boldness is always rewarded if it has a plan, and a goal.....Notice I said Plan....and Goal...lol.

As far as someone looking at your spreadsheet, whatever it has on it.... I would suggest finding a proven and experienced mentor, recommended through someone at your REIA, that agrees with your personality, and spirit.

I have personally paid thousands over the years for different courses learning the commercial side of the business, and can honestly say that you don't need to.  Find someone who is really agreeable to you that can train you right, and take massive action to achieve your goals.  

If you want some first hand feedback on a few of the ones I have bought feel free to reach out.

Good Luck.