All Forum Posts by: Andres Munoz

@Josh Bowser, thanks for the tip, and I'm glad you guys didn't get into any trouble! Would you happen to know any professional that you'd be able to recommend for the lease stuff? (Whenever it's time to prepare one)

0 Votes

Atlanta, Georgia

@Adah N. Interesting. I will have to research what are the rules on Marietta then, since that's where I've been wanting to find a property. The area seems nice enough to live in for a house hack. Thanks for the heads up, Adah!

0 Votes

Atlanta, Georgia

@Michael Dumler, seems like now Cobb county has limited that way too much. Taken from Cobbcounty.org:

"A dwelling unit consists of one or more rooms which are arranged, designed or used as living quarters for one family including up to one unrelated adult, or two or fewer unrelated adults and their children and/or grandchildren."

Which basically would make Cobb county not that great for renting by the room, unfortunately. Also, I sent you a direct message!

0 Votes

Atlanta, Georgia

Hello,

I've been looking to get started into Real Estate investing by house hacking. I am currently in Roswell area and have been looking in different areas nearby for potential opportunity. Just wanted to check in case anybody here would have any insights on whether or not Cobb county would be a good place to House Hack by the room?

2 Votes

Atlanta, Georgia

Hello,

I was just wondering if anybody here has had any experience with a corporate tenant and whether these tend to be great or not so great deals? I've been seeing a few properties in my buy box being sold with master lease to corporate tenants and the numbers seem to be too good to be true!

0 Votes

Quote from @Grant Vincent:

@Andres Munoz, Technically, this type of deal can work anywhere if the numbers make sense and there are big projects happening in different pockets that will create/drive demand. But I agree, those smaller cities are pretty far. The closer to ATL and the main suburbs, the more you will capture the “general” demand (important for exit). Of course, there may be less expensive deals in those more distant towns. As always, be sure you know your strategy fits your needs.

Thanks for your perspective, Grant. I will now narrow my search to places closer to ATL and the main suburbs for sure!

0 Votes

Atlanta, Georgia

Quote from @Michael Dumler:

@Andres Munoz, depends on the property and location, but I have had clients do it both ways. One of my clients recently converted the basement space into a separate studio unit that he lives in, and rents out the top portion of the home as an LTR. I've also had clients who have lived in the main dwelling and rented the in-law suite as a furnished STR on Airbnb. Again, it depends on the property and what you're comfortable with. The way you're analyzing house hacking is similar to my approach, I would not expect the property to cash flow positive while living there. For my house hack specifically, I have roommates that cover the majority of my mortgage but I still have some monthly out-of-pocket expenses. Still a much better option than renting elsewhere and paying for someone else's mortgage. You need to analyze the deal after you move out. Even though it might be years away, ask yourself how the property would perform after you move out. 350k-360k will give you many options for single-family homes. From an appreciation standpoint, I would advise looking at submarkets close to the City. LaGrange and Demorest are pretty damn far out. Have you been pre-approved yet? What does your current living situation look like? Are you renting?

Hey Michael, thanks for the response. I now understand what you mean when you say the property won't cashflow while I live in it, and in my analysis I am always considering myself as a tenant also. If even after doing so the deal doesn't even break even, then I don't consider that deal worth looking into. Thanks for your perspective on looking closer to the city, and to answer your last question, I am currently renting and I am soon going to go through the pre-approval process.

0 Votes

Atlanta, Georgia

Quote from @Ben Firstenberg:

Hey Andres, I've also been looking for a house hack and it's tough these days isn't it? I'm optimistic the market will improve in the next few months. Don't feel bad if you're not finding anything, the rest of us are having trouble too.

Hello Ben, thanks for the optimism! I hope your beliefs are correct and that the market improves in the next few months!

0 Votes

Atlanta, Georgia

Quote from @Steven Foster Wilson:

Quote from @Andres Munoz:

Hello,

My name is Andres (you may call me Andy), I'm a single full-time employee who's been working for the same company for the last 10 years, ever since I got hired and brought here fresh from university.

I'm looking to get into Real Estate as it really seems to be the better option to genuinely achieve financial freedom, I'm not looking to become rich, I'd just want to be able to retire from the 9 to 5 and be able to focus on other activities that are fulfilling for me.

My current plan to get started is to house hack, ideally in a multi-family, or either renting / living in the basement of a single family if nothing else becomes available. Been looking at the MLS / Zillow (Georgia) listings everyday and running the numbers. Read Zuber's and Turner's books this month and have analyzed over 50 properties in search of a good deal so far. Found two but they were taken pretty quickly, which was exciting since it showed me my analysis is going on the right path. Right now it seems most deals won't work for me, but I will be constantly in the lookout.

This is all so new to me, it's requiring a massive shift in mindset... I am scared, my family most likely won't support this decision, but this motivates me to prove them wrong and make them proud in the end.

Hope to meet the right people who can help me in my journey, so that I can also help others in the future. I'd kindly appreciate any tips from any experienced people.

God bless you all, hope you have a wonderful week.

Hi Andres, welcome to BiggerPockets! This is for sure a great platform for networking. I always recommend the book “Rich dad, Poor dad” by Robert T. Kiyosaki to anyone starting out. Start listening to the BiggerPockets podcast starting at the very beginning. Start growing your network, look on Facebook/BiggerPockets for different events, find a mentor doing what you want to do, and get to know the local lenders/brokers.

FHA is a great starting point, be sure to talk with local lenders about their first time home buyer programs, some have 0% down, no PMI, etc. House Hacking can allow you to get started with appreciation and cashflow with very little down, you can even BRRRR it like I did if you add value! You can find more information about house hacking from this link here: https://www.biggerpockets.com/... best of luck on your real estate journey! Hope this helps.

Hello Steven, thanks for the input. I have already read Rich Dad, Poor Dad and Rich Dad's Guide to investing, which helped turn my mind more seriously into Real Estate!

I will check out the link you provided and thanks for the good wishes!

1 Vote

Atlanta, Georgia

Quote from @Michael Dumler:

@Andres Munoz, if the goal is to house hack, start including single-family homes that have an in-law suite in your search criteria. These types of properties can be great for short-term rental use and are often less competitive than acquiring small multifamily. Depending on who you speak with, the purpose of house hacking is to limit your current living expenses. Do not expect the property to cash flow significantly on day one. Moreover, as you continue to analyze deals, make sure you are accounting for your exit strategy. AKA will the property perform well as a rental after you move out? If you're not working with an investor-focused agent, I advise that you connect with one to go over your goals and plans. What specific ATL submarkets have you been looking at? As someone who is currently house hacking and has helped others acquire house hack deals, feel free to reach me via cell or email if you have any questions (contact info is listed in my bio).

Hello Michael, thank you for the tip on searching an in-law suite. If you were to house-hack a property like this, would you seek to occupy the main home and rent the in-law suite or do it the other way round?

Regarding your point on the exit strategy, I've been analyzing the properties I'd like to house-hack with, considering as if I would also be paying rent to myself. Would you say this is a good idea to gauge how would the property perform the moment I move out? I haven't reached out to an investor-focused agent, although I did reach out to one and spent a good amount of time last Friday going through my goals and plans, she seemed to have fun in the activity but I felt she wasn't too excited about the fact I was being very strict with the numbers I'm looking for.

I'm not sure if this is a correct answer to your question regarding the submarkets, so let me know if this is not what you mean, but I've been looking for properties on and below the house median price which right now I believe is $359,142.00 so I just round it to 360k. Mainly looking around Atlanta, Marietta, Roswell, Alpharetta, Decatur, LaGrange and been suggested to look into Covington since a new factory is being built there, maybe Demorest and McDonough.

Thank you so much for offering to help me with any questions. I will surely keep this in mind and reach out whenever I can make good use of your time and expertise!

0 Votes

Atlanta, Georgia

All Forum Posts by: Andres Munoz

Andres Munoz has started 3 posts and replied 11 times.

Post: How good is Cobb County for House hacking? (Marietta, GA)

Post: How good is Cobb County for House hacking? (Marietta, GA)

Post: How good is Cobb County for House hacking? (Marietta, GA)

Post: How good is Cobb County for House hacking? (Marietta, GA)

Post: Thoughts on "Corporate Tenants"?

Post: Aspiring Investor in Atlanta, GA

Post: Aspiring Investor in Atlanta, GA

Post: Aspiring Investor in Atlanta, GA

Post: Aspiring Investor in Atlanta, GA

Post: Aspiring Investor in Atlanta, GA