All Forum Posts by: Brenden Mitchum

Hey @Christian Francois

I promise, you do not need a mentor! If you want a mentor, there are plenty of paid options out there. However, you will not find a "free" one by posting on sites like this. You best bet would be to network you but off, both online and in person. Eventually you will find someone who is experienced and looking for help in their business. If you can show them that you have value to add to their business, they will likely take you under their wing to a certain extent. Many of us have had "mentors" like this in the beginning that have helped us get to where we are today. Many of us still have mentors and always will. However, I doubt any of us found mentors by asking for them, unless we were also prepared to pay for it. 

There are so many resources online, in books, at networking events, etc. that, honestly, you really don't need a "mentor," at least not in a traditional sense. Let the wealth of information out there be your mentor. You'll likely end up more well-rounded and unbiased that way too. That's where I would start; that's where most of us started - Learning. Trust me, if you've digested enough information, a path will begin to emerge. If you have no clue how to start, you likely just haven't educated yourself enough.   

And remember, you always have crowdsourced mentorship like BiggerPockets to ask questions. You won't always get an answer or at least not the one you were expecting, but it's a low-cost way to find answers to specific questions. 

Hope this helps a bit. Please, feel free to reach out anytime if you have other questions or just want to chat!

@Larry Sloan 

Serenity Home Inspections - tell 'em I sent you!

@Larry Sloan

This post is two years old so I no longer use the same company. However, happy to share who I am using now if you're interested! They're terrific for investors - my clients and I have used them a couple dozen times over the past year. Great price and quality/attention to detail. 

 Only 55"?! Take it back and get yourself a 70". You deserve it, my friend

Hey @Bryan Metz, welcome to the BP community!

Atlanta is a tough market to get started in, as you have already found out. However, this has been true for most major markets through COVID. We are finally starting to see a bit of loosening in the residential space here (doubt the same is true for commercial yet). Atlanta is still a great market with strong metrics. So, I would advise you to stick with it and focus on learning and building capital right now. Many folks take months to find their first deal and that's even in markets where supply isn't at all-time lows like here in Atlanta. 

No reason to extend yourself into markets you know nothing about when you're living in one of the strongest in the country. Your time and effort would be better spent learning what strategy best suites the market you're in: Lots of singe-family homes here; lots of folks looking for affordable housing; not a lot of affordable housing. Hm, maybe get into affordable housing? However, perhaps cash flow from Section 8 rent still isn't good enough to justify current prices. So, maybe rent by the bedroom (co-living). I've got clients doing just this, and most are investing here from out of state.. 

And what about house hacking? That's a no-brainer beginner investment strategy, especially when rents are skyrocketing. Lots of ways to house hack too so it's definitely possible to find one that fits your needs and the market. 

Just my 2 cents having lived and invested here the past few years. Hope this helps a bit. Please, feel free to reach out anytime if you have other questions or just want to chat!

@Derek Roche, now that's what I call house hacking! Props on the creativity and sacrifice! Although, maybe you're not sacrificing too much living in a bus...that tv is bigger than the windshield...

@Kimothy Bynum, a 4-unit would be awesome. Then you could test out LTR (long-term), MRT (mid-term) & STR (short-term) and see which fits the market and location best. All while you're still living there in the 4th unit!

Let us know how it all goes!

@Kimothy Bynum

I'm in Atlanta so quite a high demand for housing right now, especially mid-term housing for folks in the medical field. Highly recommend at least getting your space up on Airbnb to test the market. Do this a few months before you plan on moving out and make sure you set your nightly rate comparable to others in your area but be sure to check that your actual net would greater than if you just rented long-term. You'll also want to take into account that you'll need to buy all new furniture for your next place if you're leaving it there for the airbnb. But, the good news is it doesn't cost you anything to test the market like this except your time (make sure you stage for photos so it doesn't look too much like you're living there).

Splitting the two units into slightly different strategies may work better than just doing one or could show that you're better off going with the same strategy in both (obviously this will change with the market cycles). If you have the time to manage, you might even wanna try straight STR on your unit instead of mid-term.

Glad it's going well for you so far though! Are you planning on purchasing another house hack when you move out of this one??

Hey @Kimothy Bynum, stoked to hear your house hack is going well! 

Ours is going great so far. Been a couple years since we bought it and have only had to pay PITI a couple months that it was vacant. We even typically get enough to cover our utilities for the month so living essentially "for free" (until something breaks that is). We'll be moving out soon and renting out our side on Airbnb as a mid/long-term rental and are already booked for 8 months. Having only come out of pocket a small amount for downpayment (5%), closing costs and some repairs, our CoC will easily be in the high double digits (after factoring in repairs/maintenance). This strategy is just a no-brainer, regardless of current market cycle.

What about you? Would love to hear more about your house hacking journey!

@Christian Francois - Absolutely! Please feel free to reach out anytime. Best way to reach me is via text (see signature for my digits).