All Forum Posts by: Grant Vincent

Brittany, welcome (early) to Atlanta! First, let me say I love the idea of a duplex BRRRR or buying a multi-unit property. In general, I say buy a good investment deal when the opportunity presents itself. Bonus if you can live in it, too!

I'm a broker and Atlanta native. I grew up in Alpharetta and currently live and work in Alpharetta but have lived in Grant Park and East Atlanta (both are next to Cabbagetown), Decatur, Brookhaven, Dunwoody, Cumming, Roswell...and...my mother lives in Martin's Landing! I have advice on how to select the right part of town and pick the right home; however, buying a home is a very individual decision and it is a "major decision". 

Before personally diving into real estate, I heard some old wisdom suggest not buying a home within 6 months or a year of another major life event (marriage, new job, new city, new baby, etc.). This idea may be challenged by the "real estate machine", but you have several overlapping major life events. No harm renting here for a short time while you get your bearings in a new city. That said, we bought our home immediately after having our first child and we're doing just fine. If I had to move across country to an unfamiliar city, I'd sell/purge almost everything I own to simplify the move and I'd strongly consider renting. There are a lot of apartments and short-term rentals geared toward longer stays like corporate rentals (furnished) and AirBnB rentals (furnished) are becoming more prevalent. Properties (rentals and purchases) are flying off the shelf. With fewer strings attached, you'll have boots on the ground and be able to learn geography, logistics, and neighborhood attributes, plug into the community, and meet a great agent.

My ATL-specific advice is to consider how the following factors fit with your current and future personal/family situation and your investing strategy/goals: Costs and challenges of the cross-country move; how long you plan to own a property; self-managing vs. paying for property management; expected time in new job(s); income trajectory; commute time/traffic; school system quality; childcare (cost, availability, logistics of childcare); and expected work schedule, etc. If a BRRRR duplex works with your investement strategy and meets your near-term personal housing needs, there's a lot of flexibility on the rest of the factors above...

...Except for TRAFFIC! ATL traffic is terrible. Since work will be in Alpharetta, I'll assume that area is at least partially important. The quality of life in Alpharetta, Milton, Roswell, and Cumming is exceptional. Getting aroundwithin those areas during traffic is manageable, but getting to/from them during Rush Hour is a beast and our public transportation system isn't great, yet. Also, Alpharetta and a lot of the other northern suburbs have fewer multi-family opportunities and generally higher price points for SFR. If duplex and 300-400k are concrete criteria, there's a reasonable chance you'll wind up commuting from another part of town. This may be completely fine before you have kids. As the family grows, the expectations and priorities driven by your personal situation may change a ton. For those reasons, include property management fees when you analyze your BRRRR duplex...you may end up moving to another area of ATL and not want to self-manage.

In general the northern burbs have great schools, more childcare options, and larger lots with bigger yards than you'd typically find in the "intown" neighborhoods like Cabbagetown...that's a huge generalization. Some intown pockets, like Decatur, have pretty good schools, too. Private schools are options, too. You may want to search for properties in communities near major arteries like GA400/US19, I-75, and I-85 come together, too. Older downtown neighborhoods like Cabbagetown, Grant Park, Inman Park, Old Fourth Ward, Kirkwood, Reynoldstown, and adjacent areas have a lot of neat older homes and some smaller multi-family properties. I didn't encounter many traffic issues getting around those neighborhoods on surface streets. You can still expect traffic on those main highways but at least those neighborhoods are pretty close to the highway.

Send me a message if you want to connect to kick around some specifics.

Here's an interesting article. It's long but and detailed, but worth reading. There are lots of investment angles and types of investors. I'm curious what opinions exist among our BP family. 

Read this Vox Article

What do you think about how institutional buyers impact individual investors, the housing market in general, the rental market, etc? 

@Garry Singh

Due to the sprawling development pattern, the "Atlanta area" now includes several counties. 4-6 unit multi-family units are scattered throughout the area. I suspect you'll find higher concentrations of them inside, or near Interstate 285 (aka "The Perimeter"), the highway encircling the city.

Due to high property values and scarcity of small multi-family properties this size in Alpharetta, I may suggest keeping an eye on the Alpharetta market but expect to need to look closer into the metro area...especially if you are leveraging property managers and not self-managing your Alpharetta properties. Then, find the deal that meets your specs and tweak your service & support network accordingly.

With a budget of 800k, you have some options. Some people in Alpharetta are getting great returns doing AirBnB (geared toward extended stays for professionals) in Alpharetta, too. Another option that would work in many areas here, particularly "inside the perimeter" is renting single family houses by the room. 

Are your other 3 properties single family houses? It's a great time to sell, too. Another option is scaling up. We have relationships with several institutional buyers and can take a look at getting you cash offers on those other homes (respectable prices and easy terms from very solid buyers) and redeploying your capital into 1 or 2 larger multi-family properties.

PM me if you want to kick around some ideas. I'd love to help you find something. 

Small multi-family units are scarce around Alpharetta but there are several large apartment complexes. What type do you seek? Tell me more about your criteria and I’ll see if I can steer you. 

The previous replies are correct. An alternative may be creating a duplex by dividing the space of an existing single family home with a good layout. Depending on your requirements and budget, another option may be a carriage house, garage apartment, or mother-in-law suite. 

@Marshal Amon

Valuation will come down to several factors.

As a starting point, see what has recently sold, what’s listed that has not sold (may be overpriced), and the price of new listings entering the market.

Keep in mind, easements often spook buyers so it pays to know all details. That parcel size may be on the small side to attract a commercial timber harvest, too.

Details to track down:

Access: is there a driveway? Can you drive into property or do you need a pipe (culvert) or something to cross roadside ditch?

Easement: recorded w deed?, know the width, is there a maintenance agreement (who pays for what), current physical condition of the easement (are there trees growing in easement, currently a driveway, gravel, does easement cross any streams or steep terrain?, etc. ). Think in terms of costs to make it useful access.

Utilities: power, municipal water vs well, septic vs sewer, natural gas, internet, cable, etc.. What distance to closest hook ups and cost to get it on property.

Topography (how useable is the land)

Presence/absence of water? Lakes/streams may be good. Wetlands may limit use and construction options

Pretty much figuring out the land values in the area and factoring in likely end user expenses to arrive at a reasonable selling price. Keep in mind the neighbors may be good prospects.

Depending on your situation, identifying and addressing weaknesses like access and utilities may allow you to market property better and bring a greater return.

@Bill Kenshur

Hope you find a good one that meets your goals and criteria but don’t forget eyeballing exit strategies...just in case...

If you buy in ATL but decide to unload a property, I’m happy to put together a quick, easy cash offer for you. Holler at me and we can discuss property specs so you know going into a deal if it’s a good back up plan for you. Could always wholesale it to us or another buyer as a gentler toe wetter too.

Good on ya for being honest with yourself and having the courage to air it on the forum. Sounds like you’re being responsible.

@Gervon Thompson

For once, both could be reasonable options. Typically, I’d say knock out that debt. In normal times, the math can tempt you to keep kicking the can down the road a little more on the student loan because the numbers work and...well, math is perfect...but people and life are not perfect and things happen. In times like these, peace and freedom are invaluable. Then again, times like these have delivered very compelling opportunities and such low interest rates. Getting in now makes a lot of sense on paper, especially if you’re going to live in the property. The math may show enough interest savings (today’s rate vs future rate) alone to make you pull the trigger. Decide who you are as an investor and what your goals and risk tolerance look like and keep (all) your decisions in line with that.

@Linda Thomas

Tricky situation. Rather than speculating on the nuances each involved person values, I’ll say that it is easy enough to wear a mask. Sounds like the tenant is being a little stubborn and selfish but the tenant may have a point, too. Rather than risking damaging a working relationship over it, I’d focus on the part you can control. If it’s policy for the people doing the work to wear masks, or they simply prefer to be masked, maybe they could show up wearing masks with extra masks for the tenants and courteously ask again about wearing the mask and offer one. Probably harder to decline face-to-face with someone polite that seems concerned. If the tenant declines, ceremoniously don the offered mask as an second layer. Then move on and TCB like a professional.

Not to say I’d allow the tenant to flex on me, per se...but I’d be more concerned about the potential property damage and hassles of a disgruntled tenant than the germs.

Also, this move would play better if you offer a fresh mask sealed in an original package.

@Erin Church I just checked out your page. Would love to connect with you, too. I'll send you a direct message. 

I'm looking for packages or portfolios for cash offers if any of you have any properties (or any investor clients with some).