All Forum Posts by: Jake Miter

Hi All, would love some feedback on this from anybody that has experience with the topic. I am considering making an offer on a property in Atlanta zoned as single family with an accessory dwelling unit (basement unit with private entrance). I know I will occupy the main unit for at least a year, but will most likely move out after that. I understand that because this is not a legal duplex, I cannot rent out both units. My question is, is there any legal issue with renting out the whole house under one lease, allowing the lease holders to split themselves up among the 2 units however they wish? For example, it could be a literal in-law suite for the lease holders. 

Has anybody else done this and run into any legal issues or trouble finding tenants? 

Thanks

Two vacant lots available with easy access to Mozley Park which connects to Atlanta Beltline via Lionel Hampton Trail. 

Lot 1: 38 Spring Lane NW, Atlanta, Ga 30314
-11953sqft

Lot 2: 40 Spring Lane NW, Atlanta, Ga 30314
-11793sqft

$45,000 per lot

@Chewie G. Are you thinking vacation rental or long term? Happy to offer a little bit of insight on either. 

Hi Lane,

This is a great idea, thanks for sharing it. However, I am a little confused on the references to Indianapolis. You are currently investing in Atlanta as well?

@Pavel Redko Skeleton is a good time, I've definitely learned some lessons about taking calculated risks haha. Thanks for the advice on looking around the surrounding areas, I will send you a PM if you don't mind talking more about good areas. 

Thank you everybody. @Mike Salisbury I will certainly reach out!

Thanks @Paul Kennedy, I will search around Scottdale. Would love to know your criteria for rentals in that area if you are willing to share!

Thank you @Andrew Bishop, I will be reaching out for sure!

Thanks, I will keep these areas in mind! And yes, she put a lot of trust in me to let me do airbnb. Lesson learned that paying rent on time and keeping the apartment in good shape might pay off down the road. I also worked very hard to make sure that trust didn't backfire on her. 

Hi,

My name is Jake, I am 25, from Troy, NY, and new to REI. My girlfriend and I will be moving to Atlanta in early May so I wanted to introduce myself and just say that I hope to get to know some of you over the next several months.

Some background: I graduated college in 2012 and immediately put all of my efforts into the sport of skeleton with the goal of making it to the Olympics. Skeleton is sledding on the same ice track as bobsled and luge except it’s a single person sled and I am on my stomach going head first. It has been a lot of fun racing for the USA and I’ve learned a lot of lessons as a full time athlete, but sports like this cost way more money than they ever return. Luckily, I found a remote customer service job right after school that has allowed me to stay afloat and leave without any debt other than student loans. However, it will take a few months to get my savings to a respectable number.

My only experience in real estate investing so far has been via Airbnb. With permission from my LL, I began subletting my apartment as a short term vacation rental last year while I lived in a dorm at the Olympic Training Center. Over seven months my ROI was roughly 23%. Most of that time was peak tourist season, it would be a bit less over a full year. If house hacking is like training wheels, then this was like a big wheel tricycle, but it definitely kept me interested in real estate.

My plan right now is to continue educating myself, start looking at properties once I get to Atlanta, and learn how to assess value. I am most interested in buy & hold and house hacking. We will be renting for the immediate future, so would love any suggestions on good areas convenient to Atlanta Medical Center and Emory Hospital (my girlfriend is a med student).

Thanks for reading