All Forum Posts by: Michael C.

12:40pm:.  Just found out two properties I viewed and liked are no longer available as of this am.  That's discouraging. 

8/1/17

8:50am:   Still on cali time.

9:15 I'm targeting some locations to go see today.  Also comparing rents on the properties I've already visited. 

9:30am: Making a gameplan for the day.  I want to call another agent I met on BP and zero in on whatever area in town is making the most sense.  this is definitely challenging.  It's becoming more  evident to me how much of a beginner I am but also that this trip has been very informative already. There are properties I've seen that I could buy right now.  But I'm completely fine leaving with nothing before buying just for the sake of buying.

10:15am:  I'm out the door to check my next neighborhood.

I'll add more later.  I hope people are amused but more than anything I hope someone just getting started like me, can read this and use it to start their own buying adventure and learn from my mistakes(or hopefully successes).  I'm running blind but this has already been a great learning experience. @Tyler Heard ;)

I'm Starting late but I thought I'd breakdown my actions play by so people can see what I'm doing.  I'm in the middle of a trip to Atlanta to learn the neighborhoods and possibly find a property to purchase.  I'm sure some of you guys will take issue with some of my writings but let's try and keep it civil folks. I'll start retroactively.

7/30/17

  11pm:  I arive to the airport and begin drinking immediately.  Must prepare for the trip of a lifetime appropriately. 

7/31/17

12:45 am:

We have boarded the plane and its obvious my drinking strategy has worked perfectly I'm ready to pass out even though a sneaky standby passenger snagged the center seat I purposely bought around.

12:59am: Wheels Up.....night night

8:03ish am(eastern time):

We touch down at Hartsfield-Jackson

8:45am: I board the MARTA which picks up right next to baggage claim.  Leaving the airport with MARTA was the smoothest  transportation I've had with an airport.  ATL has it figured out.

9:30am: arrive Buckhead station

9:45am: After a short walk I'm at my rental car place. Why did I rent my car in Buckhead and not at ATL?  Because it saved me 80 bucks and I'm not making RE money yet.

10:30am:  Arrive at RE agent's office(from BP).  We talk for a while and I try and clarify what I'm looking for but I realize I need to find that out

11:15am:  Get on computer and start identify target neighborhoods and properties while I have some food.  Also have a short phone chat with my financing lady.

Noon: Head out to do drive-bys(not that kind).  Over the course of 3 hours I saw 4 properties in 3 neighborhoods.  This was my best decision of the day.  Seeing the vibe of the neighborhood and surrounding amenities gave me a much stronger feeling of confidence in the assumptions I was making on properties.

3pm:  Head to cookout to get a $5combo meal. That sh*t is delicious and I dont care what you think.

3:30pm   Head to where I'm staying to get back on computer.  Gave a girl I saw in traffic my number.  She won't call.

4pm:  Back on computer.

5:30pm:  Start watching Indiana Jones temple of doom.  Turns into a marathon.(still reading on computer while watching).

10pm: Head to store and pick up six pack of Lagunitas IPA.  While in the gas station I discovered that they sell BOILED PEANUTS!!! I'd never seen this on any of my previous trips.  Sh*ts weird but I tasted one and it wasn't terrible. Weird thing to do though to me, no offense

10:58pm  Finished writing this and my 3rd beer.  I have 3 to go so I will continue and update this tomorrow.  I have so more leads to check on.  Girl hasn't called btw

@Tan Mehedi  Thanks for that.  I'm just coming to visit looking for investment propertys and learning the city some more.  Definitely looking for things on the lower end of the spectrum for now while I'm learning.  

I'm coming to town monday(7/31). Just looking for people that know atlanta that can help me have a sucessful week in Atlanta.  

My goals are as follows:

1. Identify target neighborhoods

2. secure financing( if necessary)

3. procure a trustworthy prop mgmt company that I can use for many moons to come.

ICING ON THE CAKE

4. Find a suitable property

5. Make an offer on said property.

Can you help with this or do you want to be involved? send me a line.  I'm in the infancy of my career so i'm taking ultra baby steps and am in no rush to buy but I would really love to build some relationships at very least and if everything pans then who know what could happen.

Whether you have business or just advice please don't hesitate to hit me up guys.

Thanks

-Mike

@Aaron Mazzrillo @David Faulkner  What do you like in the LA area.  Here I like North Hollywood and Long Beach.  I think North Van Nuys/Panorama city is promising but still a ways off.  I am an untrained eye.  What's your guys take? Where should I be thinking about here?

All very reasonable and well thought comments.  My wheels are definitely turning. @Ryan Johnston I would be interested in talking to you just to get a lay of the land from your perspective.  @Joel Owens @David Faulkner Thanks guys, I'm definitely going into this being cautious, I'm just trying to balance being cautious with being timid.

@Christian Wathne I see your point.  Definitely  a higher earning base and appreciation potential.  I've seen it myself in the last few years here. Thanks for the comment

@Jason G.

I really like atl too.  I went there last year to explore neighborhoods and make some connections with re agents and property managers.  I really think there's room to grow there for me but I don't have the resources yet. I need prop. mgr, and possibly some rehab support all of which need to fit into my #'s .  I'm searching for that now. Thanks Jason

So...I have reached the point where I'm ready to pull the trigger on an Investment property. I live in and work in Los Angeles but am also very interested in Atlanta for financial reasons. LA right now is very high priced but I'm not equipped to foresee what the future holds here as far as correction. I feel like I'm a couple years too late. This makes me think ATL might be a good starting point. I have a plan for each market I'll list them below. I have decent liquid savings dedicated solely to getting into my first property and 100k ish salary.

Los Angeles:

Small multifamily($500-700k?), house hack for long term rental ownership.

Not sure if could even break even let alone make a profit on the

lower scale properties I'm looking at in this climate but long term I believe

It's a great prospect.

OR

Distressed single family/townhome, house hack for rehab and long term rental ownership.

If I can even find this for the price I want. This is a great option but seems difficult to execute right now

Atlanta:

Small multifamily($50-200k?), straight rental property.(possible rehab)

There are many more affordable properties here but 25% down makes the

initial investment similar to Los Angeles. Also, property management will eat into

my profits. I can take a small loss monthly on a house hack that I live in but not a straight rental.

Anyone with insight or experience with a similar setup please let me know. Am I dreaming?

am I missing something. I want to decide on a market, once I do that my next step is deciding strategy.

As I said earlier, I am ready to pull the trigger but I'm not trigger happy. I'm super comfortable now with a low overhead so this will give me time to make REALLY GOOD and EDUCATED decisions.

Thanks guys

p.s. I accidentally posted this somewhere else before.  Sorry for the duplicate

Not sure if I posted in the right place but I will give it a shot.  So...I have reached the point where I'm ready to pull the trigger on an Investment property.  I live in and work in Los Angeles but am also very interested in Atlanta for financial reasons.  LA right now is very high priced but I'm not equipped to foresee what the future holds here as far as correction. I feel like I'm a couple years too late. This makes me think ATL might be a good starting point. I have a plan for each market I'll list them below. I have decent liquid savings dedicated solely to getting into my first property and 100k ish salary.

Los Angeles:

Small multifamily($500-700k?), house hack for long term rental ownership.  

Not sure if could even break even let alone make a profit  on the 

lower scale properties I'm looking at in this climate but long term I believe 

It's a great prospect.

                                                      OR

Distressed single family/townhome, house hack for rehab and long term rental ownership.

If I can even find this for the price I want.  This is a great option but seems difficult to execute right now

Atlanta:

Small multifamily($50-200k?), straight rental property.(possible rehab)

There are many more affordable properties here but 25% down makes the 

initial investment similar to Los Angeles.  Also, property management will eat into

my profits.  I can take a small loss monthly on a house hack that I live in but not a straight rental.

Anyone with insight or experience with a similar setup please let me know.   Am I dreaming?

am I missing something. I want to decide on a market, once I do that my next step is deciding strategy.

As I said earlier, I am ready to pull the trigger but I'm not trigger happy.  I'm super comfortable now with a low overhead so this will give me time to make REALLY GOOD and EDUCATED decisions.

Thanks