All Forum Posts by: Shay Yao

Quote from @Evan Murphy:

@Shay Yao Hey Shay, there are a lot of factors that come in to play when considering your specific budget as well as those three areas. Are you looking for something turnkey and ready to go or are you willing to put in some work on something before signing a tenant?

I would love to hear what caught your attention with those areas. Also happy to connect further to see if I can be of any assistance to you! 

I'm willing to put in some work but not anything substantial. Here are my thoughts re the areas - wishing well hills is convenient to downtown, midtown, etc.; Brookwood is a great school district so the property can attract families/renters; Smyrna is the area in Marietta that has properties within my price range. 

Thanks!

Just to clarify - I was in the market to invest about 1 1/2 yrs ago but it didn't work. Now I feel it's a good time and I just don't want to wait anymore. 

Hello, everyone! I'm a new investor and I'm in the market to buy a property (single family house/duplex) for long-term rental. My budget is $350k but ideally below $300k. Right now I'm looking at three areas: 1) Wishing Well Hills and Decatur (outside of Perimeter) area, 2) the area under Brookwood school district, and 3) Smyrna area in Marietta. Are there any other areas I should consider based on my budget and purpose?

I'm hoping to buy in a safe neighborhood and an area that is not too competitive for long-term rentals.

Thank you in advance!

Quote from @Shay Yao:

Hello, everyone! I moved to Atlanta for work a couple of years ago and I just fell in love with city. Now, I’m ready to buy a house and call Atlanta home!

As someone who’s relatively new to town, I would really appreciate some advice on locations of my 1st house-hacking project. The plan is to purchase a single-family house (3 bedrooms) with a large basement or an in-law suite, so I can renovate & live in the basement/in-law suite while renting out the main part of the house.

Regarding location, I currently live in North Druid Hills and I love the area. But the broad boundary I’m looking at is north of 154, east of 75&85, and within the parameter. I’m also looking at East Atlanta because the rent to price ratio is great there. The budget is $400k with a tiny bit wiggle room.

When thinking about location, here are a few things I consider:

1. Convenience. The house needs to be not too far from the happening places (e.g., midtown, downtown).

2. Rental market. The house needs to be easily rented out with a fair price.

3. Schools. This is the area I need a lot of advice on, but overall I’m hoping that the house is in a good school area so I can rent the house out to families.

4. Safety. For example, I need to feel safe walking around the neighborhood with my lady friends.

5. House condition. I prefer not to get a newly renovated house to avoid the premium cost. I'm happy to do some basic touch-ups. I would avoid major rehab simply because this is my 1st time buying a house. No townhouse or condo.

6. Growth. Ideally the house would be in an area with quality population growth (e.g., highly educated, stable jobs) so the price will appreciate in long term. An up & coming area would be ideal, but I would also consider the upcoming recession and how that would impact the up & coming areas.

My question for you is - Based on these preferences, what are the specific areas/neighborhoods I should be looking at?

PS: I’m patient to wait for a good deal. I’m pre-qualified by multiple lenders and I’m on a month-to-month lease. This is my very first major investment and I really want to do it right. If you have any advice regarding the locations or anything that I haven’t thought about, please don’t hesitate to share. I’d really appreciate your help!

 OK, BiggerPockets hivemind, I might be able to bump budget up to 450k. Does that change my location options? 

Quote from @Ben Firstenberg:

Based on those criteria, your best bet is probably Decatur. There are places where the prices are too high, but there are also some areas where it's not too bad. It depends a little bit on the returns you expect. If you're willing to put in some month every month, you can probably find something. But if you want to live for free, you're probably not going to find that north of 154, east of 75/85 and ITP.

There are a lot of great house hacking locations OTP as well. You might have more success there, if the initial search doesn't go well. 

The in-law suite strategy is a good idea. That's where I've seen people have the most success with house hacking recently. 

Best of luck!

 Thank you for your input! I am looking at Decatur, but Decatur is big I'm not sure which areas are  better than the rest. Any suggestions? I'm willing to put in a little cash every month as long as there's cash flow when I move out.

What OTP areas are worth investing these days? I know Marietta, Roswell, and Alpharetta are all pretty good. But I'm curious what you think! 

Hello, everyone! I moved to Atlanta for work a couple of years ago and I just fell in love with city. Now, I’m ready to buy a house and call Atlanta home!

As someone who’s relatively new to town, I would really appreciate some advice on locations of my 1st house-hacking project. The plan is to purchase a single-family house (3 bedrooms) with a large basement or an in-law suite, so I can renovate & live in the basement/in-law suite while renting out the main part of the house.

Regarding location, I currently live in North Druid Hills and I love the area. But the broad boundary I’m looking at is north of 154, east of 75&85, and within the parameter. I’m also looking at East Atlanta because the rent to price ratio is great there. The budget is $400k with a tiny bit wiggle room.

When thinking about location, here are a few things I consider:

1. Convenience. The house needs to be not too far from the happening places (e.g., midtown, downtown).

2. Rental market. The house needs to be easily rented out with a fair price.

3. Schools. This is the area I need a lot of advice on, but overall I’m hoping that the house is in a good school area so I can rent the house out to families.

4. Safety. For example, I need to feel safe walking around the neighborhood with my lady friends.

5. House condition. I prefer not to get a newly renovated house to avoid the premium cost. I'm happy to do some basic touch-ups. I would avoid major rehab simply because this is my 1st time buying a house. No townhouse or condo.

6. Growth. Ideally the house would be in an area with quality population growth (e.g., highly educated, stable jobs) so the price will appreciate in long term. An up & coming area would be ideal, but I would also consider the upcoming recession and how that would impact the up & coming areas.

My question for you is - Based on these preferences, what are the specific areas/neighborhoods I should be looking at?

PS: I’m patient to wait for a good deal. I’m pre-qualified by multiple lenders and I’m on a month-to-month lease. This is my very first major investment and I really want to do it right. If you have any advice regarding the locations or anything that I haven’t thought about, please don’t hesitate to share. I’d really appreciate your help!