Rental and Investment Properties in Atlanta: Know what you are up against Â Â
If you are a landlord or real estate investor in Atlanta, you know by now that the name of the game is to get a quality product to market as quickly as possible in order to generate income as soon as possible. This strategy is true regardless of whether you are planning to rent the property or sell it.
However, in the process of achieving this goal there are some additional steps that should be taken.
Make sure you know what you are buying
This is a pre-purchase step. Make sure that the Atlanta properties that you are selecting arenâ€™t going to require more renovations and repairs than you are prepared to pay for in order to get it to market. This step is where much of your due diligence should be done. In Atlanta, foreclosures are prevalent. Many of these properties have been unoccupied and closed up and for months and sometimes years. Making sure that you know items are missing and which may have to be replaced immediately after purchase can help greatly with setting a rehab budget. There is nothing worse than having to tell an Atlanta investor that will need to replace the existing heating and cooling system, or that the roof, or electrical systems are bad. Taking these steps on the front end may help you eliminate certain properties up front. And in some cases the knowledge that you gain performing your due diligence can serve as a chip to use during your negotiations with the seller.
As a property part of your due diligence should also be to research the property taxes on the prospective property. In many areas property values have dropped substantially, but the tax rates still reflect much higher values from years past. Make sure that you know where you stand and have a plan in place to contest these taxes so that you can maximize your return on your investment.
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