Home Buying in Atlanta>Question Details

Capital Inve…, Home Buyer in Orlando, FL

Is it too late for an investor to invest in Atlanta?

Asked by Capital Investor, Orlando, FL Wed Mar 6, 2013

I have invested in Orlando and Las Vegaas, and found that the picking is really slim there, and based on what I have read, am I too late to join the party at Atlanta? If not, can any one recommend a realtor in the Atlanta area who is familiar with working with investors?

I'm ok with the idea of writing up offers over asking, and sight unseen, what the realtor will do is to write up and submitt offers, if successful, take pictures and video of the properties, as well as co-ordinate with a handyman to come up with repair cost during inspection period, and finally, co-ordinate with the property manager to hand over the keys at the time of closing.

Thanks

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15
So let's get this right. I troll the market for anything that looks like a deal, tie it up, get a contractor who has time to just go around writing bids, then if the numbers work, put it under contract. If they don't, let it go and tick off a distressed seller, listing agent and anyone else's time I abused. If it is a go, I get to manage the GC to ensure an on schedule and on budget renovation, then find you a property manager to rent it and run it.

If I could do all that, why would I need you?
1 vote Thank Flag Link Wed Mar 6, 2013
The frenzy is on right now - and I don't really understand it. I think there's a "investor" bubble; Atlanta is a different market and the ruin of many "investors" - especially distant ones. All of these homes will be dumped as soon as something better comes along....

I'd go very very easy with getting into this pool without someone you implicitly trust on the ground -

http://hankmillerteam.com/2013/02/11/investor-groups-hoardin…
Web Reference: http://www.hmtatlanta.com
1 vote Thank Flag Link Wed Mar 6, 2013
No it's not, there are still deals to be had especially in the downtown area near the Georgia Dome, Good Luck!
0 votes Thank Flag Link Wed Mar 20, 2013
No way at all is it too late!!! Never!!!

Let's find you some sound investment properties!!!


Laquita Baez
Better Homes and Gardens Real Estate Metrobrokers
770.901.0956
http://www.LaquitaBaez.com
0 votes Thank Flag Link Fri Mar 8, 2013
Absolutely not too late. I was out with a group of investors from New York today, we toured portfolios from 5 single family units to 21 units. Rental rates are vary favorable in this market. I would be happy to share some of the data I have and guide you.

Brian Maguire
Park Mason Brokers
404-808-3003
Web Reference: http://www.Buy-Atlanta.com
0 votes Thank Flag Link Wed Mar 6, 2013
The rookie investor have to find a GOOD contractor that will visit the property and assess it. And advise them the pros and cons of the property. After the contractor assess the subject the investor know what to offer and what repairs will be needed. The contractor is the KEY! Banks don't want to tie up their inventory.

Have you noticed our commission has DROPPED on bank properties?I'm happy to see builders building new construction.
0 votes Thank Flag Link Wed Mar 6, 2013
Understood - I would say most contractors are more thorough than inspectors - inspectors are going to find piles of issues - every house has them. Investors need the contractor eyes - they're more apt to note what really needs attention.

With pros - which it sounds like you work with - I guess this can be effective if everyone is on their game. It would be preferential to a seller to work with someone with no inspection.....I can see that

But for a rookie to think they can do this.....oh boy
0 votes Thank Flag Link Wed Mar 6, 2013
Hank, my investors don't want an inspection period. I always ask for 7 days but they don't want an inspection period, they have their contractors visit the property so they know what they are up against.

Lately, in the h&b situations the listing agents have come back stated the bank want a clean offer and ask for all inspections & conditions to be remove. A lot of investors don't do home inpsections.

I have protected myself with a home inspection clause on my buyer agency agreement also I never recommend a home inspector I let the buyers find their own. On my foreclosure listings 99.9% of investors don't do a home inspection.
0 votes Thank Flag Link Wed Mar 6, 2013
Cheryl - do you advise your clients not to have an inspection period? Did I read that correctly?

For those of us that have been in this business long enough, we've seen this movie in Atlanta before. There are different players right now but the investor / speculator influence is nothing new. Prices will be bid up well beyone where the market dictates, rentals will becomes tedious and repairs required and investors will cut and run. The pros will do it well ahead of the rookies so that by the time the rookies realize the bottom has fallen out, it's too late.

Think Wiley E. Coyote hanging there on a ledge that's been blown off the side of a cliff....he blinks, realizes what's about to happen and disappears in a cloud of dust at the bottom on a 1000' ravine.

Then the cycle begins anew....
Web Reference: http://www.hmtatlanta.com
0 votes Thank Flag Link Wed Mar 6, 2013
You are too late, especially as an out of towner.

My esteemed Trulia Voice colleague, Hank Miller is the best appraiser in GA, Hank is also one of the best real estate agents in GA. I agree with him - read his savvy article in the web reference. Here's an excerpt from his spot on article about the hoarding from hedge funds and major players that box out an investor like you:

"Many Atlanta real estate agents and buyers that make it a habit to attend the monthly county auctions lament the influence of these organizations. The impact is significant; many times knowledgeable local buyers are either shut out completely or secure only a small part of what they hoped to buy. The comments are consistent; these bulk purchasers are simply overpaying for the properties whether it be on the steps or for properties listed in the MLS. That chicken will come home to roost just as it has in the past."
0 votes Thank Flag Link Wed Mar 6, 2013
Currently our inventory is down and my investors are bidding on about 20 properties to actually win "1" bid. Because of our low inventory all properties are going to the highest & best buyer. I would suggest not to have a inspection period and to have your contractor ready to go take a look at the property for you, banks are currently accepting the highest offer but also the cleanest offer.

If you would like to join the Atlanta market I also suggest to bring your patience. It's not a overnight deal. I would love to discuss your investment wants & needs. I also list foreclosures for the banks.


Regards,

Cheryl Taylor
Solid Source Realty
404-644-8082
ctaylor_92@yahoo.com
0 votes Thank Flag Link Wed Mar 6, 2013
The market in the Atlanta area is on the uptick and is turning into a sellers market. Many investors like yourself have come to Atlanta and have bought up a large portion of the distressed inventory. There are still opportunities out there, but there are far fewer as of recent. Let me know if you would like to disuss.

Regards,

Jeff Jackson
Prudential Georgia Realty Buckhead
jeff.jackson@prudentialgeorgia.com
404-909-1965
0 votes Thank Flag Link Wed Mar 6, 2013
Wow! You have just opened a can of worms for ALL sort of Real Estate Agents to contact you. Let me know what you're looking for and what you want to spend. This is an open market....Do you want to flip or rent? Repairs or none?

Looking forward to your response :) Hope your inbox can handle it all.

Thanks,

Jamie Hubbard
Broker/Owner
404-736-8635
bricksandsticksrealty@gmail.com
0 votes Thank Flag Link Wed Mar 6, 2013
The answers depends on what kind of returns you are looking for.

If you can compete with the big players, and offer as high as they are going, then no. But if you are looking for ~double digit+ returns, then probably too late.
0 votes Thank Flag Link Wed Mar 6, 2013
Hi,

I work with many out if town investors myself.

However when speaking with new to the area investors I do tell them the days of buying a home for $30K are just about over.

So it pretty much depends upon your budget as well as what area of the city you would like to focus on. There are opportunities out there, but being as though we are in a sellers market they take quick action.

Feel free to contact me anytime with any questions.

Tyler Willis, REALTOR®
Keller Williams Realty Intown Atlanta
621 North Ave NE, Suite C-50
Atlanta, GA 30308
Office: (404)541-3500
Direct: (678)656-5524
tylerwillisintown.kwrealty.com
0 votes Thank Flag Link Wed Mar 6, 2013
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