Home Buying in Atlanta>Question Details

Larry washpun, Home Buyer in Atlanta, GA

My question I want to purchase a fixer-upper that sales for less than $ 25 k Why am i having such problems with this ?

Asked by Larry washpun, Atlanta, GA Sat Apr 27, 2013

Need owners with such property

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Answers

15
Bill Polack’s answer
You're looking in the wrong place. Where does everyone go to find property these days? The internet. Where else? Realtor's. Where do most Realtor's get listings? The internet. There are, however, those few that find different places to find these properties:

Drive around areas where the housing market took a beating and look for houses that look abandoned (you'll notice a white sticker in the window with the bank info on it. Please, go with someone and not by yourself as some homes have people squatting in them and could be dangerous. I know of over 10 properties in Gwinnett and Fulton county that are priced under $30k. I'm not a Realtor. I drove around in places where you won't find me at night by myself. My clients, however, don't care about that, since many of them don't even live in Atlanta or in this country.

Go to the Real Estate Investor's Association meetings and meet people who find properties of which your'e looking for. Many of these properties may have been bought as a tax sale and making $25k off a $5000 tax sales is a great profit. Just make sure you get a clean title BEFORE you pay any money down. It may make good sense to get a Realtor who's familiar with hard money loans to help you. You don't have to get a hard money loan, but the majority of loans that we do involve properties in real bad shape.

Check out your area newspaper for properties listed for sale or on Craigslist. Unfortunately, people pass away and leave old rickety houses to their family and the family just wants to dump the property and pay off some bills that Uncle Bill left behind.

Go toward cities that recently got victimized by storms and destroyed the area. You might find good land with what used to be a house and borrow money to rehab it, rent it and/or sell again.

Don't just focus on Atlanta. Go all over the country. If you hire the right Realtor in another city who has contacts with contractor's appraisers, and property management companies, you have more to choose from. I hear Detroit has a lot of cheap property as does Indiana (as a whole), Chicago, Middle Florida (even on the beach - but stay away from condo's).

Other good things to look at: Mobile home parks especially near military housing (just be careful with base closings), College apartment housing (you can get zero down financing on apartment complexes if you play the numbers right), multi-unit properties are always a good bet.

Cool? Great! Now go get your properties. It's not too late!
0 votes Thank Flag Link Mon Apr 29, 2013
Low inventory. There are many properties in atlanta proper that fit the bill. Contact me and i can help. 4048432500
0 votes Thank Flag Link Sun Oct 20, 2013
What are the "problems" that you have encountered?
- low inventory?
- refinancing options?
Start using the internet and you will be surprised to see many options out there.







-----
Dana Lindberg
CFS Mortgage - http://www.cfs203k.com
0 votes Thank Flag Link Sun Oct 20, 2013
Hi Larry,
The easiest way to find bank-owned properties all in one place is at the website below. It provides complete information on the listing, no tricks, no gimmicks. But they do make you pay for a subscription. Right now they are running a 7-day trial promotion for $3.95. A monthly subscription is $39.99 and an annual subscription is $99. If you are thinking of becoming a real estate investor I would definitely use this site. And even if you are curious about what is out there, a $3.95 investment is definitely worth it to be able to access all bank-owned properties in Atlanta (and the US). I did a quick search and found one property for $24,900 in Southwest Atlanta.

The previous answers are good suggestions, but you need one source to get started.

By the way, I have no connection to this website and do not get paid to promote it in any way. If you like my answer please take the time to give me a "best answer" vote.

I hope this helps and I would like any feedback you may have.

Julie Minter
0 votes Thank Flag Link Thu May 2, 2013
It all depends on EXACLTY where you are looking. Many areas of Atlanta are faced with low inventory right now. Only homes in need of significant renovation are possibly still around. For the most part, the home prices you are looking for are from a few years ago and not as reflective of today's market.

Most homes today are going into multiple offers and often going for above the current list price. Doing your homework is criticial in setting proper expectations.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Sun Apr 28, 2013
There are multiple reasons for this problem, just to mention a few: low inventory, prices have gone up, cash buyer and owner's occupants take priority, lenders do not make many on such little mortgage amounts.

The answer to your problem might be to start looking at $50,000+ price and have money to pay your own closing costs and overbid.
0 votes Thank Flag Link Sun Apr 28, 2013
"Why am I having such problems like this?"

When you ask "why" your question has emotional attachment, doesn't it?

Good answers from everyone and here's "why:"

1. You are not focused
2. You are not a Neighbor first
3. You got to the game late in the 3d quarter

Gene Caifano - what up Gene! - Gene Caifano and I closed a $4500 short sale on Byewood Lane, 30310, about a 1/4 mile from the Fort McPherson rear gate, adjacent to poolside at Oakland Park (one day, that pool will open again) and about a 50 yard walk to the Campbellton Road Marta at Lee/Main.

So, my client bought that years ago from some flim flam "invest in real estate" wholesale wheeler dealer and when his loan got stuck and his property got vandalized and dozens of other dwellings nearby and beyond decayed between 2003-2010, well, he earned a short sale in November 2012. Like a champ!

14 months after we settled the flim flam title, Gene's client got a new house to fix up in his Neighborhood.

When my client bought that house in 2000 or so, for an amount far more than $4500.00 he was not focused, nor was he a Neighbor first, and yeah he was a little late, so he rushed in to 30310.

Gene's clients, on the other hand, are two totally cool Venetian Hills neighbours who own and operate a successful real estate business together.

They beat you everyday in their Neighborhood. How focused are you, Larry?

If you listen to and read John Adams, he says the same thing that I'm saying - pick a Neighborhood and own as many good buy and hold deals as you can handle...

I attached a web reference to the $9000 house article I wrote when the house originally came on the market - No One made offers at $9000. No one. Late 2011. I wrote another article and called out the bank, and said $4000 is the number and the bank took it and Gene's client paid $500.00 more for it than anyone else and Gene and I made $2000 each.

You need owners, Larry? Where?
0 votes Thank Flag Link Sat Apr 27, 2013
Lee what is a "house article"? What do you mean by "called out the bank"?
Flag Sun Apr 28, 2013
Larry,

It is the law of supply and demand. The market has tipped in favor of demand, therefore prices have gone up. Not finding 25K properties in Atlanta, consider looking farther out, just be careful not to go so far out that there is no market for what you want to sell after you buy it.
0 votes Thank Flag Link Sat Apr 27, 2013
As mentioned, yes the traditional REO's for under 25k are long gone. There are alternative ways to buy these homes however. You just need to think outside the box and get creative. I represent several investors who are doing just this and we are still acquiring fixer uppers for less than 25K. You just need to know where to look. I will be happy to assist you in this if interested.

Gene Caifano
Real Estate Consultant
REO & Short Sale Specialist
Chapman Hall Realty
6100 Lake Forest Drive, Suite 120
ATLANTA, GEORGIA 30328
678-362-7458 Cell
404-252-4512 Office
678-399-6469 Fax
genesellsfast@gmail.com
http://www.atlantaareaforeclosures.com
http://www.chapmanhallrealty.biz

"Referrals are the greatest compliment I can receive as a real estate agent."
0 votes Thank Flag Link Sat Apr 27, 2013
Larry

If you can find any homes at that price you are going to be outbid by someone with much deeper pockets. Truth is inventory is really low and those homes were bought up long ago. Fixer uppers these days start at 50-60k. If i can be of any help to you please contact me.

Jeff Claeson
BHGRE METRO BROKERS
404.843.2500
0 votes Thank Flag Link Sat Apr 27, 2013
Larry ,
Those houses are long gone the new fixer upper will start at 50k now a days market has changed !! Call me if you need help ..
Tom Hagan
Keller Williams
954-553-0847
0 votes Thank Flag Link Sat Apr 27, 2013
Many buyers find it hard to believe, but the truth is that we are currently experiencing an extreme shortage of inventory in Metro Atlanta. It is very challenging for buyers to obtain a contract for purchase due to most listings having multiple offers and selling above the list price. It is very competitive right now. If you are not willing to make a cash offer well above list price without any contingencies, you will find yourself wasting a lot of time viewing properties and making offers that will never seal the deal.
0 votes Thank Flag Link Sat Apr 27, 2013
Are you having issues finding such a property, or financing the property? Either way you may want to have a buyers agent help you find what you are looking for.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Banker of more than 10 years.
http://www.everlastingcredit.com
0 votes Thank Flag Link Sat Apr 27, 2013
Depends on where you are looking - there are plenty of them out there but there are also many more cash buyers out there as well. Inventory is drying up. If you aren't bidding the day it hits the market, you'll likely miss out. Hire a broker that will alert you as soon as a property that meets your criteria hits the market.
0 votes Thank Flag Link Sat Apr 27, 2013
More often than not, even the land is worth more than $25,000. That's a tough price point.
0 votes Thank Flag Link Sat Apr 27, 2013
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