How many townhouse, condo or loft investments do you currently have in your portfolio?
If your answer is "none" then you should reset your goals and stick to single family or multi family properties for investment - almost all attached residential properties in almost all submarkets in Georgia are almost all full of the maximum amount of landlords - your pursuit of a perfect property in this category, at probably some bargain basement price, is a waste of time, pretty much.
I only have heard about one grandfathered, landlord rights deal on a short sale. It's a quiet listing in the Aqua building in Midtown - it'll sell in the $160s.
I see the inside of about 30 or more condos, lofts and townhouses every month in and around Atlanta and Decatur and in the past year, that's the ONLY deal I've run across...
The best plays in this category are in "lawless" communities with no HOA governance and nothing but pure upside for a wholesale community turnaround that just one or a few investors control - good luck if that's the direction you are going in, because on one of these, a new sheriff in town needs to be well capitalized...
However, there is a solution. Look into homes listed on http://www.homepath.com these are FANNIE MAE homes that have already been foreclosed on. They are automatically approved whether they have excessive renters or HOA delinquencies. They also offer super deals.
Primary borrowers, can as little as 3% down and have NO PMI.
Investors, can put as little as 10% down. The website will also indicate if they offer Renovation Money to be included in the purchase. You can add 35k or 35% (which ever is less) you would still only put down the same low down payment % but on the total renovated price.
I am proud to say we are one of the only lenders allowed to offer the HOME PATH Renovation loans.
For more information please call me at 678-578-7613
Senior Mortgage Professional
Cornerstone Mortgage Group, LLC.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing
Just assume the rental cap has been met and there is a waiting list. Few and far between is the association that is not capped(don't even worry about the unregistered renters). Why the focus on condo? Many times Hoa's, etc eat into cash flow. Be happy to talk to you about maximizing your investment $. You may want to consider alternative property classes depending upon what you goals are. Good luck!
Brockway Real Estate Consulting
Keller Williams - In Town Atlanta
Tel: (404) 787-2253 | Fax: (404) 974-2616
The best way is to call the homeowner's association. Most of the townhomes and condo's have rental caps or will not allow renting at all. Be aware that HOA's can assess huge fines on homeowners that rent out their property without approval.
Keller Williams Atlanta Intown
Then you can always calculate the cap rate of that property and similar sold properties to determine the value.
Or you can just try ask the owners of the property....
Better Homes and Gardens Real Estate Metrobrokers
Sarah Mercer Chatel
The only way to find out is to call the COA or HOA and ask.
Hope this helps.