Allen, Home Buyer in Atlanta, GA

What are the best area to buy single-family homes for less than $100,000 budget.?

Asked by Allen, Atlanta, GA Mon Feb 11, 2013

I'd like to buy a single-family home as an investment and rent it out for long term. I have $100,000 and want to buy it in cash. Do you know great area in Atlanta?

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Answers

7
There are many great opportunities out there under 100K. I personally bought my own home for $7,000.00. It needed a lot of work, of course, but I live in it and love it! Give me a call and we can get the search started today. Inventory is at an all time low in Atlanta. I would suggest getting started immediately before prices go up any further. They are already starting to inch up. Once the new construction guys get up and going, it is going to get much harder for investors to catch a deal.
Sherry Bailey
Keller Williams Realty First Atlanta
678-644-5820
http://www.sherrybailey.info
sherrybailey68@gmail.com
1 vote Thank Flag Link Tue Feb 12, 2013
There are about ten "great areas."

Where do you live, Allen?

Will you be the landlord and property manager?

In the next decade, do you intend to buy more than one house for rental income, or is this the only purchase you plan?
Web Reference: Http://intowninsider.com
1 vote Thank Flag Link Tue Feb 12, 2013
I'm going to buy 4 or 5 properties as an investment and want to rent them out for a long term. I'm living in a different country.
Flag Tue Feb 12, 2013
I'd recommend that you buy 1 house at $75,000 each, 3 houses at $25,000 each or 8 at $10,000 each especially if you plan on going long term and paying cash. Why buy 1? More importantly, why use your cash? That really doesn't make financial sense. Most of the time, investors under estimate the cost of buying property: Repairs, evictions, mortgage payment with no renter, increased taxes and insurance payments, personal events that require you to use cash savings.

If you use all your money for one property, the issue you run into is, "I need money! It's an emergency!"
Too bad if your money is tied up in the house because you'll only be able to get back about 65 to 70% of the price you paid on the property (if bought within 12 months). You'll also have to pay lender fees to pull the money out.

If you don't qualify for a loan, they use alternate measures. Private money, for example lends money up to 30 years at fixed rates. The rates aren't as low as a bank but it's available. This will also help you with taxes to give you the ability to write off the income from the properties. The IRS no longer allows you to just say that you had repairs done, you have to issue a 1099 to the contractor for certain amounts. The IRS tracks the 1099 by making you send them in with form 1096.

With the final phase of implementation of the health care reform bill in 2014 (Obamacare) larger companies will be required to give health insurance to all its employees. A lot of the larger companies have already said they will start to cut jobs this year to help offset the expenses and/or cut jobs to lower their size below the threshold. This may cause the economy to take another nose dive. Are you ready for that financially?
0 votes Thank Flag Link Mon May 6, 2013
Hi Allen,
You would really just need to sit down with a Buyer's Agent to go over the details of what you are looking for. Once your criteria is identified, you can then make a better determination on area.

To make an offer on a property that is listed for sale, you should be represented by a Buyer’s Agent. The Buyer’s Agent will work on your behalf throughout the transaction. This is very important since the Listing Agent represents the seller. By working with a Buyer's Agent, you are only seeing the homes that are actually listed for sale at that time.

If you need a recommendation on a Buyer’s Agent, please contact me at (404) 591-2453 or rodney.mason@prospectmtg.com. I would be happy to put you in touch with someone who can assist you.

The seller of the property will want to make sure that you are qualified to purchase the property should your offer be accepted. Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

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 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 Tue Feb 12, 2013
There are several areas throughout the Atlanta metro area that still have homes for $100k or less. Feel free to contact me.

Dawn Richardson
Keller Williams Realty
http://www.sellsatdawn.com
404-419-3625
0 votes Thank Flag Link Tue Feb 12, 2013
Contact me for homes that are already rehabbed, with all appliances for that price and ready to rent.


Robert Whitfield
678-585-9691
0 votes Thank Flag Link Mon Feb 11, 2013
I donot know any in Atlanta, Ga for that price.
What I have is Lilburn, Norcross, Duluth and Lawrenceville.

Feel free to contact me direct.



Isabel Elsesser, Realtor
First United Realty
Save Time & Money!
http://www.isabelsnewhomes.com
http://www.Buford.georgiamls.com
Direct 770-307-8751
Fax 888-799-3184
Full Time from 1993-2013
0 votes Thank Flag Link Mon Feb 11, 2013
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