These are all great areas. My suggestion would be to focus on buying "value" rather than "price". A longtime investor client of mine stated that "You make your money when you buy a property, you just get your money when you sell it".
There are inumerable considerations when getting into investment property. The true investor is one that has thier criteria established prior to even looking at properties. You have named the criteria of location and price, which are both important. Some additional criteria would be single vs. multi-family, identifying potential exit strategies, properties or areas that qualify for special financing. The more clearly you define your needs up front, the easier it is to pull the trigger when the opportunity presents its self...in fact the decision has already been made!
I would enjoy helping you become a successful real estate investor, it can be a fullfilling and rewarding experience. Feel free to contact me if I can be of service! Thanks in advance for your consideration, happy investing!
As a Realtor and property investor in the Atlanta marketing area, I can tell you that becoming a "Landlord" is not all that it's cracked up to be! YES there are great deals out there and especially in the 3 areas you mention. in fact, in the 3 areas you mention and in that 75K price point, there are over 100 listings. But let me tell you, the frustrations of leaving a site one day and coming back the next to find broken windows, stolen appliances and worse, all the copper stolen from your HVAC units can be overwhelming.
Now that is just the icing on the cake. Let me tell you about Landlord / Tenant Court! You may think because you are an honest investor / landlord that it's enough to make win in court, well think again! If you don't have accounts set up for background and court checks on potential renters, you could easily end up with tenants that Absolutely know how to work the court system to their favor. This could result in months of time and no rental income to boot. Also, if you do not have a iron clad Leasing Agreement in favor of the Landlord, you open the door to many potential nightmares. I invite you to go down to Fulton County Court House every Tuesday and Thursday at 2PM and again at 4pm and just sit in Judge Levinsons court room and listen. You would be amazed! Oh and go early because the place fills up fast.
Am I scaring you? I hope so, because watching your hard earned money go down the toilet in what you initially thought would be a good investment is heart breaking.
Do I know what I'm talking about? Sure do, we have over 200 properties in 3 states and all 3 states experience the same identical situations.
Can you make money at this and do it the right way? Sure Can!
David, Start with a "qualified" agent who not only knows the sales market, but also knows the Property Management market. Am I boosting ME and my company? No, I'm not! I work with Investors to purchase properties, but I do not Manage them. ( I did my time!)
If you are new to this business, I urge you to use a reputable Real Estate Brokerage that has a Property Management Department. They will Pre-screen all of your potential renters and do the credit and background checks for you. The Realtor assigned to your property will Show your Property as well as handle all the paper work, Lease Agreement, Walk-thru, Move-In / Move-Out Inspections and they have staff readily available to handle repairs at all hours of the day or night. ( with your approval obviously) Trust me, this could save you lots of $$$ and you may even have hair left on your head after the first 6 months!
Investing in Real Estate and making it successful for you is a full time job. If you don't have that kind of time, Please, hire a Realtor!
You are welcome to call anytime!
Donna Smith, Broker
Donna Smith Properties
Good luck with your investments. Be sure you have a good agent who is researching the value(and potential value) comparable sales, neighborhood and ability to resale the properties you are investing in. With a little bit of research and caution you should do very well!
See my full profile here to learn about my background and intown involvement.
I don't work West End or Lakewood, but I do work with investors. The successful ones have a clear criteria of what they want.
1. What they want to buy it for
2. How much they want to make each month
3. How many repairs are acceptable
4. Which areas are best
Become an expert in a given area then you can jump when the time is right.
Now is a great time to be getting into rentals! Good luck
I would add - learn, before you earn (and that may mean partnering with a smart, savvy experienced investor partner on your first transaction, or first few) and keep an eye on risk. Depending on your skills, build the skills that you will deploy before you throw them into a project - building, operations, financial, property management, sales, leasing - whatever.
Delegate the rest.
Repetition is the mother of skill.
$75,000 is a number that enables a widespead approach, so develop a focus that looks sensible for the long term goals that you seek.
Remember 2 of John Adams' many smart rules of residential real estate investing:
1. see lots of property, make lots of offers
2. if you can't drive down the street with the windows down at 7:30pm on a Saturday night, with your wife, daughter or girlfirend in the car, then you probably don't want to invest on that street
Your neighborhood choices are good, but $75,000 will be spent differently in every one of those geographic submarkets.
Just be conservative, and get your real estate on!