what are the best areas in atlanta to buy property?

Asked by Roy Crozier, Stone Mountain, GA Sat Jan 15, 2011

looking to purchase a foreclosure property in a good neighbourhood to rent out.

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9
Steve Wohl, Agent, Atlanta, GA
Tue May 3, 2011
Roy, I am working closely with another real estate investor/property manager who has purchased, renovated and rented over 90 homes in DeKalb County over the last 18 months. Currently, of the 92 properties in the portfolio, 90 are leased and the other two were recent acquisitions. We make it easy for the investors by identifying low-cost foreclosures/REO properties, many needing between $5,000 - $10,000 in renovations, which create excellent value-add opportunities for the investors. We are very selective about picking good locations for working class renters/tenants in DeKalb, with good access to freeways, major transportation arteries and shopping/retail which support the neighborhood. We only buy in stable neighborhoods which have a recent history of sales of comparable properties at prices that far exceed the investment. The typical strategy is to buy, renovate, hold and cash flow for 3 - 5 years and then sell. If this sounds interesting to you, please feel free to call or email me.
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Aaron Mtuanwi, Agent, Conyers, GA
Sat Jan 15, 2011
You just have too many options.
Choose wisely. Avoid any confusion.
Interview your Realtor and move on.
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, ,
Sat Jan 15, 2011
I concur with the others particularly as it relates to the quality of schools and ease of access to downtown Atlanta for commuting. I suspect you would prefer a family with children because there is likely greater stability in employment and therefore reliability of rent. Regardless of what you do, expect to put down 20% on the property you look to purchase if a single family residence.
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Daryl Harrin…, Other Pro, Atlanta, GA
Sat Jan 15, 2011
Roy, I would first suggest you get educated on investment real estate, as proper education will determine your level of success. In terms of areas to buy, it really depends on your overall investment strategy. In this market, I'm advising my clients to buy and hold long term, with an emphasis on maximizing residual cash flow while building future wealth. As an investor, it's all about the numbers...cost of capital, cash flow, ROI (rate of return), equity positions, tax deductions/savings, and capital gains.

Determine what type of investor you want to be...active or passive? If you want to be an ACTIVE investor (materially participate), you need to really be concerned with more "subjective" attributes relating to location, schools, shopping, neighbors, and other "feel goods" of the subject property you consider buying, as this will determine the level of energy and frustration that you will ultimately experience as a landlord. If you want to be a PASSIVE investor, you need not worry as much on emotions, but rather "quantitative" attributes that really drive profitability and wealth. I recommend passive strategies unless you really want to become a full-time landlord...it's not an easy business, but very profitable IF you get can get it right!

Bottom line...get educated to understand various investment strategies before you invest any money. Buying investment real estate, at any price or location, without proper knowledge and planning will result in failure. As a full-time investor of 15 years with a multimillion dollar portfolio, I speak from experience and would be happy to introduce you to the world of investing. Just be sure to get advise from someone who actually is currently doing (not once did) what you want to do...hindsight is 20/20, time tested and proven!!

I offer free consultations to get you started; just visit our website for more info. We offer complete passive "turnkey" investments already renovated and rented starting at only $39,900 that average 20% ROI with free property management. Please let me know how I can help. Good luck Roy!
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Donna Stott, Agent, Roswell, GA
Sat Jan 15, 2011
Roy,
My son just bought a foreclosure home in Marietta, great location, for under $100K. Total payment is $740/mo and it would easily rent for $1250. 3 bedroom/2 bath double garage split level with nice yard. There is another on his street. Let me know if you're interested.
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David Bottom…, Agent, Atlanta, GA
Sat Jan 15, 2011
You have two good answers already from Mark and Jen. I'd add a couple more points. Make sure you get an agent that is familiar with buying investment properties. Also, verify everything. Investment properties sometimes are advertised with inflated potential rents. Last, look for properties that are already rented. You can review the lease during your due diligence period and you start earning income from day one. Good luck!
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davidwbrower, , Woodstock, GA
Sat Jan 15, 2011
"Best" is a relative term. What is best for you is not best for someone else. This is such a vague question virtually impossible to answer. What is your purpose of buying? Do you want to live in the home or is this for investment purposes? What type of property? Residential? Commercial? Land? What are your investment strategies? What are your goals? I would suggest rephrasing the question with more details if you want an answer that might be remotely helpful in what you are trying to accomplish. Good luck.
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Mark Lackey, Agent, Norcross, GA
Sat Jan 15, 2011
I have been investing for years and found that renters want the same thing as buyers, good schools, and safe neighborhoods close to work and shopping. With that in mind I have certain criteria then for selecting a property for rental. I just found and secured one in Dacula in Gwinnett County. We also run a 200 unit property management company so we know rents and repairs. My team of agents have personal experience in investing and investors flock to us to help them find a property. How can we help you?

Mark Lackey
Atlanta Housing Source at
Solid Source Realty, Inc.
Associate Broker
EcoBroker
Mark@AtlantaHousingSource.com
404-886-8789

Services
Home Buyers & Sellers - http://www.AtlantaHousingSource.com
Property Management – http://www.RentalHomeAtlanta.com
0 votes
Jen and Mark…, Agent, Holmes Beach, FL
Sat Jan 15, 2011
I would suggest buying in an area you know. If you live in Stone Mountain, buy a rental property there. It's a lot easier to handle maintenance and repairs if you are close by. Rental property that is near the Marta bus line is a benefit for many renters, as well as being convenient to grocery stores. Drive through the neighborhood and check it out first. Make sure the surrounding homes are well kept. If not, you will have a harder time finding renters that will want to live there.
By the way, i have a new construction foreclosure 4 bedroom townhome for sale in Stone Mountain. The Marta bus stop around the corner. I get a ton of calls from people wanting to rent it out, but obviously banks aren't into the rental business. It's $99,900.

Jen Bowman, Broker Associate
Keller Williams Realty Atlanta Partners
404-456-5024
Web Reference:  http://www.JenBowman.com
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