Are there any Atlanta investor on this forum. I noticed some very cheap properties on a foreclosure site. I did a little research (Google) and discovered that Atlanta ranks at around #6 in the nation for foreclosure. That didn’t sound to promising.
Atlanta used to be #1 for mortgage fraud in the U.S. , that’s what created a lot of the foreclosures here - not all the economy, like other cities.
There are many different markets in the Atlanta area, whether ITP or OTP. Big differences in different neighborhoods.
My best advice is to pick a farm neighborhood and learn the market right there. You might have one market in one school district and 2 blocks over there’s a different school and very different values.
Can’t see 1 city as 1 market
Some good advice there Michaela. Now that it is easier for people to use the Net to find data, the value of local knowledge gets forgotten.
If you didn’t already know that Atlanta was one of the top foreclosure markets, then you are in over your head. I don’t live in Atlanta, but a friend of mine does live in the NE Burbs, Dacula, think, 1/3 acre lots, runaway bride area. There are REO houses in his pretty nice neighborhood listed at crazy low prices. If I lived in that area, I would be all in on those. Buy at $80,000, rent at $1,100/month for a few years, then sell at $110,000.
oh my… i’m always looking for a new home in Atlanta… is it really true? that they had a lot of foreclosure list?
Morristown Real Estate
Hello how are you friends i am new here and i want connect everyone here.
see, the difference in the markets?
Jack talks about 80K homes, renting for $ 1100
I’ve been buying 10K homes, renting for $ 600
Different neighborhoods of the same metropolitan area
Are cheapest ATL SFRs financable?
Michaela says she can buy rentable SFR for $10k and rent for $800 I’m wondering if these little bargain SFRs are financeable or do these basically have to be bought with cash.
One of our local investors got in trouble with State of WA because of the way he was working with other investors and their $ so we’d better all be super-catious about how we work with and use investors’ capital.
John,
I bought with my own cash and I’m renting for $ 600 - not $ 800.
Michaela
BTW - I’m about to move to Seattle in 10 days
[QUOTE=Michaela-ATL;886009]John,
I bought with my own cash and I’m renting for $ 600 - not $ 800.
Michaela
BTW - I’m about to move to Seattle in 10 days[/QUOTE]
Moving?
You might have to change your ID to Michaela-WA. At least you should grab it before there is someone else by that ID.
More seriously, why the move from GA to WA?
John,
never liked the South. Always knew that I’d come back to Atlanta for a limited amount of time. Started the Atlanta Underground Market, which became too successful, so now that I’ve renovated every one of my properties here, I’m moving to Seattle to start the Seattle Underground Market.
I get bored doing the same thing too long - need new challenges 
[QUOTE=Michaela-ATL;886028]John,
never liked the South. Always knew that I’d come back to Atlanta for a limited amount of time. Started the Atlanta Underground Market, which became too successful, so now that I’ve renovated every one of my properties here, I’m moving to Seattle to start the Seattle Underground Market.
I get bored doing the same thing too long - need new challenges ;-)[/QUOTE]
Thanks for sharing.
I am assuming you will continue to hold the Atlanta rentals and just manage them remotely in some fashion.
What is the Atlanta Underground Market? Will the Seattle Underground Market operate in the same way?
ATL foreclosures…
I think I must have looked at over 250 houses online and maybe 3 seems like a possibility. I can see how hard it would be to make money on a “flip” with so many foreclosure…rentals, a totally different story. I’ve rehab 10 rentals but, never to flip. So, I was looking at giving flipping a go. But, “The ATL” may be above my head!! With so must info online, I must agree that local knowledge is essential in “The ATL”. I can’t believe the prices on the houses in Atlanta. If only I could scrape up about 500k, I’d be in rental heaven.
@Jack5. 80k to rent for $1,100 a month doesn’t seem like must of a deal to me. I have houses under 25K that rent for $500-525 per month. The only upside would be that your crystal ball would definitively show that you could sell for 110k.
[QUOTE=kac2010;886043]I have houses under 25K that rent for $500-525 per month. The only upside would be that your crystal ball would definitively show that you could sell for 110k.[/QUOTE]
Which market are you looking at that has the numbers above?
Is it a market that is likely to stay flat in terms of future appreciation? Some cities in the rust belt do have great income relative to price. They will also not see a whole lot of appreciation given declining populations.