I just started a company for the purpose of investing in real estate and one of my business partners emphatically recommended we invest in Atlanta. I'm curious as to whether this is a worthwhile idea as I am from tri-state area in nyc and was thinking of investing more in Connecticut, penn and ny. Any recommendations, opinions and comments are welcome. Thanks.
Real Estate in Atlanta Poppin?
- Thread starter SVPintheMaking
- Start date
hell ya. I dont know much about real estate but i know its a good time to invest. I see houses for sale everywhere and alot are foreclosed so you can get them for cheap.
Real Estate here in Atlanta is popping if you are into it for the Long Term. It is damn hard to do a quick flip with a REHAB these days.
To give you the short version:
Currently in Atlanta there are an ABUNDANCE of unsold housing inventory on the market right now...couple that with increasing FORECLOSURES = LOW PRICES ON HOMES.
If you are looking to BUY CHEAP and hold 2 - 5 years ........then you can come up!!!
But far as specific locations......man you just going to have to take a trip down here and hook up with one of your partners that knows the area.
To give you the short version:
Currently in Atlanta there are an ABUNDANCE of unsold housing inventory on the market right now...couple that with increasing FORECLOSURES = LOW PRICES ON HOMES.
If you are looking to BUY CHEAP and hold 2 - 5 years ........then you can come up!!!
But far as specific locations......man you just going to have to take a trip down here and hook up with one of your partners that knows the area.
Start investing in your back yard, within 45 minutes of where you live. If you can't make money in your own backyard, you can't make it anywhere.
The grass isn't greener on the other side.
You have acquired knowledge about your local market by living there, and seeing trends. That is your biggest asset as you start this business. To throw away that knowledge by buying into a market that is out of reach and where you will have to soley depend on the opinions of others is dangerous.
The grass isn't greener on the other side.
You have acquired knowledge about your local market by living there, and seeing trends. That is your biggest asset as you start this business. To throw away that knowledge by buying into a market that is out of reach and where you will have to soley depend on the opinions of others is dangerous.
Don't know much about real estate. But I do have a cousin in Atlanta. He's pissed because he's been stuck with 5 mortages for a year. He told me that the market is real stale. If you are just trying to flip a house, I wouldnt go there. If you are looking to invest long term and wait out this recession, you can get a lot of forclosures there.
do you know if your cousin is at least getting decent rents in those houses? Because I know the market is not ripe for flipping currently, but I want to at least be able to generate passive income by renting out houses out there.
Peace fam,
The market here in atl is very saturated with foreclosures, about 7,000 in the metro(13 county) area). Be careful coming into this market, the rehab/flip market is done and most banks these days will require around 10-20 percent down depending on credit. Some zip codes are being redlined because of real estate fraud. The luxury market is what is popping down here, you can find million dollar plus homes for 70-80 cents on the dollar all day because of reo's.(Real estate owned)
May want to hook up with someone on the ground in atl who knows the layout of the land, cause it is some real vultures down here, look up the name sam lexima(flip this house) if you don't belive me.
Peace
The market here in atl is very saturated with foreclosures, about 7,000 in the metro(13 county) area). Be careful coming into this market, the rehab/flip market is done and most banks these days will require around 10-20 percent down depending on credit. Some zip codes are being redlined because of real estate fraud. The luxury market is what is popping down here, you can find million dollar plus homes for 70-80 cents on the dollar all day because of reo's.(Real estate owned)
May want to hook up with someone on the ground in atl who knows the layout of the land, cause it is some real vultures down here, look up the name sam lexima(flip this house) if you don't belive me.
Peace
LOL...man that sam leccima cat might as well pull the trigger on himself, cuz his name is MUD down in ATL!!
Lower rates don't mean much when people cant qualify for loans plus the rates haven't really gotten lower. It stayed lower than it might have if the rates weren't lowered.
I own 8 houses in the Atlanta area. I started buying in 2000 as a hobby. My technique has always been the same. Flip some and keep the cherries to rent. So far its worked out. All my houses are under section 8 except for one. I myself live in a triplex, so my tenants pay my note, and I pay the utilities. the last house I purchased was an intown 2 bedroom 2 bath bungelow built in 1946 in a transitional neighborhood, which had been renovated in 2000 by the previous owner before they were foreclosed on. It appraised for $200,000 , I picked it up for $137, 500 , no repairs. Since then , I have'nt bought because I'm waiting for the this thing to bottom out. Dont be suckered in by these T.V. auctions advertising 750 houses starting at $1,000. A good deal on a house, is just like a good deal on a car, or anythging else, there will be a lot of other people there that want that same thing. So your chances of getting a $200,000 house for $15,000 starting bid are slim to none. You can make it in this business, but it takes money, credit , and networking with movers and shakers. and then being able to make an informed decision, based on true and correct values, and the demand for housing in the area you are investing in.
HI, I AM BUYING HOUSING IN CONNECTICUT.MOSTLY IN IN STAMFORD AND NORWALK AREA.BRIDGEPORT IS A GOOD UP AND COMING AREA.IF YOU NEED ANY HELP WITH SOMETHING SHOOT ME A EMAIL AT BIGCHUCK203@HOTMAIL.COM