Since when has Atlanta been HOT?

Question

Many of the metropolitan areas in Texas are doing well, no question, but what is making Atlanta such a hot area for investment right now. Is there ample opportunity for cash flow investment? I don't remember Atlanta being on the radar quite so much until more recently.

I might have to consider investing out of state since the DFW investment market is drying up.

Joel Owens · Answer

The cost to living ratio Is good here versus income. Basically you can get a decent wage and a house here and the cost isn't outrageous like some other states are.

We have a lot of economic drivers here and give credits and other things for businesses to move here. I know other states do as well but Georgia goes over the top in some instances.

Thomas Williamson · Answer

I'm finding that there are still deals out there, but sometimes that requires going 25 + miles outside of the city.  I found a house yesterday that was built in 2005 or 2006 3BR 2BA standard house for 38,000.  That house will rent for 800.00 all day long.

William Brace · Answer

I'm about an hour east of Atlanta (Athens) and seeing the same thing where a year ago I could get a great deal and now everything has multiple cash offers going into highest and best and the prices are rising. Also noticing that the banks are not as willing to negotiate. A year ago I picked up some 20% below asking price and they paid most of my closing. Now it's full price or above and no concessions. It sucks. I have a short sale under contract now and we will see what the lender does.

Rick Baggenstoss · Answer

Atlanta is made up of many micro-markets.   Some are luke warm while others are white hot.   I'm having to look at a broader patch than intended, but I'm finding some good deals too.

Holding is less attractive in the hot markets.  The cold/luke warm markets look great for holding.

Marco Santarelli · Answer

Hi Samantha M.,

Atlanta has been on a run for a while now!  Keep in mind that it has another big attraction, its "sex appeal".  What I mean by that is our international investors, from China for example, are attracted to Atlanta because it's somewhat familiar to them.  They see and hear about it in their local media and are accustomed to it's size and familiarity.  The same is true with Las Vegas and Miami.

We still find good deals there though.

Continued success!

AC Cooley · Answer

I hope it isn't the end of road in Metro Atlanta.  I just found a nice deal in Lithonia in a nice neighborhood that is seeing a lot of activity.  It's just too far from where I'm looking to invest as I'm in another county.  If I find another investor who wants it they can buy it.    If I can find another deal like this one closer to me that would be great.

Ali Boone · Answer

Atlanta has been extremely hot. I'm from there and invested there. But it's near the end of the road for investing there for buy and holds. You'll have a much harder time finding inventory there than in Dallas! And financing will be significantly harder.

If you are wanting to drift anywhere, I'd go to Houston if I were you.

Joel Owens · Answer

Georgia is a judicial and non-judicial state. Almost all foreclosures however here use the non-judicial process. Judicial is reserved for properties that have ongoing litigation, title clearing issues, etc.

A "power of sale" clause is used in most lender documents when a loan is closed. The power of sale allows the lender to send an acceleration letter demanding the loan be paid in full or foreclosure procedures will be started. The lender most of the time employs a foreclosure attorney that advertises in the local legal organ (newspaper) for that county for 4 weeks and then the property is sold at the courthouse steps the first Tuesday of every month. The sale is a cash sale.

If the start date to advertise falls in the middle of the month then the lender has to wait until the first week of the next month to advertise for 4 weeks.

There are no post redemption rights in GA just the pre-redemption rights for the owner being foreclosed on.

Stan Butler · Answer

I invest in the northern suburbs of Atlanta and I am pretty much seeing the exact same thing that Thomas described.  There is a lot of money coming in and properties are going for prices that no seasoned investor would pay.  When you couple the influx of money with a limited supply you get the frenzy that we have now....

Joseph M - We are a non-judicial state

Joseph M. · Answer

I thought Georgia was judicial but just read something saying they are non judicial.

I know Florida is judicial and it is the top foreclosure State in the nation.

Since when has Atlanta been HOT?

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