Is Gainsville, Georgia a good market to renters market

7 Replies

I am a newbie to the REI and looking to wonder if it is wise to buy a house on auction.com in the gainsville,GA area for 10OK or buy a decent place in Cumming GA, with mortgage with 30 percent for 280 K and rent it out.



Gainesville, GA Auction.com foreclosed house 100k  - Rent ? for approximately 3 bed and 2 bath Risk high

Cumming,GA mortgage 30 percent down. interest on the mortgage $1000 but can be rented our for $1600 

Not sure which route it better. Please advise?

@Joe Dupa how far is the Cumming property from Lake Lanier? Maybe you'll be able increase your revenue by having it as a short term rental (STR) vs traditional tenant. Run the numbers. Also, if you haven't identified a property in Cumming yet, maybe you can find one with a basement that has an exterior entry to let the basement be your STR and the main living area being a LTR.

Let me know if that makes sense. Clearly I’m leaning more towards Cumming than Gainesville ☺️

Originally posted by @Joe Dupa :

I am a newbie to the REI and looking to wonder if it is wise to buy a house on auction.com in the gainsville,GA area for 10OK or buy a decent place in Cumming GA, with mortgage with 30 percent for 280 K and rent it out.



Gainesville, GA Auction.com foreclosed house 100k  - Rent ? for approximately 3 bed and 2 bath Risk high

Cumming,GA mortgage 30 percent down. interest on the mortgage $1000 but can be rented our for $1600 

Not sure which route it better. Please advise?

I would stay out of  Georgia. It's a terrible market. Better off going out west or up north. 

 

Forsyth County (where Cumming is located) does not permit short-term rental.  The County has purchased software to crawl sites like AirBNB and VRBO, and issues citations for any activity found.  If you're looking for Lake Lanier short-term rental, go to Hall County, which authorizes short term on all residential properties, if certain conditions are met.  Aside from that, Forsyth County has a population desperately seeking affordable rentals, but prices are so high, that cash-flowing as an investor is difficult without significant money down.

Originally posted by @Keith Perkins :

@Jason Allen  What would make you say Georgia is a terrible market?  

 Georgia and Atlanta is full of corruption, racism, crime, the taxes are going through the roof, people are disrespectful and no one wants to be there. I'd run from that market in all honesty.

Originally posted by @Sam Bagwell :

Forsyth County (where Cumming is located) does not permit short-term rental.  The County has purchased software to crawl sites like AirBNB and VRBO, and issues citations for any activity found.  If you're looking for Lake Lanier short-term rental, go to Hall County, which authorizes short term on all residential properties, if certain conditions are met.  Aside from that, Forsyth County has a population desperately seeking affordable rentals, but prices are so high, that cash-flowing as an investor is difficult without significant money down.

Thanks for the information Sam. What do you think of the overall Cumming, Ga market not including short term rentals specifically exit 14 on GA 400?