Need input on 2/1 condo deal in Decatur, GA
Hi all -
I'm new to biggerpockets.com and RE investing, and sure would appreciate some help regarding a real estate situation on a 2/1 condo in Decatur, GA (30035). The property is in my dad's estate and I'm in a position to accept it or let it roll to the bank. The property was purchased around 2005 for $100k, mortgage left to pay is $80k, and approximate value per a realtor is $65k.
As a newbie, I have some obstacles here (that I look forward to overcoming!). First, This might become my first rental property, so I'm new to the analysis aspect of this. Second, I don't live in Decatur and don't know the market.
I'm specifically looking for contact with a local investor who is willing to share some knowledge to help me (quickly) navigate this property, as well as property management recommendations for that area.
Thanks to all for any help offered!
Karen
Most Popular Reply
Hi @Karen Morgan I'm happy to give you an opinion on the Decatur condo. Don't take it!
An upside down, out-of-state condo is a triple whammy. 30035 doesn't have a great near term outlook so it's not going to be worth $100k again in a decade. The condo fees + mortgage, etc. will be more than your rent (if it can be rented).
Your first investment property will come, but be sure to pick one on your terms. The first ones are challenging enough. You don't need to punish yourself with an insurmountable challenge.
If it were written down to $65k and you could just take over the mortgage, I'd still not want it to hold.
Hope this helps!
Rick