I'm about to buy a house in the Peachcrest community for 115k for a 2/1 at 975 sq/ft. The av comps are anywhere between 150/210k. Because I'm new to this, was wondering if I should fix and flip, or hold. And if anyone knows anything about this area, i'm open to gaining more knowledge. I see it's being gentrified.
Flipper/Rehabber · Atlanta GA · Member since 2017 · 25 posts · 3 votes
8y
hi girlie... im in the Atlanta area and I'm familiar with that side of town private message me with your number or I'll give you my number it's a lot of things you need to look at and it's kind of too long to type hair basically in a lot of cases for buy-and-hold the amount that you should be getting for the rent should be equal or greater to 1% of your all-in price that includes purchase and repairs if you want me to elaborate I'll be happy to help
Investor · Decatur Atlanta, GA · Member since 2011 · 610 posts · 232 votes
8y
It's difficult to find anything in that area for less, whether it be wholesalers or MLS. What kind of condition is the home in? You'll have to buy direct to find anything less than $100k over there anymore and that's getting more and more difficult. MLS has most of them for $100k up to $165k. You won't get much rent for a 2/1, though rent prices are increasing at a good pace over there now. A Nice 3/2 can go as high as $1,600 easily now.
Flipper/Rehabber · Atlanta GA · Member since 2017 · 25 posts · 3 votes
8y
hi girlie... im in the Atlanta area and I'm familiar with that side of town private message me with your number or I'll give you my number it's a lot of things you need to look at and it's kind of too long to type hair basically in a lot of cases for buy-and-hold the amount that you should be getting for the rent should be equal or greater to 1% of your all-in price that includes purchase and repairs if you want me to elaborate I'll be happy to help
@kevinpolite It's in okay condition, it's centralized heating and air, there are tenants currently in it; Just needs mainly a cosmetic lift. All Brick. Oh wow, that area is really changing! Yes, it seems like the ones under 100k are tear downs.
Developer · Decatur, GA · Member since 2011 · 1k+ posts · 1k+ votes
8y
@Tish Simmons You're paying too much. It's too small to flip and too expensive to do an addition. At $100k, you could hold on to it and it would be ok.
Real Estate Investor · SMYRNA, GA · Member since 2015 · 24 posts · 57 votes
8y
@Tish Simmons I agree with @Alana Coke on the 1 % rule it's the best way to accurately evaluate a good vs a bad deal. I own 6 units (SFR + Duplexes in 30032) NO DEBT!!!. Private Msg me and we can exchange phone # to talk some more. Below are the stats and pics of a buy & hold in 30032 which I have renovated to sell due to the current market cycle.
Midview Dr. Decatur 30032 Flip. We bought it in 2014 for $40K, rented it for 4 yrs. Started $65k renovation this June and plan to sell this 3 Bed 2 Bath for $250K. Enjoy the pics.
Fremont, CA · Member since 2017 · 7 posts · 6 votes
8y
Hello everyone,
Seeking for local experts advice on the following deal: Quad in Decatur 30032 area selling for 200K which needs major rehab ( seller estimates ~80K). According to rentometer that area rents about 1000k so from numbers perspective this deal makes sense. I am a bit worried about vacancy and tenants quality.
I would greatly appreciate any comments from local experts. Thanks!
Investor · Decatur Atlanta, GA · Member since 2011 · 610 posts · 232 votes
8y
@Olu Sanya saw this go on the market earlier this week. Great job. Those $40k days are unfortunately over and I miss them terribly. How’s traffic? It seems like inventory on the retail side picked up quite a bit. I just sold one nearby and have a listing for another investor close by and traffic has suddenly slowed due to increased competition.
Real Estate Investor · SMYRNA, GA · Member since 2015 · 24 posts · 57 votes
8y
@Kevin Polite just got an offer today for full asking price of $250K after only 5 days on the market - Only 1 showing and we got an offer, working on getting under contract.