I'm looking to invest in ATL area. Positive and Negatives
Hello,
I'm looking to invest in the Atlanta area. The agent is recommending condos. I have never invested or looked into that area.
Does anyone have any feedback about investing there e.g. good and bad? I will be an out-of-state investor.
Thank you,
Amir
Hi @Amir B.!
Yes, Atlanta has a strong, popular (and therefore currently overbought!) real estate market! Lots of activity there and plenty of investors, both new and experienced, mixing it up in the arena. Fortunately, since we're talking Georgia, it's also landlord- and lender-friendly.
But here's a better question: WHY is your agent recommending condos? Are THEY actively investing in Atlanta and thus speaking from personal experience? Are they presenting you with the financials of potential condo deals that are 100% compelling and irresistible?
Or, are they just pushing stale listings that nobody else wants?
Caveat emptor, my friend...
Hi @Amir B. is this your first time investing? @Mitch Messer makes some great points. Condos could be a good investment, but so could single and multi-families here. Heck, new construction might even be up your alley. If you'd like any help crafting a personal investment plan, let me know. I'd be happy to help.
Hello,
She didn't say why but my price point is under $200,000. I don't like HOA dues. She did say her investors are investing in condos.
Thanks for responding.
Amir
Hi,
I do have an agent now but if something changes I would be happy to connect with you.
Thanks,
Amir
Absolutely!
Hi Mitch,
What types of properties do you recommend?
Quote from @Amir B.:
Hi Mitch,
What types of properties do you recommend?
Hey there Amir. Couldn’t tag you so figured I’d take a pic and show you what an experienced developer in the area had to say about condos here. I know everyone has their individual preferences, but foos for thought!
Quote from @Amir B.:
Hi Mitch,
What types of properties do you recommend?
I much prefer fee-simple single-family houses (SFHs): no monthly condo fees, no surprise assessment charges, and no dysfunctional condo boards. Plus, I propose that most prospective homebuyers who come to Atlanta want privacy, space, and some level of autonomy. Condos offer pretty much the opposite of all of those!
Many new investors I know pursue condos because they're generally cheaper than SFHs. What they don't consider is that there are good reasons why condos are so easy to buy and so hard to sell!
My first three deals ever were condos; the multitude that followed were not! I may be a slow learner, but eventually even I got the memo!
Very well said @Mitch Messer. @Amir B.
Quote from @Mitch Messer:
Quote from @Amir B.:
Hi Mitch,
What types of properties do you recommend?
I much prefer fee-simple single-family houses (SFHs): no monthly condo fees, no surprise assessment charges, and no dysfunctional condo boards. Plus, I propose that most prospective homebuyers who come to Atlanta want privacy, space, and some level of autonomy. Condos offer pretty much the opposite of all of those!
Many new investors I know pursue condos because they're generally cheaper than SFHs. What they don't consider is that there are good reasons why condos are so easy to buy and so hard to sell!
My first three deals ever were condos; the multitude that followed were not! I may be a slow learner, but eventually even I got the memo!
Thanks Mitch. I should have known this but went with the agent's recommendation.
@Geoffrey Lane Do you have any info on the process of obtaining a new construction property for an investment?