single family homes
So from what I can tell and correct me if I'm wrong it appears that finding a solid cash flowing multi family is going to be very difficult in this area. I have no issue going with single family homes, that being said what are some solid areas to begin narrowing down my search. I'm looking for long term buy and hold. I will be long distance investing so I need to have a thorough understanding of an area but for now I'm just trying to narrow that down to 1 or 2 areas. Any advice is appreciated.
@Robert Negley - This is an extremely broad question. Perhaps you want to go over what your buy box is and people can comment? For instance, below a 20% poverty rate, a certain cash on cash return, diverse employers, large stock of multis. Without providing specific guidance (aka a buy box) on what exactly you are seeking, I don't think anyone can offer you sound advice.
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Real Estate Agent MA (#9576338)
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I'm trying to narrow Atlanta down to create a buy box, long term single family homes class b or c neighborhoods Can't give an expected cash on cash return requirement since I'm not even sure what realistic in this area, relatively close to diverse employers is great. In short, I know my area where I just moved from so if anyone asked me where were the areas to look for potential investment opportunities are, I could do that just to set a baseline. Basically if someone lives in and knows the area where would you recommend to start looking? Requirements are good cash on cash return for the area, safe enough to not get mugged, and people actually want to live there. I'm really just trying to narrow down.
In the Atlanta area, I would focus on finding submarkets within a decent public elementary and high school district. Anything above a 6 or 7 on greatschools.org is a safe bet. Anything above an 8 is almost always going to be in demand for renters and resale.
I would also try to find a property within this market where you can force appreciation by making major or minor cosmetic and functional renovations that will increase your equity.
Unfortunately, the trickiest part is that the Atlanta market is still one of the hottest in the entire country the beat listings for retail buyers and for investors are still going into multiple offer situations and selling within a few weeks above asking price. Therefore, if you want to find a good deal and not overpay, then connecting with a local investor friendly agent who has the tools and network to find deals not on the MLS is they key to winning in this market.
Robert, we really like some of the outer suburbs like Cartersville, Covington, McDonough and Lawrenceville. Atlanta is so huge and sprawling that there is still great demand in these places, even though they're far from the city. There are some great strategies for SFHs and you can find cash flowing multi family as well.
Happy to talk more, feel free to reach out!