So I googled which areas in the U.S. provide the most bang for your buck in a house.
It seems that there are several areas of Georgia (for example) where you can get a 5 bedroom, 4 bath at a price that might buy a dated 3/2 where I live (Pittsburgh).
Yes, I checked out the neighborhoods of these houses as well and they are great! (20 miles outside of Atlanta, Savannah, etc.) so not in the middle of nowhere either.
Naturally I thought it'd be nice to look into an area where I could get twice as much house for my money, but was curious about the rental market there.
Fifty or 60 thousand dollars can get a very nice house there, so the cost of a mortgage would probably be cheaper than rent, whittling your market to those who don't intend on staying in the area long enough to warrant a mortgage, or who cannot get approved for a home loan, which can be perceived as a red flag as far a a tenant prospect goes.
Anyone on here have rentals in GA and can attest to the rental market there?
What towns in GA in particular are you looking for an opinion on? I am sure if you are specific with the towns you are considering people here on BP will chime in with their thoughts on the rental market.
Just remember there are many more considerations than the cheapest area in a city! Many rookie investors salivate at the east side of our city with the cheap prices. My partner who has done 1000 deals or so never buys over there, can't get good owner finance buyers (that's our focus, not rentals).
We buy more expensive houses on the south and west sides at 60k currently, but our blue collar hispanic buyers are fantastic.
I've lived in Georgia for the past 18 years. Yes, there is a thriving rental market for single family homes in several areas but, like any town/city there are alot of factors to consider that you just can't get by simply running the numbers. Understand the crime, ratio of homeowners to renters, accessibility to the interstate (traffic is a major problem in some areas), upcoming zoning issues in the area, ect....
It seems like Jonesboro and Lawrenceville, both suburbs of Atlanta look cheap, safe, etc.
My thought is that If you could buy a good rental for 30-50K, so could the pool of renters, who would then have a mortgage that is far cheaper than you would like to see rent at. That then, is why I ask if there is indeed a thriving rental market.
Thanks for all the replies thus far!
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