Best place to find affordable properties in Atlanta?
Im a first time investor who is looking to do my first flip. I have been connected with some so called wholesalers and the prices don't seem like such a good deal to me. Thanks in advance!
P.S. I will be using hard money to finance my first flip.
Keep in mind if they are affordable there is probably not such a good deal. You can't find anything inside 285 for under $100k now. Look on MLS. Wholesaler prices are about even with MLS listing now.
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Real Estate Agent GA (#269676)
- HausZwei Homes
There are location that you can find under 100k homes in south Atlanta based on the data.
The link show a map with median home values for census blocks groups in Atlanta. The colors correspond to the value ranges in the legend.
As @Kevin Polite has stated, the areas with such low property values are much riskier than other more expensive areas.
If this is you first investment property I would suggest looking at a bit higher price to buy into a more moderate market.
Originally posted by @Kevin Polite:Keep in mind if they are affordable there is probably not such a good deal. You can't find anything inside 285 for under $100k now. Look on MLS. Wholesaler prices are about even with MLS listing now.
Thank you Kevin! I appreciate your input. I was looking at wholesalers prices and wondering where the deals were. Good to know that its pretty level with the MLS.
Originally posted by @Art Perkitny:
There are location that you can find under 100k homes in south Atlanta based on the data.
The link show a map with median home values for census blocks groups in Atlanta. The colors correspond to the value ranges in the legend.
As @Kevin Polite has stated, the areas with such low property values are much riskier than other more expensive areas.
If this is you first investment property I would suggest looking at a bit higher price to buy into a more moderate market.
Thank you Art, and thanks for the link to that property map. I am looking to spend 200k total. Do you think this is reasonable in todays market?
BTW....Is south atlanta a good market?
Here is whats on my list:
Gresham Park, Grove Park, South atlanta, Decatur
Is OTP a safer bet for a first time flipper?
@Adam Higginbotham
200k should be sufficient
Here are more detailed map views of the places you listed (the colors correspond to the areas risk score, which is a composite metric derived from eight different risk indicators)
Gresham Park
Grove Park
Decatur
South Atlanta
Simply put, the better the grade the fewer risks you will encounter (Vacancy, Property Damage, Non-Paying Tenants, etc...)
@Art Perkitny
Thanks for sharing the map. This is extremely helpful as I look to build out my rules of thumb for properties in Gwinnett County, northeast of the city. Is this a tool you created or is this a tool that you’re subscribed too?
@Kasey Gourley, glad you're finding it helpful!
This is a tool that I have built and am currently working on.
Feel free to check it out, a link can be found in my signature.
Thank you Art!
Hey Adam,
There are a lot of good deals out there if you know where to look. Sometimes you may have to expand your search area to places you weren't considering before. Also, as a first time investor, I would make sure you have a solid team to work with. That can be a huge difference in rehab cost to you and increase your margins.
Don't hesitate to reach out with any questions.
Alec Granger
New Western Acquisitions
Newwestern.com
Originally posted by @Art Perkitny:@Kasey Gourley, glad you're finding it helpful!
This is a tool that I have built and am currently working on.
Feel free to check it out, a link can be found in my signature.
Wow thank you @art