Brooklyn, NY · Member since 2016 · 49 posts · 12 votes
I am visiting Atlanta, Georgia next week, Febuary 18-19 and wanted to meet up with an agent or wholesaler to check out a few properties and gain some knowledge about the area. I am also interested in properties around the beltline area. If anyone is interested in meeting up anytime next weekend then please let me know.
Hi Donald, I presume you are interested in "retail" properties for you to live in re your tactics?
I hope you aren't thinking that you'll be shown deals that you can fix flip and make a profit from?
Some times a buy and hold investor can deal with the poor numbers when buying off the metro MLS,,, as long as 6-9% cap rate is ok for you and not knowing the location, an unknown cost of managing tenants.
My best tip for you as a remote buyer is; only buy where the house is cute, lower rehab cost of $15k or less in an ok neighborhood (eyeball and driving around) and the high school great schools rating is 5 or better. Check rents in craigslist / zillow / rentometer. My deals cap rate at 13% ish and are in high appreciation area. Its possible outside the metro area, and very difficult in the metro area. Doable but not in 1 weekend IMHO.
Too many of the deals now left (over) are in great schools 4 or lower, high rehab cost and questionable tenante base. As an example go to atlanta dot craigslist dot org . Click apts - housing. In the search bar enter "decatur". The general area called Decatur is a poor area +/- I20 where the hedge funds lost their shirts and buyers are still lured into low priced houses. 2500 rentals in a relatively small area. Does that tell you something? What do the subject lines tell you? 1/3 are caps. 1/3 are 1/2 off first month. this is just a sampling of whats happened around one metro area that I'm certain out of towners will get steered into buying in.
Good jobs, growing jobs (near by) with good schools >= 6, cute, will make for best rentals, great schools 5 is still OK. But I'm guessing you are looking for buy and hold.
If lower cap rate is ok for you I can private message you a turn key operator in Atlanta as another option. I'm not advocating turnkey but to be honest if one is rushing the difficult process of remote buying one may be better off shopping off a website of turnkeys. Just an option. Search BP for the issues with turnkey.
Hi Donald, I presume you are interested in "retail" properties for you to live in re your tactics?
I hope you aren't thinking that you'll be shown deals that you can fix flip and make a profit from?
Some times a buy and hold investor can deal with the poor numbers when buying off the metro MLS,,, as long as 6-9% cap rate is ok for you and not knowing the location, an unknown cost of managing tenants.
My best tip for you as a remote buyer is; only buy where the house is cute, lower rehab cost of $15k or less in an ok neighborhood (eyeball and driving around) and the high school great schools rating is 5 or better. Check rents in craigslist / zillow / rentometer. My deals cap rate at 13% ish and are in high appreciation area. Its possible outside the metro area, and very difficult in the metro area. Doable but not in 1 weekend IMHO.
Too many of the deals now left (over) are in great schools 4 or lower, high rehab cost and questionable tenante base. As an example go to atlanta dot craigslist dot org . Click apts - housing. In the search bar enter "decatur". The general area called Decatur is a poor area +/- I20 where the hedge funds lost their shirts and buyers are still lured into low priced houses. 2500 rentals in a relatively small area. Does that tell you something? What do the subject lines tell you? 1/3 are caps. 1/3 are 1/2 off first month. this is just a sampling of whats happened around one metro area that I'm certain out of towners will get steered into buying in.
Good jobs, growing jobs (near by) with good schools >= 6, cute, will make for best rentals, great schools 5 is still OK. But I'm guessing you are looking for buy and hold.
If lower cap rate is ok for you I can private message you a turn key operator in Atlanta as another option. I'm not advocating turnkey but to be honest if one is rushing the difficult process of remote buying one may be better off shopping off a website of turnkeys. Just an option. Search BP for the issues with turnkey.
Hi @Curt Smith . I don't plan to purchasing this weekend. I am looking to network with some wholesalers, agents, or investors in order to get some more insight on the area before choose the farm area(s) that I would like to target in order to do buy and hold properties. The properties that I am targeting would only need a cosmetic rehab (maybe a bit more but definitely no gut renovations or any advanced rehabs). I plan to visit Atlanta multiple times before purchasing any property but I wanted to get some insight about the area from more than just the forums on BP (Even though they are extremely helpful). I really appreciate your insight and I will definitely take into account the points that you've mentioned. If you happen to be available this weekend for a chat , I am open to meeting up with you. Thanks again!
Hi Donald, The local REIAs are where active local investors hang. BP is great of course, but there's 600 locals in MyGaREIA.org. A lot of buying and selling. BP is no match for a good REIA for local help, what works, what doesn't, what zip has died, what city block is next to get hot. Only experienced locals know this stuff.
I just posted a good buy and hold tutorial file in my files. Go to my profile, then at the bottom right, is my latest file upload.
I'm from Brooklyn as well. I still reside there. I have a friend from childhood that currently lives in Atlanta and does real estate and knows the area. If you interested, I can connect you and him.