hi I was wondering if someone from Atlanta could tell me what the REI landscape looks like near downtown given the infill of the last 10+ years? Was born and raised there but live in L.A.. I'm contemplating doing a rehab / flip or rehab/rent if the market is favorable since price points there are better. Much obliged.
Down town is transforming. The underground mall has recently been purchased so there is a lot of anticipation buy and hold going on. Rehab/ Rent has been most investors strategy.
@Jay Tucker , what about the area around Turner field? What is the city going to do with that land once the braves move to Cobb?
@Terrence Evans GSU is likely to get Turner Field, but you'd be gambling to buy in Summerill and Peoplestown in hopes of a turn around. Having said that, if you find a good cash flowing property close to mass transit (but not too close), then I think it's a decent gamble. Do this and you have decent income and the possibility of upside -- a good formula for investing in Atlanta.
Pick the wrong street or wrong property manager and you're hosed.
Wise advice by Terrence Evans, if you want to invest downtown Atlanta around Turner Field make sure you purchase right. The neighborhoods will change because The Beltline project is suppose to bring job placement, and training to surrounding communities in that area.That may take sometime, Beltline is a 25 year project, and I'm not for sure how many years the Beltline project been effective but it's somewhere between 5-7 years . That area is affordable, however it's critical to have some one who is savvy , and have your best interset at heart ,since you are planning on investing long distance. You can go to Beltline.org to see when they going to zero in that area. They are renovating as we speak, and I THiNK it's the next phase of the Beltline project.If so good timing, your challenge is going to assemble a good team.
So all in all where are the best downtown adjacent areas to get the best cash flow? I was browsing yesterday and saw they built a new community over where Perry homes used to be. $300k houses. In the immediate vicinity, there are older homes or newish small homes built on small lots for under $100k that could be rehabbed and rented. Is that area desirable for renting?
Again, I haven't been over to that part of town in years (er decades). So I don't know what it is like now. Thanks in advance.
you may want to connect with an investor friendly realtor in Atlanta to get a much better outlook. In my opinion back of west midtown or any direction from downtown will be good because people want access to the city amenities.keep in mind when investing in the city of Atlanta you going have Fulton county property tax ,and the city of Atlanta property tax.
I am an investor, Realtor and entrepreneur in the Atlanta area. If you look at overall Master Plan for City of Atlanta and explore the Beltline map you will notice that there is a great potential in the downtown and/around the Beltline communities.
Since you are focused around Turner Field (Peoplestown, Mechanicsville, Summerville etc) and Downtown area there are several development opportunities most notable one being the Georgia State University's 1B Plan to redevelop around Turner Field and the area has been slowly transitioning. I own a SFR in Peoplestown and have had no issues with renting the property. My tenant's love the location, neighborhood and there is a good influx of students from GSU and GA Tech.
If you look at my post on key indicators of a good rental market - Focus Metro Atlanta you will notice that there is a lot of potential for rental market. It's a long term play and not a quick pop and drop.
Define your objective on what you wish to do - Long term buy and hold or Quick Flip.
Anyways Good Luck hope this post was helpful
Thanks to you all.. I'll query my ATL friends on realtors. Please accept my colleague invite.
And go Hawks....
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