All Forum Posts by: Azeez K.

Hi@Paul Smythe

1. Look up if your condominium is FHA approved. What is FHA approved? In short means HOA is fiscally sound, be majority owner-occupied, have a low delinquency in dues payments, be well-maintained and have reserve funds for emergencies. So how do you check if its FHA approved? Click here on HUD.gov

2. Typically, during the due diligence period if you have a condo under contract you can request the HOA report from the sellers or the HOA contact. Alternatively, your lender as part of their due diligence will look up HOA reserves, background, profile etc. You absolutely will be able to view the financials prior to purchase. It's recommended that the condo is FHA approved so you know that it would be eligible for financing, they have reserves etc.

If a condo has had a lot of foreclosures in recent months it might be difficult to get financing for those type of condos. 

Hope this helps. Good Luck

@Brian Burke

Market: Atlanta 

Here are my thoughts on Atlanta Market:

1. Employment Trends: Job Growth has increased by about 1.4% YOY Q3 and unemployment rate has decreased to around 5.8% ish

a. Norfolk Southern - adding jobs in the Atlanta Midtown area and spending G$

b. Mercedes Benz - moved headquarters to Atlanta - 600 + jobs

c. Suniva - expanding in Norcross

d. VMWare - adding additional jobs

e. Google - adding mega data center in Lithia Springs

f. Long story short lots of companies adding lots of job opportunities - positive overall trends

2. Multi-Family:

• Rent Growth - 5-6%


• Vacancy rates - 5% - High Vacancy rates for properties built after 2009 is 14-15% especially in mid-town where you find new construction. South Dekalb county has the highest vacancy rate around 16%


• Rent Studio - Avg. $780


• Rent 1 Bed - Avg. $872


• Rent 2 Bed - Avg. $1001


• Rent 3 Bed - Avg. $1200


• Cap Rates- 12 month trailing are about 6.5%


• /unit price - avg $65-68K


• Overall the valuations in 99% of properties that I see don't make sense. People are buying properties at 4 Cap and lower


• Overall I do not recommend buying a MF property in Atlanta unless you have a "deal" and solid deals that truly makes sense are hard to come by. 

Hi @Jesse Smedley

Welcome to BP! I am glad you listened to your aunt @Karen Margrave

Here are some new Member Tips as well.

Tip # 1: How to Use @Mentions on BiggerPockets

Tip # 2: Setting up Keyword Alerts

Tip # 3: 25 Tips for Real Estate Success

Tip # 4: Check out the Start Here page

Tip # 5: Check out BiggerPockets Ultimate Beginner's Guide

Tip # 6: Listen to BiggerPockets PodCastDon't know which one to listen first..listen to BiggerPockets Podcast 108: Building a 350 million Real Estate empire using the 10X rule with Grant Cardone

Tip #7: Votes

There are a lot of meet-ups here in Atlanta. It's a great place to network with local investors, REI professionals. Atlanta BP community is pretty active.

Looking forward to seeing you around the forums. Good Luck!

@Paul C. I won't re-hash what has already been said in the above. In Atlanta look for small community banks for example Georgia's Own Credit Union you will get HELOC up to 90-95% of appraised value.

Good Luck

Hi @Ernie Mathes

Welcome to BP! Since you are interested in Rentals start by reading the BP How to Buy Rentals guide.

Here are some new Member Tips as well. 

Tip # 1: How to Use @Mentions on BiggerPockets

Tip # 2: Setting up Keyword Alerts

Tip # 3: 25 Tips for Real Estate Success

Tip # 4: Check out the Start Here page

Tip # 5: Check out BiggerPockets Ultimate Beginner's Guide

Tip # 6: Listen to BiggerPockets PodCastDon't know which one to listen first..listen to BiggerPockets Podcast 108: Building a 350 million Real Estate empire using the 10X rule with Grant Cardone

Tip #7: Votes

Here is a link to sample inspections report that will hopefully provide the insight you are looking for. 

Hi @Paul C.

You are right. However, the key as you said is finding a property "way below market value" in the areas like O4W. It's very very challenging to find deals in the areas.  Anyways look forward to connecting with you. 

Hi @Paul C.

Welcome to BP! I know the ITP areas pretty well. I am a Realtor/Investor/Entrepreneur here in Atlanta and personally have properties around 04W Grant Park etc. 

Feel free to hit me up if you have any questions. I have attached some high level market reports. I personally feel Adair Park and around Grant Park/Peoplestown area are some places were you can find some value. 

Below are the reports for the following areas:

30310 - Adair Park - good value for a belt line neighborhood 

30312 - O4W - overall very pricey hard to find good deals that you can make money if cash flow is your objective.

30315 - Grant Park/Peoplestown etc You can find some value properties not in Grant Park but around peoplestown, summer hill and other areas

30316 - EAV- prices high overall prices have been heated for a while

Good Luck

Hi @Kyle Scholnick

In regards to:

1. # of rental properties in Atlanta - You are right there are a lot of rental properties here in Atlanta. 

2. Tenants - It is certainly not tough to find tenants. You can certainly find tenants without much hassle. Again this depends on several factors however, overall its not bad by any means. Overall if you look at the Economic and Housing Trends for Georgia all macro signs are trending positive i.e. more jobs, more people moving to GA, standard of living,.... The average vacancy rate stands at 6% with newer properties that are coming online in the Buckhead /Midtown area around 14%. Dekalb county has the highest vacancy rate around 15%.

3. Opportunities - There are slim pickings in Atlanta. Overall in the price point you suggested 100-200k the inventory levels are at 3.9 month supply. It's a sellers market less homes to pick from values are high..returns will not be good from an investment standpoint. However, there are still opportunities you can find but you have to be patient. 

4. Areas - Refer to this thread Atlanta Neighborhood Classification question. Focus more on stable neighborhood with good school districts.

Hope this helps

Thank you for all those who took time from their busy schedules to network at the meet up. Let us know if you have any ideas for future meet ups. 

@Mike Watkins I will send you Pat's info and will mail/give you your notebook. 

Thanks all!