Multifamily investing in Atlanta area (Norcross, Buckhead: rental, insurance, townhouses)

[tgilgen]

Trying to get a feel for different regions of the area, visited on a vacation. Had not considered Atlanta until after visit.

Could any property owners or property managers share some of their experiences?

Specifically looking at atrting with some townhouses in the Norcross area, duplex in Fulton county just SW of Buckhead, and some more modest appartments near the airport (16 -24 units).

Noticed a lot of larger units with construction @ 1960 available. What are the common pitfalls to these in this area. Contractors please reply.

I'm from California and my family and I really enjoyed our time in Atlanta. In comparison to where I live (Fresno CA), the citiy and surrounding area seemed clean and friendly. I did not notice any homeless people or beggars, and most people out and about durring the work week seemed to have a purpose. Very little loitering.

Stated capitalization rates appear on average higher than what I am used to seeing.

[mra0015]

I too am looking to invest in property in Atlanta and surrounding cities. I did some research and investment returns on properties are pretty high even at a short term of 1-3 years. Even better in 5 years if property maintenance is sustained. I assume you are wanting to invest for cash flow purposes, buy and hold?

[Uvie]

Ditto me. I'm from the UK and live in London, but am planning to relocate to Atlanta within 12 months (Visa application about to be submitted). I currently have an offer in on a Multifamily unit in Atlanta - it's certainly not in the most regal of areas (inner city ghetto would be more apt) but even at current occupancy rates of 37.5%, it produces a return on investment of 25% - that's after deducting Management fees, Taxes and Insurance. I keep expecting there to be something remiss that I have not considered as the returns seem too good to be true. Especially given the pathetic rates of return you would get in London.

I'd like someone to get back to me if there's something i'm missing.

Thanks

[stevenlsmall]

You are correct Uvie. I'm a property manager and I have clients that live in London and want to eventually relocate to Atlanta who bought a rehabbed home in Atlanta for $50k. they said the same home in London would have been $150k-$180k. Inner city Atlanta is a very depressed market now so there may never be a better time to buy. The main downfall ia when you acquire low end properties ($800 and below) the long-term viability is not as attractive.

Steven Small
All County® Cumberland Property Management
Property Management and Property Rental Services in Atlanta Georgia

[ATLTJL]

This type of investment is probably best for experienced property managers. I think the hardest thing to do is to find quality tenants that pay you more in rent than damange they cause while they are living there.

Also, when dealing with Norcross, you want to make sure that you have someone who can speak Spanish. Most of the low rent townhomes are leased by Hispanic people, many of whom speak limited or no English.

[red92s]

This thread is 16 months old. Does it really need to be bumped some someone can get a link to their website in their?