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Old 08-29-2010, 12:43 PM
 
3 posts, read 3,554 times
Reputation: 10

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Hello All,

I need a little help. I'm interested in purchasing an investment property in the ATL area. However, with such a glut of inventory, I'm having a hard time figuring out what's the best course of action in terms of the neighborhood. Here's what I'm looking for:

1. Looking for something less than 70K
2. Newer: built btwn 1998-2008
3. Townhouse or single family (which one is more rentable?)
4. Close to downtown atl
5. Close to public transportation
6. Low crime
7. Family and/or young professional neighborhood
8. Nice mix of renters and home owners in the area

Any suggestions?
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Old 08-29-2010, 12:59 PM
 
Location: Johns Creek, GA
16,021 posts, read 59,543,358 times
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Quote:
Originally Posted by huriyyahsmum View Post
Any suggestions?

Double your Budget!
Then your other criteria will match.
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Old 08-29-2010, 02:20 PM
 
3 posts, read 3,554 times
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I would if i could. I want this to be a cash purchase. I've noticed plenty of foreclosures and short sales under 70k. I just need someone to steer me into a half way decent neighborhood. Lithonia? Stone Mountain? East Point? Decatur?
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Old 08-29-2010, 02:25 PM
 
Location: Georgia
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Will you or someone else be living there, or will the home sit idle?
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Old 08-29-2010, 02:40 PM
 
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I plan to get a renter.
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Old 08-29-2010, 05:50 PM
 
3,972 posts, read 11,854,904 times
Reputation: 1452
Individual investors are not having an easy time renting as in the markets you listed, apartment rents have decreased significantly. Clark Howard use to say not to own investment property unless the rent would cover 100 percent of the costs, a few weeks ago he indicated that 85 percent or so would be reasonable.

Can you carry the rest of the costs until the market recovers (if the market recovers)?
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