50K budget - which suburb to buy in? (Atlanta, Alpharetta: real estate, foreclosures)

[gentle_chief]

hiya,

I am looking to buy an investment property in Atlanta. My budget is 50-55K max.
Some good family friendly suburbs would you suggest?

thanks ahead,

[bryantm3]

you're looking for a *house* in the suburbs for 55k? it's going to be tough to get in much of anywhere with that limit. have you considered renting?

if you're looking to buy, the only places you're going to be able to find in decent neighbourhoods are going to be townhomes and clusterhomes that are at least 15 years old, and it's not too great of an investment.

something like this:

1517 Planters Ridge Ln # 1517, Alpharetta, GA 30004 MLS# 4282099 - Zillow

and i've been in those townhomes, they are poorly built. but they're not unliveable or anything.

use zillow to look up listings, it's a great tool.

you may also want to keep an eye out for foreclosures in nicer neighbourhoods, they are typically pretty cheaply priced but go away fast. you're probably going to want an agent to help you out with that.

i would suggest you look in town for upcoming neighbourhoods but at 55k you're going to be in pretty bad areas.

i hope i don't sound condescending or anything, because i don't have a ton of money to spend on a house either, times are tough for all of us, and even though they say home prices are "at a record low" i think most of us missed the memo. in a time where it takes your life savings to afford a place to live, home prices just don't get low enough.

[bryantm3]

oh i guess i didn't answer your question about *which* suburbs to look at. what exactly are you looking for?

[GeorgiaLakeSearch]

Are you living there or renting it out?

[gtcorndog]

That budget is very tight. If this is an investment property, be wary. Renters in houses of that price range are much more likely to damage your property. The profit margins are low to being with on property of this price range (due to the low rent you can charge), and a bad renter who damages your property or misses rent payments can eat through any profit generated and leave you in a loss. It is my experience that this is more likely at low rent price points like this.

[cittic10]

None.

If you want to buy a house to live in, that's fine by me. You can find foreclosures in just about every part of metro atlanta for that price. Nice homes that would probably sell for millions of dollars if they were in california or connecticut. But you should consider finding another way to invest money as there are far better and safer investments.

[jdubb3000]

I think 55k is a decent budget, however it depends all on what your end goal is...long term or sort term? The repliers have made some valid points, but they are assuming to much. For one...that you are looking for a property on "the good side of town" (north Atlanta)...(just referencing the property link)...typical stereotype. They are right though, its unlikely you will be in North Atl for that price. Secondly, 55k does not equal a bad area...(first reply). As for the replier who was talking about bad renters, damaged property, and miss payments....that's a part of the business. All investments have risks. There are some simple things you can do to minimize those risk. You just have to know what you are getting into. I know people who are still buying these foreclosures and are making money. I am a real estate agent and contractor...so im speaking from that prospective...

[noah]

Disagree with some. For investments that have good returns (15%+ a year) this is a great budget, but just understand it will be a hands on investment. Investment is completely different then buying a house to live in, especially in this price range. Do your research, attend some landlord association meetings, look at buying wholesale but many suburbs with blue collar neighborhoods will fit the bill.