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Old 05-01-2007, 07:49 AM
 
7 posts, read 28,010 times
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I'm planning on buying a 2br condo in Midtown within the next 2 months. My original plan was to do a 30 year fixed mortgage & rent the condo after I move out in 5 years. Given the good things about Midtown that I've heard, I thought this was a good plan / investment.

However, I've since been told that there is a very bad market for rentals in Atlanta/midtown and I should just consider selling after 5-7 years and going with the 7 year ARM instead.

Is there a rental market in Midtown?
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Old 05-01-2007, 08:02 AM
 
1,088 posts, read 6,332,058 times
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There is a rental market there but right now its a little over saturated, but so is the for sale market. I think its impossible to know what the market is going to be like in in 5 to 7 years, I think it would be hard to predict even 2 years in the future. Developers are likely to continue building more units as long as they think they can sell them, you are going to be in competition with the new units for either the rental or for sale market.

With that said, I would never recommend an ARM. If the your interest rate changes your payment could easily double. ARM's are one of the reasons the foreclosure rate is so high.
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