U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > U.S. Forums > Georgia > Atlanta
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-08-2010, 04:13 PM
 
22 posts, read 48,100 times
Reputation: 11

Advertisements

Ok just noticed the link I provided in the previous post for an example of a foreclosed property was vandalised.

Here is another listing for the purposes of an example for discussion.

1682 Woodland Ave Se, Atlanta, GA 30315 - HomePath.com

Asking Price $19,900
County Tax Roll Details
  • Lot Size: 1
  • Last Sale Date: 05/14/2008
  • Last Sale Price: $285,000
  • Taxable Value: $275,900
  • Total Sqft.: 1,658
  • Year Built: 2005

Opinions appreciated
Reply With Quote Quick reply to this message

 
Old 01-08-2010, 04:17 PM
 
416 posts, read 962,620 times
Reputation: 307
"Re the post about all the services being disconnected for foreclosures, can a building inspector establish whether there are any issues regarding these services whilst disconnected"

I dont believe so.
They can visually look for cracks in the small portion of pipes that are visible, . . . but most are underground or behind walls, and you wont know if they leak without water pressure., same for electric or gas.
You could personally inspect the fusebox to see if components look ripped out.
You could probably figure out as much as the inspector by looking at components without power up.
Otherwise, you are just rolling the dice, and you might hit a lucky 7.

also, those high prices for previous sales you quoted were ARTIFICIALLY INFLATED in an unsustainable market, and are the reason the property is now forclosed.
Dont expect it to get back up to that price anytime soon.
Reply With Quote Quick reply to this message
 
Old 01-08-2010, 05:34 PM
 
3,972 posts, read 11,282,795 times
Reputation: 1439
You will have to have tremendous confidence in a management company unless you intend to visit regularly or you could end up being a slumlord without knowing it.

The very best rental properties from a long term investment perspective are those in neighborhoods where most homes are occupied by owners. It will be difficult for you to find that in your price range.

Also, unless things change dramatically in some places where you are seeing these housing prices you can not expect very much appreciation. Many people believe that Clayton County is the worst (or among the worst) local government in the area. Schools lost accreditation but now have it back, but many parents aren't particularly satisfied with the schools.

Finally, buying foreclosures can be tedious and time consuming. I know multiple people who have recently purchased foreclosures and not one had the closing occur as scheduled.
Reply With Quote Quick reply to this message
 
Old 01-08-2010, 06:53 PM
 
3,345 posts, read 7,034,877 times
Reputation: 1713
I wouldn't go with the 30314 or 30315 zip codes that you listed. LovinDecatur gave good advice once again. So I'd go with here recommendations. There are some deals out there try 30316, 30317, and 30310 (this zip depends area by area), 30307 & 30308 use to have deals under $40K this time last year and from time to time something might pop up but quickly goes but it might be worth checking those zip codes from time to time. I've bought property under $40K but it took me several months to find something. If you don't have to rush visit Atlanta and check out the areas first. Plus home prices will most likely take another hit in the coming months.

Anything under $40K is going to cost you some money to repair. You've got to know and expect this. Good luck.

Also, the property management companies are not that great in Atlanta and I'm not sure why? If you actually lived in Atlanta and or had experience with the city you'd probably do better managing the property yourself.
Reply With Quote Quick reply to this message
 
Old 01-09-2010, 04:16 AM
 
22 posts, read 48,100 times
Reputation: 11
Thanks for the replies , I will check out those postcodes.

I would definitly need to employ a property manager and am open to suggestions if anyone has any recommendations.

Also any good brokers out there that have experience with properties in this price range?
Reply With Quote Quick reply to this message
 
Old 01-10-2010, 11:56 PM
 
Location: West Cobb (formerly Vinings)
3,615 posts, read 6,683,193 times
Reputation: 816
Buy an older condo. The condo market is saturated and thus they make good investments if you are planning to hold it for a long enough time.
Reply With Quote Quick reply to this message
 
Old 01-13-2010, 04:41 AM
 
22 posts, read 48,100 times
Reputation: 11
Just wondering if anyone can give me any opinions on the following suburbs

REX postcode 30273, nice looking properties, they don´t appear to be boarded up.

college park postcode 30349

Would appreciate any opinions on these postcodes

thanks in advance to all those contributing to this point.
Reply With Quote Quick reply to this message
 
Old 01-16-2010, 04:11 AM
 
22 posts, read 48,100 times
Reputation: 11
bump...

any opinions on REX or FOREST PARK as a place for investment property?
Reply With Quote Quick reply to this message
 
Old 01-16-2010, 07:41 AM
 
Location: St Simons Island, GA
23,120 posts, read 36,406,938 times
Reputation: 15466
Quote:
Originally Posted by munecita View Post
bump...

any opinions on REX or FOREST PARK as a place for investment property?
My opinion?

Rex? Very iffy.
Forest Park? Absolutely not.
College Park? Has distinct possibilities.
Reply With Quote Quick reply to this message
 
Old 02-24-2010, 04:51 PM
 
Location: Lindbergh (Atlanta, GA)
126 posts, read 283,170 times
Reputation: 64
Quote:
Originally Posted by munecita View Post
Thanks for the replies , I will check out those postcodes.

I would definitly need to employ a property manager and am open to suggestions if anyone has any recommendations.

Also any good brokers out there that have experience with properties in this price range?
I am an investor (and real estate agent), and as a general rule of thumb, I stay north of (or closely around) I-20. Im not saying that there are not good deals south of I-20, but I stick to the established 'neighborhoods', particularly the areas that were up-and-coming before the market crash (edgewood, kirkwood, east lake, east atlanta, reynoldstown, grant park, etc).

Obviously, properties in these areas are harder to come by, so you need to search daily and have all your ducks in a row so you can act immediately. Ive seen properties list at 10am that are sold by the end of the business day.

There are a bunch of other things to consider when buying an investment property, and Id be more than happy to share my thoughts if you shoot me a message, but ill refrain from giving a lesson in investment property analysis on the forum.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Georgia > Atlanta
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top