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Old 01-08-2010, 01:21 AM
 
22 posts, read 48,066 times
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Hi Everyone,

This is my first post.

I am a foreign alien (Australian) and looking at the Atlanta Georgia market for investment property. I was wanting to get some info on what I can buy for 20-40k , a quick search on realtor.com comes up with loads of decent looking homes (I understand most of these need some work in this price range)

I would appreciate any assistance in what areas, suburbs, counties, I should consider looking at in this price range and the one´s I should steer clear of.

I would prefer to purchase in a working class area , where predominantly families live and steer clear of crime spots, understand rents for 4 bedroom , 2 bathroom homes start around 900 per month. Please correct me if this is not the case.

Appreciate any information any locals or agents can provide.

Thanks in advance.
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Old 01-08-2010, 04:45 AM
 
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Anything that's selling for $20-40k is going to be in a crime-infested neighborhood, or is going to need to be pushed over and rebuilt (and even then its probably not in a great area). To get into a decent area, you're going to have to up your price range considerably- I'd go so far as to say that you're not likely to find anything you'd want to live in for less than $100k, with few exceptions.
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Old 01-08-2010, 04:52 AM
 
22 posts, read 48,066 times
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Hi Bob,

Thanks for your reply. I Appreciate your comments. I have come across a few properties in the suburbs of ellenwood, and stone mountain in this price range and they appear to be nice properties. I have posted a few links below so you can see what I am referring to. Are these areas undesirable? lots of crime?

4226 Ridgetop Trail, Ellenwood GA - Trulia

4298 Westglen Road, Ellenwood GA - Trulia

1033 Nimblewood Way, Stone Mountain, GA, 30088 - MLS #2771414 - Single Family Home real estate - REALTOR.com® (http://www.realtor.com/realestateandhomes-detail/1033-Nimblewood-Way_Stone-Mountain_GA_30088_1113963919 - broken link)


- real estate - REALTOR.com® (http://www.realtor.com/realestateandhomes-detail/1206-To-Lani-Court_Stone-Mountain_GA_30083_110933942 - broken link)

Any comments on these areas or other areas in this price range would be appreciated.

Still learning!

thanks again.
Karina
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Old 01-08-2010, 07:18 AM
 
Location: St Simons Island, GA
23,125 posts, read 36,362,431 times
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Check out homes in some of the SW Atlanta neighborhoods ie:

Westview
Sylvan Hills
Capitol View

Very up-and-coming and much less expensive than the east side neighborhoods.
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Old 01-08-2010, 09:48 AM
 
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Check East Point... the neighborhood right south of Ft McPherson might still have some deals. You'll have to throw in at least 10k to make most of them rent worthy though.
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Old 01-08-2010, 09:52 AM
 
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Something else to consider- the areas with the lower-priced homes are typically going to command lower rents, and the tenants who want to pay those low rents normally aren't the "best" tenants. I highly doubt you're going to get $900/month for a house that you buy for $40k- more like $500-600- and you can expect to be chasing your renters for payment every month and making repairs to fix what they tear up. Not to say that higher-rent tenants are always ideal tenents, but you're likely to have bigger issues with the folk in the homes you're talking about.
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Old 01-08-2010, 01:18 PM
 
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That may be true buying retail but if one know what they are doing and doesn't buy retail you can if they are patient. Agree completely that lower end properties require more work but provide more return.

Quote:
Originally Posted by BobKovacs View Post
Something else to consider- the areas with the lower-priced homes are typically going to command lower rents, and the tenants who want to pay those low rents normally aren't the "best" tenants. I highly doubt you're going to get $900/month for a house that you buy for $40k- more like $500-600- and you can expect to be chasing your renters for payment every month and making repairs to fix what they tear up. Not to say that higher-rent tenants are always ideal tenents, but you're likely to have bigger issues with the folk in the homes you're talking about.
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Old 01-08-2010, 03:25 PM
 
416 posts, read 961,770 times
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Are you wanting to sit at your computer in Australia and make offers on properties. That will take immense luck.
The price range you are quoting are undoubtedly FORCLOSURES. THese will have NO guarantee that the water/sewer/electric system/gas works or has not been damaged. and in this price range the seller will NOT power them up for you. So YOU will need to view EACH ONE and 'kick the tires', and hopefully if you are a construction expert you can assess the level of repairs needed to get it rentable. AND accept the risk for the unforseen.
I saw a 1 year old (new) house in Atlanta in the 10k range. THe front door was unsecured, there was evidence of a homeless person camping there, AND all the hvac systems were ripped out, and ALL copper was ripped out, INCLUDING the wire to the outlets. (it looked like more work to destroy and remove it that the copper was worth). and toilets and sinks and anything of value was removed, in a destructive manner. As I type there are probably 3 more like that available in Atl.
Bottom line, you will NOT find a 20k house that you can put up for rent the day you sign the closing papers.

Last edited by nb1968; 01-08-2010 at 03:26 PM.. Reason: speelingg errurrs
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Old 01-08-2010, 03:36 PM
 
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Actually for 20-40k you will find some rent ready homes in Clayton county. Granted they are not great neighborhoods, average at best, and won't rent for $900 but they are out there and if you know how to buy wholesale and don't pay retail they are definitely out there. Better off on a landlord site then here for opinions. That said you can buy even cheaper houses in Detroit but better to buy local. Why buy here when you don't live here.
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Old 01-08-2010, 04:01 PM
 
22 posts, read 48,066 times
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Thanks for all the replies to date

re your comment
"Are you wanting to sit at your computer in Australia and make offers on properties."

Absolutly not!!

I won´t buy anything site unseen. I have been looking at bank owned foreclosures online and am amazed at the prices , just an example below of what is available.

This property is selling for $39,900 built in 2004
last sold for $234,000!
Here is the link
987 Ashby Cir Nw, Atlanta, GA 30314 - HomePath.com

I would appreciate any comments re this listing (not that I am going to buy it) Just trying to understand what is on offer, is the neighbourhood crime ridden? I can locate many of these type of properties online that have sold in the 200 plus range now selling for under 40k (bank owned foreclosures)

Coming from Australia this just appears insane. Our median house price in sydney is over $500,000 and that doesn´t buy you anything special and for that outlay you would be lucky to get $1600.00 a month in rent.

I am trying to establish what represents value in the under 40k price range and understand I may need to spend money renovating prior to getting a tenant.

I am wanting to visit atlanta and personally inspect the opporunities on offer but I guess the purpose of this post is to give me some direction of what areas I can look at that offer excellent value in reasonable decent areas. I have no intention of being a slumlord and don´t expect to purchase the Tah Mahal, just after a normal house in a normal suburb where families live and work and can enjoy a peaceful quiet life without all the crime.
My main objective though on purchasing is to achieve this with a positive cashflow, hence why I am targeting the lower priced properties.

I would also get a building inspection done by a qualified builder for anything I was seriosly considering purchasing . 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? Appreciate any comments from anyone with experience on this.


Please keep the responses coming! Thanks again to all that have contributed to this post.
Karina
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