Investment properties Hollywood Rd and Gun Club Rd intersection near Perry Homes in W. Highlands (Atlanta: low income, section 8)

[netdragon]

Now that Hollywood Courts is vacant, I'm thinking of buying an investment property in West Highlands near the intersection of Gun Club Rd and Hollywood Rd, however preferably closer to Habershal Dr on Johnson Rd that leads into Perry Homes, which are gorgeous and also closer to Marietta Rd if possible, and on the edge of a neighborhood so it's easy to find from nicer areas.

Target range is a slight fixer-upper teardown candidate in the $20k-$30k range, but mostly liveable and can rent without much fixup cost. Hold for a year or two, rent at $400 or so. Fix up the yard in the meantime and sell land when value doubles.

What are your thoughts about that? Should I look closer up to Riverside (Bolton Rd) or in that area? Closer to Johnson, Perry Blvd, or closer to Bolton Rd? Would you stay out of the neighborhood with Arno Dr and Abner Pl for now (too much inventory for now?)? Do you know any good places where investors are starting to look at? (There's so much there, don't keep secrets )

I love the area from an investment perspective because it's so quiet and mostly wooded still but I know that Bankhead and other undesirable areas are just around the corner and that it still has a long way to go.

[spacelord75]

I think for $20-30k, it would be tough to lose....but I think any sort of recovery for that area is a long ways away. I have an acquaintance living in that nice West Highlands neighorhood and they are now way under-water. What is the status of the big Hollywood make-over that was supposed to happen? I know that Burtz St. West project folded, but haven't heard any new news on it. I think the real estate bubble popping deeply impacted this area from a redevelopment perspective. I guess it depends on how soon you think it will recover...I personally think you could probably wait another 5 years and values will be lower. If I had to choose b/w being closer to Bolton or closer to Perry, I would pick Bolton. I don't mean to be a naysayer or overly depressing, but I seriously think real estate has yet to come close to the bottom, so if it was my money, I would just wait longer.

[noah]

Are you a landlord already? Managing a low end property will test your skills and take time and patience and perhaps money too. You may just as easy double your money in a mutual fund in the same time frame without the hassle and risk. Hoping the land will double in value in 2 years seems overly optimistic.

Then again if your an experienced landlord with these type of properties at first glance getting $400/month on 20-30k makes sense.

[spacelord75]

Originally Posted by noah

Are you a landlord already? Managing a low end property will test your skills and take time and patience and perhaps money too. You may just as easy double your money in a mutual fund in the same time frame without the hassle and risk. Hoping the land will double in value in 2 years seems overly optimistic.

Then again if your an experienced landlord with these type of properties at first glance getting $400/month on 20-30k makes sense.

I forgot about this side of it...having had parents who owned duplexes off S. Cobb Dr. in the '80's (before it was Smynings), I can attest to all the above. The house and appliances will be trashed and you will struggle to get your rent every month...and expect calls all the time to come fix things. Again, I don't mean to be a naysayer....but I would really think about this.

If I had to bet money, I would say any land in that area will be worth the same or less than it is currently in 5 years.

[netdragon]

Originally Posted by noah

Are you a landlord already? Managing a low end property will test your skills and take time and patience and perhaps money too. You may just as easy double your money in a mutual fund in the same time frame without the hassle and risk. Hoping the land will double in value in 2 years seems overly optimistic.

I'm already a landlord for additional revenue beyond my normal job, but currently for an $850/mo condo in Cobb County. Never done low-end property and would probably use a management company unlike the Cobb property I'm managing myself. What are your thoughts about Section-8?

[Carverhills]

Are there any investors interested in the Carver Hills Community Area? Dont think those people in Carver Hills have the right to know that some investor is about to steal there homes and send in predator lending / the TAD Perry / Bolton Allocation?

Originally Posted by netdragon

Now that Hollywood Courts is vacant, I'm thinking of buying an investment property in West Highlands near the intersection of Gun Club Rd and Hollywood Rd, however preferably closer to Habershal Dr on Johnson Rd that leads into Perry Homes, which are gorgeous and also closer to Marietta Rd if possible, and on the edge of a neighborhood so it's easy to find from nicer areas.

Target range is a slight fixer-upper teardown candidate in the $20k-$30k range, but mostly liveable and can rent without much fixup cost. Hold for a year or two, rent at $400 or so. Fix up the yard in the meantime and sell land when value doubles.

What are your thoughts about that? Should I look closer up to Riverside (Bolton Rd) or in that area? Closer to Johnson, Perry Blvd, or closer to Bolton Rd? Would you stay out of the neighborhood with Arno Dr and Abner Pl for now (too much inventory for now?)? Do you know any good places where investors are starting to look at? (There's so much there, don't keep secrets )

I love the area from an investment perspective because it's so quiet and mostly wooded still but I know that Bankhead and other undesirable areas are just around the corner and that it still has a long way to go.

[Carverhills]

Originally Posted by netdragon

I'm already a landlord for additional revenue beyond my normal job, but currently for an $850/mo condo in Cobb County. Never done low-end property and would probably use a management company unlike the Cobb property I'm managing myself. What are your thoughts about Section-8?

Why are you interested in Low end property meaning what? Section 8 sucks. Most landlords are slumlords & the Tenants are previous project tenants.Why are you interested in Low Income Communities since quote on quote your from COBB COUNTY?

[noah]

I wouldn't trust a management company to handle a low end rental. The ones that make those work are active, seasoned landlords that run it like a business. The cash flow may be better but it will be a lot more work then other properties you may have managed. Section 8 - people have strong feelings both ways, its a way to get paid, but then again it means most likely the applicant wouldn't meet your standards you have for your other properties. I wouldn't target this market as a small time landlord.

Originally Posted by netdragon

I'm already a landlord for additional revenue beyond my normal job, but currently for an $850/mo condo in Cobb County. Never done low-end property and would probably use a management company unlike the Cobb property I'm managing myself. What are your thoughts about Section-8?

[netdragon]

Originally Posted by Carverhills

Why are you interested in Low end property meaning what? Section 8 sucks. Most landlords are slumlords & the Tenants are previous project tenants.Why are you interested in Low Income Communities since quote on quote your from COBB COUNTY?

I'm now looking at Vine City instead (near the historic West end), wholesale of course. Even when Westside Park, the biggest park in Atlanta, is built just North of Bankhead I still think we're looking at a few years for things to really move in the neighborhood between Riverside and the Westside Park (Johnson Rd). The first bit of movement is going to require a lot of capitol. I'll wait that out and move in after for more modest but safer gains. Therefore, I have a better opportunity in Vine City and the West End for now because it's changing now. Vine City also has two MARTA stations.

There's one other major thing: Vine City is a rental area since it's next to downtown. The area just south of Riverside is a live-in neighborhood. For a buy and hold rental, I want to be near downtown or midtown. For a live-in neighborhood, I'll want to get in really cheap and flip. I learned that from a hard-money lender I'm working with who will cover the repairs and control the payout to the contractors. Additionally, right now I'd be looking at Cascade and Riverside versus any of the other areas in NW Atlanta for a good flip neighborhood.

Originally Posted by Carverhills

Why are you interested in Low Income Communities since quote on quote your from COBB COUNTY?

Just because I live in a $350k+ home doesn't mean I have enough cash sitting around to flip an investment property in Smyrna or invest in a teardown, other than buying a condo pre-foreclosure wholesale (I already own a rental condo in Cumberland). I have about $30k cash right now. Atlanta's more of a rental market than Cobb and aside from the rarities, this is a buy-and-hold kind of market. Atlanta has some areas on the rise that are significantly cheaper than anywhere in Cobb. Cobb doesn't have those down-and-out places that cause huge volatility when they start getting flipped. There's no beltline or Westside park coming in Cobb, either. Atlanta is where I could see huge 3-5 year increases on the right property choice. Cobb is just a nice place to live and going to keep increasing at a steady rate y-o-y.

When the market was better, you could buy a house in places like Riverside and Grant Park wholesale and re-sell them wholesale a week later for $20k gains or fix them up and flip them for $100k gains.

[noah]

Be careful. Talk to some landlords and investors who have been in the business for decades and you'll learn that generally real estate is a slow and steady get rich slow game.

Yes, there are pockets with potential but with that you get outsized risk to go along with it. You won't be buying any properties and flipping them for those huge gains a week later, especially if you are using contractors to do the work and not doing it yourself. Fixing them up and renting them for 10 years is probably a more viable plan. I guess some people just continue to discount the risk factor when looking at investments and flipping of houses.

Originally Posted by netdragon

I have about $30k cash right now. Atlanta's more of a rental market than Cobb and aside from the rarities, this is a buy-and-hold kind of market. Atlanta has some areas on the rise that are significantly cheaper than anywhere in Cobb. Cobb doesn't have those down-and-out places that cause huge volatility when they start getting flipped. There's no beltline or Westside park coming in Cobb, either. Atlanta is where I could see huge 3-5 year increases on the right property choice. Cobb is just a nice place to live and going to keep increasing at a steady rate y-o-y.

When the market was better, you could buy a house in places like Riverside and Grant Park wholesale and re-sell them wholesale a week later for $20k gains or fix them up and flip them for $100k gains.