Looking for my first deal in Atlanta and surrounding areas

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Looking for my first deal in Atlanta and surrounding areas

Pragati Soni
Atlanta, GA · Member since 2018 · 40 posts · 8 votes

Hello Everyone! 

I am fairly new to BiggerPockets but have been listening to podcasts on my commute to work to soak up as much as I can. I am looking for my first deal in the Atlanta and surrounding areas.  I can currently comfortably put down $15k to $20k in investment property. Obviously, finding a property within 30 minutes from Atlanta area is currently $250k plus. Realizing this may be a challenge for me I started looking into properties in the college town of Athens. Athens is only an hour from Atlanta and I went to the University of Georgia so I have a sense of familiarity with the area and demand. Last year when I looked there were a bunch of properties selling for $60k to $70k which would have been the perfect price point for a starter property for me. My goal was to rent that out to students $350 per room and most of these properties were 2 bedroom condos. There are still some deals like that available but they are very limited and I haven't seen a really good one recently.

My question is, should I continue looking in Athens for my starter property considering my situation or should I look at other areas that I may have overlooked? I want to start investing in Georgia since this is my primary residence and being physically here will help me learn all that I can with my first deal. I am looking for a property no more than 1.5 hours from the Atlanta area. Please leave comments with any feedback or suggestions you have! Thanks!

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Lynn T.
Real Estate Agent · San Francisco, CA · Member since 2016 · 105 posts · 21 votes
8y

Great Metro Area to invest in. Lots of wholesalers in Atlanta. Make sure you are on their buyer's list. You may get lucky. But do your own number, don't use theirs. With your budget you may find a seller financing deal where you can fix up a little bit, your money will go further than buying from turnkey providers. Just my two cents.

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  • Kadeem Wells
    Real Estate Agent · Atlanta, GA · Member since 2015 · 72 posts · 35 votes
    8y

    Hello, pragati as an agent. I just did a quick check of the Athens market on the fmls. I could only find 1 property in the 75k range. The few properties that are on the market up there are  between100k to 200k. Also, have you decided on what method you will be using to invest in properties. If you want to focus on housing for college students I would suggest the westside of Atlanta. the properties are rougher as well as the area but you are more likely to find something in your price range.

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  • Pragati Soni
    OP
    Atlanta, GA · Member since 2018 · 40 posts · 8 votes
    8y
    Originally posted by @Kadeem Wells:

    Hello, pragati as an agent. I just did a quick check of the Athens market on the fmls. I could only find 1 property in the 75k range. The few properties that are on the market up there are  between100k to 200k. Also, have you decided on what method you will be using to invest in properties. If you want to focus on housing for college students I would suggest the westside of Atlanta. the properties are rougher as well as the area but you are more likely to find something in your price range.

    Kadeem, thank you for your input. My long-term goal is to get into multi unit housing but currently I do not have the means to do that in the Atlanta area unless I go in with a partner. My first priority is to learn all that I can so I think a property around $70k rented out to students would be the perfect start. Where exactly in the westside of Atlanta do you recommend? There is Clark Atlanta and Spelman college so I could possibly rent out to those students.

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  • Ian Kee
    Investor · Milwaukee, WI · Member since 2015 · 130 posts · 60 votes
    8y

    Welcome to BP @Pragati Soni! I know a group of investors in the Atlanta area and there area a LOT of opportunities near you! You are in a fantastic location to begin investing.

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  • Aditya Namjoshi
    Member since 2018 · 25 posts · 8 votes
    8y

    I recently bought a condo in Hampton GA. I put around 22K for a 88k property and should cash flow around 150/month.....I am based out of CA so all my research was online...so would love to hear about your foot on the ground research in atlanta......let me check out athens....

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  • Pragati Soni
    OP
    Atlanta, GA · Member since 2018 · 40 posts · 8 votes
    8y
    Originally posted by @Ian Kee:

    Welcome to BP @Pragati Soni! I know a group of investors in the Atlanta area and there area a LOT of opportunities near you! You are in a fantastic location to begin investing.

    Thank you! Do you know what areas they are focusing on?

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  • Pragati Soni
    OP
    Atlanta, GA · Member since 2018 · 40 posts · 8 votes
    8y
    Originally posted by @Aditya Namjoshi:

    I recently bought a condo in Hampton GA. I put around 22K for a 88k property and should cash flow around 150/month.....I am based out of CA so all my research was online...so would love to hear about your foot on the ground research in atlanta......let me check out athens....

    I actually live in Fayetteville which is about 20 minutes from Hampton. I am very familiar with that area. Fayetteville and surrounding areas are considered good investment because of the long-term potential due to the Atlanta airport being nearby. Also, Pinewood Studios (located in Fayetteville) is the largest studio complex in U.S. outside of Hollywood. I believe there is huge potential there due to growing film industry in Georgia. 

    I haven't seen any recent good deals in Athens that are under $70k (I saw a lot a few years back). Athens is home to University of Georgia and the university always has housing shortage each year due to the increase of incoming freshmen each year. I remember one year they offered to pay upperclassmen money to move out of dorms so that incoming freshmen can live on campus there first year. Apartments are usually booked fast. I know this because I graduated from there.

    Let me know if you need help with any specific areas. I love driving around and checking out different spaces in person. The only thing that has stopped me from investing is cash limit. I am also currently working on networking and finding the right people on my team especially when it comes down to contractors, property management company, etc. 

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  • Lynn T.
    Real Estate Agent · San Francisco, CA · Member since 2016 · 105 posts · 21 votes
    8y

    Great Metro Area to invest in. Lots of wholesalers in Atlanta. Make sure you are on their buyer's list. You may get lucky. But do your own number, don't use theirs. With your budget you may find a seller financing deal where you can fix up a little bit, your money will go further than buying from turnkey providers. Just my two cents.

    1Reply
  • Pragati Soni
    OP
    Atlanta, GA · Member since 2018 · 40 posts · 8 votes
    7y
    Originally posted by @Lynn T.:

    Great Metro Area to invest in. Lots of wholesalers in Atlanta. Make sure you are on their buyer's list. You may get lucky. But do your own number, don't use theirs. With your budget you may find a seller financing deal where you can fix up a little bit, your money will go further than buying from turnkey providers. Just my two cents.

    Thank you for your input. I would love to connect.

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