I beg help - Byrere Ter Sw, Atlanta GA30310

[Carol C.]

2 months ago, I bought the house in 1403 Byrere Ter Sw, Atlanta GA 30310 & pass to the property management to follow, what I want is after renovation & to to rental market.

The property manager ask to do inspection report & install some windows , I follows, the nightmare coming. He advise me better I sell it because the zone is ware zone.

The house cost me 10k, I already using 1k more to do the above. Today, I recieved very shocked info, all the windows & doors are being removed. It means anybody can come & out easily.

Please advise me can everybody introduce me the good property management company to work out my plan.

this is my 1st investment property in Atlanta.

One thousand thank you!

Carol Chui

[Rick Baggenstoss]

Hi Carol - Welcome to BP!

The house you purchased was at a very fair, even good price, for a very rough neighborhood. It's an area where only seasoned, totally determined, fearless, deep pocketed investors and landlords should be investing. By your tone, I sense panic and uncertainty and it's your first deal. This property is not a good fit for you.

I would agree with your PM. You should sell the home.

Join GAREIA, and advertise the property as-is. 98% of investors will pass and a couple of savvy, wealthy, risk-takers will buy it from you at a minimum loss, if any.

Option #2, spend way more than you've paid thus far. Probably $20k to get this property ready for rent. Endure high turnover, vandalism, never finding a PM to serve your property, etc. while the professional tenants in this area take advantage of you.

Option #3 - Spend $500 to have the property boarded up/secured. Wait til the area improves and you have time to get more prepared for this type of property.

I've heard of investors buying these houses in 10 and 40 house blocks. They are not yet for individual investors.

Rick