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Updated about 8 years ago,
Intown Real Estate investment advice for mid-20's native Atlantan
Hi All, I stumbled across this site while browsing for real estate advice in Atlanta. I've lived here my whole life and would like to purchase a house soon. Financial situation: I'm 28, make about $60k/year. I have $15k in cash and $15k in my Roth. My company will give me a gift loan of $10k for buying a house. My mom's a realtor with KW on the north side and my younger brother is a loan specialist and a friend of mine owns a construction company and recently sold 5/7 houses for some nice cash which got me thinking..
I'm looking for straight advice on what to do. I currently rent in Edgewood and would ideally like to continue living in intown. I'm thinking of a buy and hold in Peoplestown with Georgia State taking over Turner field, and the belt line and Beacon going in to the south. Also looking at Adair Park and the West End, maybe even Hapeville. I think I'm priced out of EAV and most everything in East Lake looks like trash. Ideally I'll live in the house 2-5 years while I build equity and the area appreciates and then sell. Obviously I don't have the capital to start buying up properties but I'd like to make a smart choice with my first house so that I can build up to that.
I'd rather not be someone's payday being a rehab home for market value so I'm looking for a deal. I've looked through almost every home intown on FMLS, garbage homes are available for higher than average prices it seems and the good houses vanish within 48 hours at higher than listed. I've considered an FHA rehab loan and scooping something cheap, but I'm not sure I have the experience or expertise to pull that off.
Anyway, any and all advice is welcome and appreciated!