New to Atlanta and New to Investing!

[Ashley Gantt]

Hi,

My name is Ashley Gantt and I am new to Atlanta and new to Real Estate Investing.  I've been researching, planning, and researching some more and I have decided to begin my Investment ventures with wholesaling.  I am still learning the Atlanta area and would love for any pointers and tips around investing in the Atlanta market.  I stay in North Fulton county and plan to begin driving for dollars and cold calling this weekend.  I love meeting and interacting with new people and I cannot wait to network with some of you!  

[Kelly Rambo]

@Ashley Gantt happy to share!  My first deal I paid cash for a small 3/1 in an area that was heavy with gang activity.  The vacant lot next door was owned by Atlanta Habitat (for which I volunteer), so being a fan, I thought this neighborhood was ripe for regentrification.  The other end of the block had very nice homes.  Immediately after closing, there was a shooting around corner.  Based on the location of my house, you could see the location of the incident from the porch.  Ugh!  I thought, this is not good by any means.  Oh well, it was my dog now.  I proceeded to hire a contractor, recommended by my banker who was also a client of the contractor, and work began.  What was to take 8 weeks, remained incomplete 8 months later.  During the same time, I spoke to various property management companies, none of whom would take on this property because of the neighborhood and the renters they felt it would attract.  At that point, I put the house on the market and cut my losses. I was able to recoup some of my investment, which was a good thing.  

Lessons learned:

• When someone in law enforcement tells you that gang activity is high in a neighborhood - believe them!  My desire to improve a neighborhood and my vision of what the block could look like got in the way of common sense.  
• (The one that everyone, including me, knows)  Never pay more to a contractor than you should based on completion.  I paid the contractor too much, too soon, hence the work did not get completed.
• Don't buy a house you are afraid to visit.   Keep in mind, I was not afraid when I bought it (which I probably should have been), but after the shooting, I was scared to go over there.  Not good.
• If you're buying in an unfamiliar area, particularly for buy & hold, make sure a management company will PM the property first.

The second investment was a lot less eventful.  Found a condo in a very nice part of town for which I was familiar.  It didn't need a lot of work, but we made some upgrades.  Found a tenant and all is well.  Boring, but boring is good!