All Forum Posts by: Eric Feng

Thank you everyone for your advice.!

1. @Account Closed Thank you for those great questions, which prompt me to do more research. According to Trulia, it's a relatively safe light green neighborhood, (Midtown is showing up as an dangerous area in red though). An actual visit to the place, gives me the opposite impression. Just by driving by, the neighborhood feels unsafe and may deter away potential good renters. I doubt it can be sold quickly 2-3 months. It has been listed on Zillow for 831 days, and the price doesn't seem right. The single 3/1 single family homes in the area remains low at around 3-40k, while this duplex is asking for 130k. The appreciation seems slow by looking at the neighboring house history.  
2. However, it is near the Beltline! Which is also one of my motives for the purpose. According to the Beltline project map , the trail will connect both Washington Park and Maddox Park and the westside, and the duplex is located in between these two parks. However, the question is, when does the construction start and finish?
3. As for the other big question, is it a good investment? I definitely more experience coming up with a more accurate result. Currently, BP calculator is telling me no... even if I buy the place at $80k. So I've decided to sit on this property and see how will time change the situation.
4. @G a Gloster I'd love to hear your experience on investing on the Westside, including both success and horror stories.  From what I heard, East Atlanta used to be similar to Westside, but now it's getting better and better, thanks to fix-n-flippers. So that's why I always feel Westside has potentials, especially those areas closer to Midtown. 
5. But I will definitely take your advice and talk to the enforcement officers to find out more info and keep a close watch on this property.

Hi everyone.

I'm an RE newbie so I'd like to pick your brain a bit.I've been looking at multi-family homes for my first investment and I found a good place on the West side of Midtown.

The good thing about this duplex is that it is 10-12 min drive to Georgia Tech, and 5 min. walk to the station. The property is gated and in great condition, and most importantly, it is within my budget; however, the neighboring houses are in shambles. There is a burnt down factory righ across from it, and the two neighboring houses are vacant.

I plan to rent out one unit, while I live in another.And in 1-2 years, move out to my next unit.

The unit is next to Maddox Park, on Pierce Ave NW.

I know most people stayed away from Westside because people feel it's an unsafe area.

Does anyone own property in this side of town and give me your thoughts on owning/renting properties in this area? 

Great responses. I've been pondering on whether to get a license or not. Now I'm leaning towards a yes :)

Another Section 8 horror story. The good thing is, besides the trash, the house was still in acceptable condition.

@Stevie Johnson@Jimmy ChangHello, I know this is an older post, but I'd like to ask your opinions. 

Which areas near Atlanta is good to have buy-and-hold properties. I am planning to buy a place to live and rent out the spare rooms. I'd love to have some suggestions so I can start looking into the areas. My price range is under $150,000.

Also, are multi-family homes not common or popular in Atlanta? During my research, I haven't seen many multi-family homes available.

@Kyle Penland Thank you so much for the great tips! I will talk to a broker and see what the rules are and make sure I plan out how to allocate my finance for the next few properties.

@Damir Kamber Thank you for the input. Could you explain what you meant when you say "put in 3-5% down into a property that has equity at purchase?" Is it just simply buying a property lower than Market Value, or is there something more to it? 

Emie,

Welcome to the forum! I'm sure many local members will be very interested in hearing your thoughts and experience in investing in the Atlanta market.

@Kyle Penland Thank you for the suggestion, Kyle. Would you mind elaborating on the reasoning behind that? 

Since I am just starting out, I though would go slow while I get some more education on REI. My original plan was to get a duplex/single family home first, pay 20% down, to keep the interest low. I'd get two housemates/tenants and start collecting rent. I'd save half of the rent for repairs/maintenance, the rest I'd add in my own payment and pay down the mortgage. Then when I'd saved for a second loan for an investment property, I'll pay down the 2nd house, and take out a home equity on it, pay off the first home, and pay down the mortgage aggressively.

By that time I'd have more experience, have more connections, knowledge, and the finance, then I can buy my 3rd, 4th, 5th properties fast and smarter. This is my five-year plan.

Hello everyone. I am new to the forum, and to real estate investing. I hope to learn enough to someday to be able to pay it forward.

I am planning to purchase my first house in the next six months, somewhere close to Midtown and East Atlanta. I've saved enough to for a 25% down payment for a $130,000 property, with some cash reserves. I planned to buy a duplex, but there don't seem to be many good properties available, so I might eventually buy a 3 bedroom/2 bath, single family home. 

My investment strategy is tostart with buy and hold, buy 1 or 2 more in the next few years, gain more experience and capital. After that I'd try flipping, and/or wholesale properties. My plan is to live in my first house and rent out the two rooms, pay off the house aggressively to earn enough equity then purchase a second, then third property.

I'm just curious about what the more experienced home buyer/investors think. Anything from tips to suggestions to buying the first property, things to be careful about, whether the plan sounds feasible, etc. any advise would help.

Thank you all in advance.

Eric