All Forum Posts by: Mike H. Jones

 Perhaps my post can help

I moved to Atlanta summer of 2016 and am an active homebuyer so hopefully I can offer my opinion from a homebuyers view (a home buyer who is treating his first property as an investment first, but also knows he has to actually live in the property.)

I'll speak on the Westside since the Eastside has already seen it's boom.

The homes I saw on the market in Ashview Heights selling for 50-65k in 2016 are now selling for 95-110k. Im sure in 2015 those homes were probably selling for 40k or less. By the time the Super Bowl is over I expect them to be selling for 130k. Once the belt line isn't finished and the streetcars are running up and down Joseph E Lowery, 250k+ and likely more. Same for Atlanta University Center homes. This area will have heavy activity coming from the belt line and street cars. Of course, this is assuming the street car plans carry through.

The West End is already priced out. Don't even think its worth it unless you're a homebuyer and want to eventually pass the home off to your children.

Pittsburgh is tricky. As someone said the area is heating up, but the lack of lot space and the feeling of everything being squeezed into the area raises some concerns. In my opinion that area is about 2 years away from being 2 years away. Most people buying in this area imo are investors with cash on hand and don't mind waiting 5 years. This area reminds me of the activity in English Ave/Washington Park circa 2009-2013, except that investors are buying the homes at higher price points.

Vine City is Vine City. Run down but good luck finding something.

Bankhead (areas bordered by W Lake Ave, DLH Pkwy, Joseph E Lowery, and Joseph E Boone) is still one of the more sketchy areas. While the lots are a tad bit bigger, it suffers from the same thing Pittsburgh does...the streets are still small and a lot feels squeezed in. Lot of distressed homes too so this area will probably take the longest to develop. Price points are anywhere from 30k-70k, but don't forget to throw in about another 25k of work.

Grove Park is next up because of its proximity to the Westside Reservoir. You have to watch out though. I've seen a few properties list for 135k-150k, but end up being taken off the market or reduced by a lot because everyone is hearing the rumblings regarding the development in this area. Lots are bigger than the neighborhoods directly bordering downtown and looks like it has great potential. If I had to estimate, the homes in this area will probably end up going for the most once 2025-2030 comes.

Everything west/northwest of Grove Park (Almond Park, Carey Park, Monroe Heights) will see a nice amount of appreciation once they clean it up and cut some of the trees down (these neighborhoods don't see sunlight after a certain time). But with the park coming, once they clean it up a bit and more people start moving in, this (including Grove Park) will be the "it" spot since the homes are bigger than most. And also since the Buckhead area is no more than a few miles away.

Collier Heights homes, imo, aren't all that attractive to people moving to Atlanta. On top of that, they are already priced at market levels (110k-160k). Lot space is great, but the best hope for this area is for it to turn into the next Cascade, which it probably won't.

Hunter Hills, Mozley Park, and Westview are all up next. You can bunch these areas in with the rest of the West End below MLK and above I-20. Get in while you can imo. Anything under 150k right now will be a steal in 5 years. The good thing about it is that the homes haven't even reached 150k levels yet. Most are in the 85k-125k range. With the Belt Line and the new streetcar system running all in and out of this area, I would make a move soon. And for investors who have property in this area, I would hold onto anything not bought for chump change for another 2 years at least. Of course it wouldn't help people like me, but I'm here to help.

Oakland City is about 1 year away from being a year away. The properties closer to Lee St and Cascade Ave will turnover a bit quicker though

Venetian Hills has some really nice homes. I'm willing to bet that anything near Campbellton Rd will greatly appreciate. I believe I've seen plans for the streetcar to operate along Campbellton Rd so this would be worth looking into. The only problem here is that there isn't always much inventory.

Cascade Rd/Adams Park/Audubon Forest/West Manor isn't an investor's area. Homes will appreciate but the market didn't hit these areas too hard (although you may get lucky on Cascade Rd heading intown).

Anything immediately west or north of the Westview Cemetery (Dixie Hills, Florida Heights, along MLK) are about 3 years away from being two years away.

I don't really see Adamsville seeing much appreciation.

As I said before, I'm no experienced investor, but rather, I am a first time homebuyer who's extremely interested in the area and investing. I spend around 6-7 hours per week driving around the area. It's almost to the point where I know exactly what street intersects another one.

I originally planned to look at any and all properties and figured that the sellers market and the current real estate climate down here would convince them to sell. When I would do tax record research, I would see that most bought their homes for sub 50k back in 09-14. With a 150k offer, perhaps they would consider selling. But I understand that is also a double edged sword.

I have started to use the pre foreclosure feature on Zillow and have come across a property I like however, but the picking is somewhat slim. Perhaps this would work out best if I find an (out of state) real estate investor/bank who bought his property shortly after the crash and is looking to cash out on his/her investment now. The only issue with that is finding a house I like and then hoping it meets all of the aforementioned criteria.

Hello all,

I am new to the forum, but I have always used to site to gain general real estate info.

I have a question, but first let me give you some background info for the sake of receiving any other advice that the forum topic did not ask about:

I am a recent Graduate student grad (23) and will begin starting working full time in January. I majored in Accounting & Finance and will be sitting for the first part of the CPA exam come January. I will also be starting full time in January and will be making 47K before taxes. My monthly debts (student loans & credit card debt only) will come out to around $350-375, or even less once I pay off the manageable balance on my credit card bill.

After running throw some numbers, my gross monthly income will come out to 3.9k and my net (with projected taxes) will come out to around 3k, give or take a thousand with the new tax plan. 

I currently live in Atlanta and it's still reasonably affordable and an easy city to get the home buying process started. There's are tons of up and coming areas in the city and I truly believe that this will be the next city in the entire country to boom given the formation of the Beltline, Amazon likely moving its 2nd headquarters here, 2 new stadiums professional sports stadiums, planning for street cars/trollies all throughout the city, great schools already here, billions worth of investment in the city and the fact that the actual city of Atlanta (not focusing on the metro) can be expanded even more, amongst other things.

The city is going through a mini boom right now for sellers, but it seems to be sellers who bought their homes back in 2010-2015 who are now trying to make a profit on it because they bought it for dirt cheap. Yet, I'm not worried about this being a bubble (at this point) because the prices aren't even half of what they were back in the 05/06/07s, and with my max offer price ($155k), I would still be able to afford the mortgage payment even with my current salary of $47k, which I undoubtedly expect to increase over the next five to ten years.

^^^^ Just wanted to give some background info

So my question is what's the best way to buy a home that is not on the market? 

I've identified an area which I think will have the most appreciation and growth (my investment strategy) and would like to buy a home in that area of town. 

I've searched tax records to locate the owner and know that whole trick of the trade already. However, I'm asking what's the best way to convince or persuade them to sell me the home? I know everyone isn't going to sell, that's a given...but for those who are on the fence or have been thinking about it...what will win them over? I plan to write detailed letters expressing my interest, but any advice will help.

I've heard that recommending a rent to own situation can work (of course, this is when the home isn't occupied), but what about when the home is occupied? 

I know that this is more of a "throw your boomerang and see what it comes back with" kind of situation, but any advice or alternative views are welcomed.

Thanks,