Atlanta and the metro area, especially Atlanta, offer investors great opportunities. Investments are known as rental homes, homes that you can fix up and re-sale and long term holdings in land, commercial buildings and multi-family dwellings. Rental rates alone vary from $875 to $11,975 in Atlanta.
You can search for investment homes on my website here.
Education in Investing
Education in investing is critical to the understanding of making money. Not only do you have resources at your fingertips like investor clubs and their libraries of information, you also have the public records that are held both on the internet and in the public libraries and courthouses. Seminars like the ones that John Adams holds are also valuable. Simply search the internet and you will find the best resources for today’s market.
Networking is also a great tool when you are buying investment homes. But I am not talking about cocktail parties. I am talking about beating the streets. Often times you will find neighbors who know about a “situation” that will warrant a good through looking into. The best deals are not always on the MLS or the foreclosure steps. The best deals usually don’t have a commission involved and they are public. They are the private deals wherein a neighbor tells you about someone in need of your help. The easiest way to do this scouting however is to get serious about a home in a neighborhood and then visit the neighbors about that home. That will usually yield you more information.
Also, be aware of other investors in the neighborhood. Most investors, who hold one rental home in the neighborhood, have many more. Knowing these people will prove to hold a lot of wisdom about the HOA, the influx of movers to the area, the construction of the homes and the amount of rent or return that you can expect.
Check the Covenants
Many investors are surprised when they purchase a home and then realize that their rights as to what they are going to do with the home are limited. During your due diligence period or before, make sure that you understand what your rights are as an owner.
Check the Loan
And, some loans will restrict what you are going to do with the home. Doing some checking and then double-checking by getting the terms in writing before you sign the dotted line on the purchase and sale agreement and the loan are critical to your success as an investor.
We have great resources for our buyer clients and we believe that you should consider any home that you purchase an investment whether it will be your primary residence or not. The more you learn, the less you fear.