This is a good one.., Goldmine or fool's gold? - Posted by Marc/Atl

Real Estate Investing
#1

Posted by Stan(Atlanta) on February 23, 2000 at 16:04:28:

Marc,

I live in the Atlanta area and also am relatively new to investing. One thing that I have learned is that we as investors make the deals happen. There are many ways to invest in real estate and sometimes it can get overwhelming. I’ve found that if you look in your immediate area and start making offers you will learn the business and you will get deals coming your way. I also highly suggest you join the Georgia Real Estate Investors Assn. if you haven’t already. You can find their phone number in Sunday’s AJC Homefinder.

Best of success…Stan

#2

This is a good one…, Goldmine or fool’s gold? - Posted by Marc/Atl

Posted by Marc/Atl on February 23, 2000 at 13:56:51:

When in doubt turn to those who know best.
This is my question. Is my general area a good market for my investing? I live about 15 minutes south of Atlanta in a good solid private community. I am 3 miles from a major interstate I-75 and 20 minutes from another, I-85 I am near everything, and there is rapid growth. People are spreading outward from Atlanta where it is cheaper to live especially south of Atl. Within I’d say a 7 mile radius of my home I’ve seen about 8 new subdivisions pop up last year. And
new ones on the way. These new homes range in value from low 80’s - low 200’s. these total about 200 new houses. Lately I’ve noticed many, many, many of the 20 - 30 year old houses for sale. In a 1 mile radius of my home I can drive around and count 30 houses for sale. Can this be a good market or a bad market?Do I avoid it or not? I’m too new at this to know. For all I know this can be a goldmine right under my nose…, or fool’s gold.

Thanks again,

Marc

#3

Re: This is a good one…, Goldmine or fool’s gold? - Posted by Steve-Atl

Posted by Steve-Atl on February 24, 2000 at 12:05:05:

I see it as a goldmine. Every market has motivated sellers and that is what you are looking for. They may live in the 30 yr old house, but they may also live in the new subdivisions. In fact, they may be more motivated sellers in the new homes.

Look at it this way. People living in a new house generally do not have enough equity to pay a real estate commission. Unexpectely, something happens in their life which motivates them to sell (divorce, foreclosure, transfer, etc.). Since it would cost them to do the traditional “list with a realtor” routine, they are good candidates for “subject to” or lease-option deals where it costs you very little to gain control of the property. The other benefit of this area of the market is the houses are generally in better shape, requiring little if any work before you can market them.

Again the key is looking for motivated sellers and not looking just for properties.

#4

Re: This is a good one…, Goldmine or fool’s gold? - Posted by SteveA (FL)

Posted by SteveA (FL) on February 24, 2000 at 06:30:39:

I lived in Atlanta from '91-'96. In fact, I’m going to McDonough this afternoon. I miss it a lot and everytime I go to visit I look around Henry Co. and say to myself, “Man, the opportunity up here!”

Go for it.