Working With New Investors In Metro Atlanta
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Metro Atlanta is still seeing a lot of investors entering into the real estate market for the first time. The metro Atlanta real estate market continues to have good deals for investors and a pretty healthy pool of ptotential renters. It is win win mix for both investors and new tenants.
I enjoy working with investors and teaching them how to get into the real estate market and make money and build equity. I teach my investors who are new to the game to consider their opening strategy. Do they want to buy, hold and rent? Or buy, fix up and sell a.k.a. flipping? Different segments of the metro Atlanta real estate market require different considerations. Even with that thought most of my clients choose the buy, hold and rent strategy to start their investment career and plan long term.
The first phase is what we call Acquisition - Phase 1. We look for properties where we see a strong potential for drawing renters - especially quality renters. We look to acquire a property in one of those markets. I typically like to find a single family home as a first acquisition. Potential renters tend to like single family homes. In preparation to entering the Acquisition phase, we make sure our investor clients are ready financially. In the event they are not paying with all cash, we refer them to a loan officer who can get them approved for investor financing. Investors should typically anticipate a minimum of twenty percent down.
Once we successfully complete the Acquisition phase, we move into the Tenant Procurement - Phase 2. Phase 2 involves renovating the metro Atlanta property - new paint, possibly new carpet, new appliances, etc. We do everything possible to minimize the renovations while we are in Phase 1 - Acquisition. Rarely do we catch everything needed to bring the property up to our rental standards. Once we complete the renovations, we start marketing the property to the metro Atlanta rental market. The goal is to get a qualified tenant in place as quickly as possible. Application processing, income verification, employment verification, etc. This phase ends when we have an approved tenant with a signed lease and a completed Move In Inspection.
The third phase is the longest. This phase is the Property Management - Phase 3, the regular routine, month in month out care for the metro Atlanta property on behalf of the investor. We collect the rent, coordinate repairs, remit to the investor, and so much more. The work in this phase is actually anything but routine. Everyday is a little different - especially as we expand the number of properties we manage. Phase 3 spans the life of the existing lease agreement and often beyond.
We have been fortunate to generate good results for our clients. These new investors continue to look at building their metro Atlanta real estate portfolio and balancing their holdings along with other types of investments.
If you are interested in starting your real estate investment career in metro Atlanta, please give our office a call at 404 907 1646. We will be happy to meet with you.
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