Best Ways to Find Investment Property Deals in Atlanta
There are certain types of Atlanta investment properties that give real estate investors an edge over the competition.
If you are an Atlanta investment property owner, you know the market is always changing. What were once considered ideal types of property to purchase have become either too expensive or too hard to find to make them worth the effort considering the lack of profit potential in today's market, including Atlanta REO properties.
The Most Common Type of Property Deals
Atlanta REO properties aren’t what they once were. The most common type of Atlanta investment property deal for the past several years has been foreclosures.
REO stands for Real Estate Owned, and refers to foreclosure property repossessed by banks. If a bank is the highest bidder at a foreclosure auction, the property reverts back to the lender and becomes an REO.
While you might get lucky with an Atlanta foreclosure every now and then and find a gem of a deal, the majority are properties where the bank has not yet come to the realization that the property is worth much less than the amount they held the mortgage for. Banks simply don’t want so many of these foreclosed homes on their books, which is a big reason why the banks are moving even slower when it comes to taking over a home in foreclosure these days.
The key now as it relates to foreclosure investing is to find homes that are in the pre foreclosure stage. This means that the bank has not taken ownership, but the owner is several months behind on payments or quickly headed in that direction. The opportunity to pick up pre foreclosures at prices well below market value can be a win for both the investor and the homeowner. For the investor, the chance to pick up a property for the outstanding mortgage balance or even less is enticing.
Another type of property to consider is wholesale properties being offloaded by other investors. Some investors have a tendency to bite off more than they can chew and purchase more properties than they can manage or rehab. In other cases, they just want to free up cash in order to purchase another property they have their eye on. In any case, these homes will usually require some work, but if you're willing to put in the effort, it can really pay off when it comes time for you to sell or find a tenant.
MyHouseDeals as a Resource for Investment Properties
As an investor, your best source for finding Atlanta investment property is MyHouseDeals. We compile a list of the most profitable pre foreclosures and wholesale properties and make this list available to our members. We also follow up with the owners of the properties periodically to see if they have any other updates to the property information.
By Doug Smith