I've decided to post my research on Atlanta in a separate forum topic. Feel free to add anything with your comments / suggestions / experiences in Atlanta. Almost definitely thinking of spending a week on the ground here when I head over in July this year.
<moderator: the article was too long to just cut'n'paste. Please refer to link>
Please visit http://myusapropertynightmare.wordpress.com/2011/05/24/atlanta-georgia/ for full summary.
Hi M
We visited Atlanta a few months ago to look at the properties we bought and we loved it! I was expecting a city that was a bit “pov” but was amazed at how lovely and highly liveable it was… I could happily live there. I’m sure there must be bad areas but we didn’t see any. There is a real southern hospitality there. We bought through a “leap of faith” via Top Rental Returns and as they’re on the ground, they know the right areas to invest in. I’m guessing they’ve got better at choosing since their earlier properties and some negative comments I’ve seen on this forum. They did a great job in the renos and got tenants within the 3 month period that everyone said it would take to lease. Next one we buy from TRR, I wouldn’t sweat over analysing the area and distance from city etc…
A contributor on this forum suggested ensuring you make sure the property has two bathrooms and I think that’s good advice.
I’m sure you’ll have a great time when you go!
Cheers
M
Moggiee wrote:Hi MWe visited Atlanta a few months ago to look at the properties we bought and we loved it! I was expecting a city that was a bit “pov” but was amazed at how lovely and highly liveable it was… I could happily live there. I’m sure there must be bad areas but we didn’t see any. There is a real southern hospitality there. We bought through a “leap of faith” via Top Rental Returns and as they’re on the ground, they know the right areas to invest in. I’m guessing they’ve got better at choosing since their earlier properties and some negative comments I’ve seen on this forum. They did a great job in the renos and got tenants within the 3 month period that everyone said it would take to lease. Next one we buy from TRR, I wouldn’t sweat over analysing the area and distance from city etc…
A contributor on this forum suggested ensuring you make sure the property has two bathrooms and I think that’s good advice.
I’m sure you’ll have a great time when you go!
Cheers
M
Great thanks for your feedback! Looking forward to the trip. Can I ask how much you paid for your Atlanta property?
Trying to buy from Top Rental Returns is the hardest part. No replies to emails or Skype. They did call once using Voip I think but got cut off and didnt call back. They have lovely properties but what has everone elses experience been?
Hi we just came back from Atlanta on a 4 day investing trip and a Holiday and ended up buying off TRR and couldn't be happier with them and their service, all for a what we consided a small fee and no hassle.
We did lots of desk research were going to do it all on our own but when we got over there and met them (for about 6hours in total) they were really generous with their time, knowledge and open with their costs and figures. They also let us go off and look through any of their houses in various stages. We would not hesitate to buying off them from here (Melbourne) for the next one without seeing the property in person.We also loved Atlanta, because of its tall lush trees/forest everywhere even near the city (like King Lake Melb) , uncongested well designed freeways, really nice people, and it ticked all the investing boxes too and could also happily live there. The low entry housing has stopped falling there but the medium and especially the high priced houses are still dropping.
We were going to buy cheaper higher yielding 15-25k houses near the city (west & south west) but driving around there we found out why they were so cheap in some areas that we didnt notice on google street view. There were lots of abandoned buildings, lots of homeless on the streets, whole families on the front porchs sitting around during the day, and some areas we would be in trouble if we stoped and/or got out of the car.
We bought a 3br 2.5bath Townhouse built in (05) with a lower yield but a nice family area with better growth. PP $42,100 8k Reno inc appliances and will rent every day of the week for $950 per month 22.4% Gross 15.7%net Yield.
It sounds like we are working for them but honestly we just had a great hassle free experence buying with them, and have photos to show of our purchase if people request it.
Hope that helps
Shannon & StephGreat thanks for your feedback! Looking forward to the trip. Can I ask how much you paid for your Atlanta property?
Hi M
From memory we paid $38k for one and $48k for the other.
I agree with Postpirate that the main problem is securing the property… we tried to get several before we got ours. You literally have to be at your computer at the exact time the videos get released, and fill the contract in and scan it in at super-speed.
As someone already stated on this forum, I think they are victims of their own sucess and so communication can be a bit frustrating.
I think a lot of people keep quiet about TRR just to not create additional competition over properties!
Stone Mountain is great to visit… forget about Coca Cola World…………Happy to send you photos if you want.
Cheers
M
Moggiee wrote:Great thanks for your feedback! Looking forward to the trip. Can I ask how much you paid for your Atlanta property?
Hi M
From memory we paid $38k for one and $48k for the other.
I agree with Postpirate that the main problem is securing the property… we tried to get several before we got ours. You literally have to be at your computer at the exact time the videos get released, and fill the contract in and scan it in at super-speed.
As someone already stated on this forum, I think they are victims of their own sucess and so communication can be a bit frustrating.
I think a lot of people keep quiet about TRR just to not create additional competition over properties!
Stone Mountain is great to visit… forget about Coca Cola World…………Happy to send you photos if you want.
Cheers
M
They did appear to have help at one time but not sure what happened there. All the emails stopped.
Portpirate wrote:They did appear to have help at one time but not sure what happened there. All the emails stopped.Do you mean the e-mail burst when properties come up or do you mean a particular response to a particular question you had? I still get the e-mail bursts, however, I do understand that you may not get a response to a particular question. They do have staff, but I've been to their office – they are flat out. Agreed, it's frustrating though.
Yes, just makes you wonder what their property management would be like after you bought? As Ive said, nice properties but…
I have just returned from a week in Atlanta where I met and spent time with TRR as well as an independant sales agent. TRR were brilliant!! Yes they are incredibly busy, a victim of their own success, but their knowledge and profesionalism is second to none. After my first meeting with them I left with a list of prevoiusly sold properties to visit, just to get a feel for the different areas they deal with. Later that week myself and two other investors spent 6 hours in a car with both Michael and Bronwyn as they inspected potential properties commimg up for auction. What an eye opener! These guys are so thorough, they just wont look at anything that doesnt stack up in quality, location and price. From my week in Atlanta, I decided where it was I wanted to buy and now TRR are on the lookout for me. Many of the properties they find never make their you-tube listing, as there are many investors like myself that have taken the time to travel there and spend time with them to discuss their needs. There are also many investors who have multiple properties through TRR. This for me speaks volumes for the results they give.
As mentioned I also spent time driving around Atlanta with an independent agent who I found to be brilliant also. Unlike in Oz where you speak to the selling agent about a particular property you are interested in, in the US you must deal with one agent, whom acts as your buying agent for a particular area. My agent, Jennifer who is based in Atlanta and works for a large independent agency, is now representing me with offers on two lots of units/ duplexes from my loungroom in Australia.
My investment strategy is to mix my portfolio with both lower margin/ high quality property with high margin/ lower quality cash cow property. TRR will manage the property I purchase with them, while I will use the property management division of the agency I am using for the multi-family units/ duplexes.
Atlanta is a beautiful city, a place where I could easily live. Like any city there are good and bad areas to invest in, so my advise would be to invest a week of your life and $3000 and go visit there for yourself, you won't be dissapointed.
Thanks Tradeeba for your comments on Atlanta and TRR. I’m actually visiting Atlanta for 9 days in July so would appreciate if you could forward any contact details for TRR and Jennifer the independent agent? – i’d love to arrange a meeting with them for when I am over there!
morpheusbushy wrote:Thanks Tradeeba for your comments on Atlanta and TRR. I'm actually visiting Atlanta for 9 days in July so would appreciate if you could forward any contact details for TRR and Jennifer the independent agent? – i'd love to arrange a meeting with them for when I am over there!Hi Just a newbie, TRR contact details are;
Michael +1 404 368 9440 or Bronwyn +1 404 441 3360 via Skype: toprentalreturns or email: [email protected]
I would suggest emailing them, and followinng up with a call closer to you going.Jennifer, of FLOYD REALTY & AUCTIONS contact details are;
Jennifer Bethel Carson
Floyd Realty & Auction, Inc.
400 Galleria Pkwy, Suite 1500
Atlanta, GA 30339
404-630-6655 Cell
404-294-1788 Office
404-505-8718 Fax
[email protected] email
http://www.jenniferbethelcarson.com website
I sent Jennifer a list of properties I was interested in looking at (via Realtor.com), and she drove me around to view these when we met. I spent two days with Jennifer, and I also met with her Broker (Licensee of Floyd Realty) to discuss the purchasing and property management process. These guys were very helpful, and giving of their time. From the property we viewed I made two offers which I missed out on, however I have since submitted three more offers, two of which are still proceeding.The purpose of my trip was to set-up contacts there so that I could buy from Australia with confidence, and I definately achieved this.
Good luck!
Craig
You must be logged in to reply to this topic. If you don't have an account, you can register here.
