Are you thinking about jumping into the foreclosure market and becoming a landlord? I’m reporting from Ilyce Glink‘s Profiting from Foreclosures event. Around 400 budding Atlanta investors are present along with some of the pros who are giving advice on how to invest in Atlanta real estate.
Ilyce asks the burning question, “Where do all the people live who have been foreclosed on?” Anne Lackey with Solid Source Realtyanswers, ” They first move in with family, and often from there they go in together with other family members to buy a home. An extended family can share the costs of buying a home and its upkeep. We often see Grandma is staying home with the kids so that mom and dad can go work.”
Anne says that what the average renter is looking for has changed in the last six months. Previously renters were seeking three bedroom, two bathroom single family homes. Now they are looking for bigger homes for multigenerational living situations. They renters are seeking four or more bedroom homes. “We rented a seven bedroom home sight unseen last week. It is comparable to a five bedroom, two bathroom with two attic bedrooms. Larger homes are moving fairly quickly, but you need to move on them pretty fast.”
With Georgia ranked as number 5 or 6 on the list of states with the most foreclosures, the opportunity to invest in foreclosures will continue to grow.
Tips for those getting started in investing:
- Learn all you can about HUD from www.Hud.gov
- Find a HUD registered agent
- Find a lender who is comfortable working with HUD