When you’re investing in Atlanta, GA, there are diverse properties available to you. The type of home you choose to buy will depend on your investment goals. One of the best ways to maximize your cash flow as well as your ROI is to invest in single-family homes. These always make desirable rentals, and you’ll have an easy time finding tenants who want them.
Atlanta’s Rental Market
If you decide that you want to invest in a single family home, look for a house with three bedrooms or more. You also want at least two bathrooms. Homes that are smaller will be hard to rent, and you definitely want to stay away from anything that only has one bathroom. Tenants will not be as willing to rent those types of properties.
Choose Newer Homes
Buying an older home will come with a lot of challenges, particularly when it comes to lead paint. When you’re looking for an investment, try to narrow your search to those properties built after 1978. The newer the home, the better experience you will likely have. Something that’s less than 20 years old will have fewer maintenance issues, and you’ll have a sewer system instead of a septic tank. That will save you money on repairs and ensure the property is easier to maintain.
Consider Property Location
Location is always going to be the most important factor for investors. In the Atlanta market, you want a property that’s in an established neighborhood, and if it’s in an HOA, that’s even more desirable. Tenants will look for properties that are in communities that have swimming pools and tennis courts. Keep a portfolio that’s diverse and balanced. Buy a split level home if you find one, because tenants will be eager to rent a property with that layout. Choose a county that is growing and friendly to landlords and the eviction process. Some counties make it difficult for landlords to evict, and it can take you several months to get a nonpaying tenant out of the house. Finally, don’t buy in a neighborhood that you wouldn’t want to live in yourself. If there are bars on all the doors and windows and houses look trashed or people are gathering outside or on street corners when they should be at work, common sense should tell you not to buy a house there.
The best thing you can do when choosing a property for your investment dollars is to think about whether you’d like to live in that house and in that neighborhood yourself. If the properties on the street look messy and run down, or you don’t feel comfortable at the house when it’s dark, look for something else. Talking to a professional property manager can also help. If you would like additional insight into the best investment properties for rentals, contact Title One Management.