FIRE business plan competition

[BAJacket]

@myo

@BAJacket

300-350k renovated and rent for probably 2k

This number is probably not much better than Austin, but Texas probably has higher property tax. But I’ve heard a lot of good thing about Atlanta in terms of growth, so I am interested in finding more about that market.

Not interested in making this an Austin vs Atlanta thread since I don’t know Austin numbers. In fact I would say Austin in the past has always been stronger, even maybe now. However, I think Atlanta is in prime position to overtake in the next few years.

I just spitball rental numbers. I’m sure you can get more rent depending on location.

Oh and yes, property tax is probaly 1-1.25%.

[BAJacket]

@hanera

@BAJacket

I’m from Atlanta so I’m going to start looking for some options and partnering with friends in the area probably.

Huh? Double standards? Didn’t tomato and wuqijun ask you and you said is with family only?

No, I’m open to it. When I say in the area I didn’t mean bay area. I mean people on the ground in Atlanta. I still need to find people there to partner up with to find deals etc.

[BAJacket]

@hanera

Depends on neighborhoods. Austin downtown is almost as expensive as SF. I didn’t buy any in downtown. I bought in Austin suburbans, no exurbs yet.

Is it really? But I assume you mean mansions.

Like this right?

https://www.zillow.com/homes/for_sale/171553863_zpid/priced_sort/33.906753,-84.298783,33.657352,-84.667855_rect/11_zm/0_mmm/

[BAJacket]

I guess actually this is more in line with in town for top end Atlanta condos.

https://www.zillow.com/homedetails/88-W-Paces-Ferry-Rd-NW-UNIT-1910-Atlanta-GA-30305/108595670_zpid/

[BAJacket]

Ouch, rent is actually a little higher in the area that I’m talking about - the east side. Use to be 100k shacks and is gentrifying fast. Who knows what they actually get, but this is a 240k purchase in 2013 renting for $2600.

https://www.zillow.com/homes/for_rent/house,mobile,land_type/14466849_zpid/33.791524,-84.298997,33.729158,-84.391265_rect/13_zm/

[hanera]

@BAJacket

Is it really? But I assume you mean mansions.

Like this right?

https://www.zillow.com/homes/for_sale/171553863_zpid/priced_sort/33.906753,-84.298783,33.657352,-84.667855_rect/11_zm/0_mmm/

[hanera]

@BAJacket

Who knows what they actually get, but this is a 240k purchase in 2013 renting for $2600.

https://www.zillow.com/homes/for_rent/house,mobile,land_type/14466849_zpid/33.791524,-84.298997,33.729158,-84.391265_rect/13_zm/

$414k asking rent $2600 = yield 7.53%. If use zillow rent of $2100, yield = 6.1%

[BAJacket]

Man, 2013…240k, 160k appreciation (based on zestimate). You get cash flow AND appreciation in Atlanta, I missed my calling

[wuqijun]

No need to cry over missed Atlanta opportunities. No need to decide whether Austin or Atlanta is better either. Because they both suck! These cities are not even good enough to shine Bay Area’s shoes…

[marcus335]

@Lulu

Yeah Atlanta is the kind of market I’m talking about.

I don’t think you’ve missed the boat. Not all coastal investors have made the transition yet. People always first look to make money the way they made it in last decade. The stock market has not yet corrected to extent that money is shifting out. And the folklore is that these markets “don’t go up much in price.” I think that’s going to change.

Also, and you can discount this…but I’ve learned I’m always “too early” when it comes to investment opportunities and then I think they are over before they’re really over. I notice opportunities early but am too tentative…I get in right after the really smart money and I feel late to the party, I also don’t bet big enough, I exit with a decent profit, and THEN the crowd gets in and I realize I wasn’t too late after all. So, I have started to acknowledge this pattern in myself and make myself pursue opportunities after they seem too late in my own eyes.

You sold all your stocks and went to cash. This means we should get super long stocks, since you’re always too early.

[Elt1]

If you think Amazon is moving to Atlanta make a bunch offers with long closes. Free options. Then when the decision comes down walk away or pull the trigger.

Better yet after you get these options start free bus tours and pump up the market.

[marcus335]

@Elt1

If you think Amazon is moving to Atlanta make a bunch offers with long closes. Free options. Then when the decision comes down walk away or pull the trigger.

My aunt had a guy pull that crap on her house. He offered $1 earnest money and a 6-month closing. It was basically an option contract to see if he could find a buyer at a higher price. He didn’t, so he didn’t buy it. We tried to tell my aunt that the guy was unlikely to buy, and she should wait for another buyer. She complains everyone in the family still treats her like a kid, because she’s the youngest. No, it’s because she still does dumb stuff like that.

[BAJacket]

Seriously $1? She could have at least asked for 5k or 10k. That would have been worth her time.

[Elt1]

He probably offered more than it was worth. That bedazzled her. That is the way options work. Offer more than its worth and hope the price goes up. Most sellers are wise to that . But owners stuck on a high unrealistic price are suckers for options and long closes. I plan on making some offers like that soon in Placerville. Plenty of houses overpriced that sat on the market over 90 days. Sellers like that have no idea of the actual value.

[hanera]

@BAJacket

Man, 2013…240k, 160k appreciation (based on zestimate). You get cash flow AND appreciation in Atlanta,

What happen between Feb-Aug last year?

[BAJacket]

Nothing. Zestimate is just not always that accurate. Maybe it finally caught up. I looked, actually this area is costing more than the Zestimate