Purchasing Property in Atlanta , GA

Discussion in 'North America Real Estate' started by kruegs, Oct 12, 2012.

  1. kruegs

    kruegs New Member

    Hi there,

    I am an Australian citizen, interested in purchasing property in the Atlanta area.
    I have registered an LLC in Georgia already, but would like some further advice.

    - Is there a registered and reputable agent in the Atlanta area that can assist with a property search.
    I am after a free-standing house in reasonable area, not requiring renovation, offering reliable rental returns. Cash capital available of $50-$70K

    Other questions:
    - What is the most straightforward way to setup a US bank account for my LLC, to transact through?
    - Recommended target areas around Atlanta, that would offer what I am after?
    - Having a Georgia LLC, am I able to procure other properites in other states, or should I register a separate LLC in that state (eg; Texas, Florida).

    Thanks!
     
  2. Drew Drew

    Drew Drew New Member

    Thanks for investing in the US!

    You haven't stated what type of return you're looking for.

    That's very important in selecting an agent to help you find properties. Without that number you'll be dealing with agents trying to sell you what they consider a good deal to be. Also, by having a target ROI you'll be able to weed out the agents that don't understand how to calculate it - again agents you don't want to deal with!

    Regarding your question about bank account - do business with an international bank if possible that is here in the US and there in Australia. It will cut down on the number of challenges you'll face.

    Your LLC questions are best answered by an attorney.
     
  3. kruegs

    kruegs New Member

    Hi there,
    Thanks for your reply. Without borrowing any funds for the purchase, I Am targeting a 10-13 percent net return on the purchase price, excluding potential for capital appreciation. Achievable in Atlanta? Interested in views on which areas offer good potential, and referrals on good, supportive property managers.
    Thanks
    Kruegs
     
  4. Drew Drew

    Drew Drew New Member

    We don't do anything ni the Metro Detroit area less than 15% ROI.

    Please be sure to check everyone's ROI calculations as we've seen a lot of questionable assumptions and equations.

    We use:
    ROI = (Purchase + Rehab) / (Gross Rents - 20% Maintenance/Management/Vacancy - Property Taxes - $900 Annual Insurance)
     
  5. speedy gonzales

    speedy gonzales New Member

    Hi,

    I am an Aussie resident as well and have made some great investments in Atlanta so far. With around $50-$70K you should really consider getting a loan for at least 50% which I was able to get as a foreign national.
    If your not planning on going to the US it does become very difficult to open a bank account due to the Patriot Act but it can be done.
    With your Georgia LLC it can purchase properties in other states but it would need to register to do business in that state first.
     
  6. arthurjackson66

    arthurjackson66 New Member

    You could try USInvest. I have bought 2 properties in Atlanta through them with 10% net yield and they are very good
     
  7. padovan

    padovan New Member

    Hi,

    Would you mind sharing which bank gave you the mortgage? I am also a foreign national buying in Atlanta. Thank you.
     
  8. kruegs

    kruegs New Member

    Hi Arthur Jackson 66,

    Thanks for your feedback. I have considered dealing through US Invest. I gather from your email you found them to be a good assistance? One aspect I wasn't sure about was whether their properties were priced in line with the market for that area, and also whether the locations that they selected are as 'sound' as they have described. If you are happy to share a bit more of your experience with them, that would be really helpful.

    Regards,.
    Kruegs.
     
  9. padovan

    padovan New Member

    HI Kruegs,
    You can check the approximate price of the property based on comparable sales on zillow(dot)com and you can check the crime statistics on trulia(dot)com - it will give you a colored map of crime for the area, you just need to scroll down the page to the map and choose "crime" on the tab.

    Hope this helps.
     
  10. speedy gonzales

    speedy gonzales New Member

    Why pay a company like USInvest who charge membership fee's when you can buy direct and save $$$$.
     
  11. speedy gonzales

    speedy gonzales New Member

    Hey Padovan,

    Not a bank....as a foreign national it is hard to get bank lending so tends to be private funding. Not aware of any banks funding foreign nationals in Georgia. Having said that I do have a bank loan on a Phoenix home and a couple of bank loans on some Texas homes I have so depends on the state
     
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