Are you planning to get a hard money loan in Georgia to invest in buying a rental property? This is a great idea as Mashvisor has listed Atlanta, Georgia as one of the top 20 best places where to buy a property for long-term rentals in 2023. According to statistics, a monthly long-term rental income in Atlanta is $2,294, and long-term rental cash on cash return is as high as 3.08%. Also, according to Mashvisor’s January 2023 data, Atlanta is among the top ten housing markets in the US that have the highest number of listings for sale, with Atlanta having 2953.
In this blog, we will walk you through some of the important things to keep in mind when choosing a rental property to buy in Georgia.
Find a Reliable Hard Money Lender
To begin with, it is important to choose a reliable and experienced hard money lender such as Hard Money Georgia. Our company was founded in 1976. We are real estate brokers and direct hard money lenders on any kind of property in Georgia, and we’ve closed thousands of hard money loans in Greater Atlanta and now in Savannah.
Choose a City
While Atlanta might be an obvious choice for your hard money loan investment, it could be worth conducting some more research. One of the most important metrics to look for is the cash on cash return, which is an annual measure of income that you would earn on a property relative to the amount you have spent to purchase it and make the necessary repairs.
Find the Best Location
After you’ve chosen the city, you should pick a location. As we have discussed in a previous blog, location is paramount to ensure the success of your investment strategy.
When choosing where to buy a rental property, you should consider the following factors:
- the average income of people in the neighborhood
- the safety of the location
- amenities available within a walking distance
- the property tax rates and any local taxes
Pick the Best Rental Property Type
You have a wide range of property kinds to choose from, such as townhouses, single-family dwellings, condominiums, and more. Which choice is best for achieving your long-term financial objectives?
Your best bet would often be to concentrate on single-family houses. Renters who are families and couples, as opposed to single people, are more likely to choose these houses. Families and couples also frequently have more stable financial situations than individual renters, which makes it easier for them to pay greater rent.
If you are planning to invest in a rental property in Georgia, Hard Money Georgia is your solution for hard money loans. We have your best interests in mind and make loans based on the value of the property. Contact us by phone or email, and we will get back to you fast with a no-obligation and transparent loan proposal so you can see exactly how the transaction would work.