Here is our March 10th, 2021 Email Update about Real Estate in Northwest Atlanta (primarily Woodstock, Canton, Roswell, Acworth, Alpharetta and parts of Marietta.)
Some of you have asked where you can learn more about adding to your portfolio, manage your rentals, and general property management issues. As always you can ask us any question and here are four Facebook Groups you may wish to look at:
1.) https://www.facebook.com/groups/467605980283965/
2.) https://www.facebook.com/groups/1205170476205916/
3.) https://www.facebook.com/groups/PMMastermindGroup/
From time to time we come across an off-market or by owner that we think might be an interesting investment. We found a For Sale By Owner this week that we sent to our list of investors. $325,000 asking price for a townhome in Roswell that is all remodeled with an association fee that includes the exterior maintenance for $76 a month. Terrific location etc. – should rent for $1850 to $1950. Also, Donna, my wife, and I previewed a new townhome development that may be an appreciation play. It is in Woodstock – a terrific location within walking distance of the outlet mall, dining, church etc. Luxury construction, 2 car garages, top notch finishes. Between $360,000 and $450,000 . Rents should carry the total payments with 25% down. I am betting it will be worth $100,000 more in three to five years. Of course we’d like to earn the right to be your buyer representative. If you’d like notice of these opportunities just shoot me an email at mike.stott@mac.com and say you want on the list.
Sort of fun App – Filmed in Cherokee. The Cherokee Office of Economic Development launched a free “Filmed in Cherokee” mobile app, offering an interactive experience that takes users on a behind-the-scenes tour of fan-favorite film locations. Lots of extras: get it for iphone here or here for android.
For those of us with a Sweet Tooth, it’s almost time for a hooray! Kilwins – known for their chocolate, ice cream, and other confections, is opening in Woodstock this summer! By the way, downtown Woodstock also has Tiny Bubbles Tea Bar, Snowmies Shaved Ice, Dulce Gelato, & Cupcakelicious.
Atlanta’s own Pullman Yards has been selected to host the upcoming Van Gogh the Immersive Experience. We are looking forward to a great afternoon of art and Donna and I already have our tickets!
Real Estate Stats and Thoughts
The Multiple Listing Service (FMLS) shows that currently we have 11,281 Active Single Family Homes (SFD) on the market. 10 Years ago we had 43,941! Last year at this time we had almost double the number of active listings at 22,672. No wonder prices are rising and days on market are at historic lows. As an investor you’ve seen tremendous appreciation for the past 9 years. It may be time to sell. You can still defer capital gains taxes with a 1031 Exchange however those deferrals may be on the chopping block. Even if you don’t do a 1031 Exchange we’ve had several buyers sell their “older” investment and reinvest in brand new construction. The advantages include: fewer repairs, re-starting the depreciation clock, reducing risk, and re-leveraging for increased wealth building. Feel free to call or email with questions or to ask us for a return on equity review.
Our primary areas of service are below and it continues to perform well with an average appreciation just under 9% year over year. Number of sales declined by 18% primarily due to the lack of inventory, days on market are at all-time lows and the average price rose although these figures are skewed by new construction sales prices in Canton, Alpharetta and Roswell which are much higher than general resales. For an accurate human compiled analysis just give us a call or email.
Property Management Question of the Month
Should we require that our tenants get renters insurance?
YES! Renters insurance is inexpensive and provides you with assurance that, if a guest of a tenant sues for negligence, your tenants’ insurance will have the duty to defend against the claim. It covers the tenants’ personal property in case of a disaster or theft. The tenant could also get a loss of use policy which would cover them if they had to stay in a hotel. Medical Payments can also be insured in case someone injures themselves on your property. . If your tenant has significant jewelry or significant future earnings potential you may wish to require them to have an additional umbrella policy. We also recommend that they get water backup coverage too. We require that our tenants get insurance and that they name Northwest Atlanta Property Management as an additionally interest so we can find out if the policy is canceled.
