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I've noticed things slowing down from the frenzy before. Not saying it isn't still somewhat frantic depending on the location, but I do see homes on the market for 30-60 days whereas before the inventory was so limited, that rarely happened. I'm mostly referring to the AZ market.

From my perspective I found the application process for many rentals to be a royal PITA and worse than buying a house. In some cases I would never submit all of the paperwork they wanted. Just do a credit check, criminal check and verify income. Asking me about previous rentals is foolish since I hadn't rented a property in decades.
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Well I've been wanting to add investments and start in the Atlanta area - so it seems this week.....I paid $7,500 over asking price.

That is a little bit of a shocker, Atlanta was over built for years so I guess that back log has been worked through.

JLC
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In metro areas - like Acworth and Kennesaw it's been nuts.

IN the same townhome complex that I went $7500 over asking, in the last week (1) identical unit sold for $2500 less than I paid, and another identical unit sold for $1500 less than I paid.

However, mine is an end-unit, so I'm hoping that means something. The smart people are saying that inventory supply will rise in the coming year, making for less of these multiple-offer-over-asking- situations. So, I'm hoping I can say to myself in coming years that this unit was not a steal by any means, but it wasn't a loss. Sometimes I like "easy" in that A/B tenants are plentiful and there's not really much aggravation or too much risk.

Cobb County has 760,000 people - forecasted to go to a million by 2050. A developer recently bought land 5 minutes from the one I bought - - to build 900 homes. Those are $150,000 more than the place I bought so all that accounted for, I'm hoping this is a 'steady Eddie' for me. I wanted to deploy some cash - - and have a bit less exposure to dollars and paper assets.

Would like to buy another 3-6 units - - but I'm holding off to see if things get a bit more normal 6 months from now.
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It took about 14 days after closing to get it rented out.

One surprise (not positive) was while we had about 22 walk-thrus, we had only 3 quality applications. (There were more, but just not of good quality). I'm hoping that is because it was end of September - and families, most of them were already settled for the school year.

Anyway, tenant is a 30something, 2 college degrees - and working in his chosen field for 6 years. His credit score is 850 - highest I've ever seen from an applicant.

I know I overpaid for the house in this frenzy - but just this week, I saw the exact same unit, in the exact same complex as mine was advertised for rent. Mine was a 2 year deal @1825 per month - with auto $100 bump for the 2nd year. This other unit was starting out at $1875. So 50 bucks isn't buying anyone a World Cruise, but if it rents for that in the next week or so I'll feel a bit more comfortable with it. As of now in that zip code, 3bed/2bath listings are very very few. Bracing myself for increase in inventory next year and then reevaluate the next move.
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No. of Recommendations: 1
I've noticed things slowing down from the frenzy before. Not saying it isn't still somewhat frantic depending on the location, but I do see homes on the market for 30-60 days whereas before the inventory was so limited, that rarely happened. I'm mostly referring to the AZ market.

From my perspective I found the application process for many rentals to be a royal PITA and worse than buying a house. In some cases I would never submit all of the paperwork they wanted. Just do a credit check, criminal check and verify income. Asking me about previous rentals is foolish since I hadn't rented a property in decades.
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No. of Recommendations: 1
Asking me about previous rentals is foolish since I hadn't rented a property in decades.

You do realize landlords don't know your rental history without asking?
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