In the early 2000s, Georgia began to attract the attention of northerners who wanted to escape cold winters and high living costs. When the Great Recession struck with full force in 2008, even more people fled expensive states to settle in Georgia. People who could not afford a home in New York and New Jersey found that they could do so even in the middle of the recession in Georgia.
Since then, Georgia has only continued to grow as much in commercial opportunities as in population. This is one of the many reasons CNBC believes Georgia is one of the 10-best states to invest in real estate. Here are some additional reasons to consider:
- Even as home prices continue to rise, investors can still find affordable properties in Georgia.
- Rent prices are on the increase, improving profitability.
- There is a highly skilled workforce.
- Taxes are low.
When investing in real estate, it is important to make some preparations to increase the chances of success. Business Insider recommends starting off with getting the finances in order. This includes not just funding the down payment and closing costs but also resolving any issues related to credit history.
Finally, once the investor picks an area, it is important to get to know the local real estate market. This provides two main opportunities. First, the investor can get a feel for prices in the market, both for renting and buying. Second, they can build a local team of professionals to make the buying, renovating, renting and management process much easier than if they had embarked on this leg of the journey alone.