I closed on a house many of our investors passed on due the street and potential worries about the area (I'm a broker for a wholesale brokerage, so this was one no one else wanted), so I'm going to follow through with it myself and keep a log of it to see how it goes.
This property is 832 White St SW, Atlanta, GA 30318.
Sq FT ~2500
3/2.5 with a driveway
Awesome 12' ceilings
Projected Sales Price: $215k
Estimated time of rehab 8-10 weeks starting on February 2nd.
I'll have a before and after video when she's all done for you guys.
The scope is to update and open up the floor plan
I think that is a great house. I am glad you are doing it. I just could not get any of my investors to take it.
I really wanted it.... I did just get several properties in Chi. So I am happy.
Let me know if I can help with anything. I look forward to your updates.
PS Atlanta Rehabbers.... Manesh and his guys are really really good wholesalers if you haven't worked with them check them out.
FYI -- I do NOT get any kickbacks or fees from these guys.
That is a gutsy deal. I admire that you're posting the details. I'll try to keep on top of it. It reminds me of J Scott's diary posts, & could be a great educational tool for everyone.
I did an urban planning studio in that neighborhood when I was at GA Tech. That part of town was arguably ground-zero for the foreclosure crisis in Atlanta, but there has been a concerted push to spur revitalization by coordinating public & nonprofit investments (City, BeltLine, EPA brownfield remediation funds, HUD, DOT, Annie E. Casey Foundation, etc.). Still a long road ahead, but in the next 10+ years, it is an area to watch.
Have you found recent closings in the $200-$250K range? My gut is that you'll be pushing it at the top end of that market, but I haven't looked at the numbers in quite a while. How do you plan to minimize theft, vandalism, illegal dumping, etc.?
@Manesh Hardeo I keep hearing about the west end and the beltline and I wonder how much of an impact the belt line will have on the west end home prices.
I'm looking forward to seeing how this project turns out for you as you go through the rehab.
Best of luck and thx for sharing
@Manesh Hardeo Thank you for chronicling this process here! I will be following and learning from your experience.
hello I am new the Atlanta, GA area and just Getting started on my real estate investing path.. Are you willing to network? Or assist with any questions I may have?.
@Andrew Cordle -- Thanks for the kind words!
@Dan Cotter -- There are some comps in the $205-215k range, but I will be pushing the top end due the house itself. It has a lot of nice features. 12' ceilings, huge private backyard, large driveway, and privacy fenced front yard. It's going to look awesome. As for minimizing theft I actually have a guy on the street I buy cigarettes for and give him a little money to keep his eyes on things for me. He considers himself "security" for the street, so we'll see. I'm not joking either..I know it's crazy.
@Jerry Robinson -- Thank you and I look forward to seeing it workout as well!
You're welcome @Pyrrha Rivers
@Tyon Pascal -- no problem I can certainly help among many others on here.
Day 1 is complete and demo is well on it's way. We really have a great feel now for how the flow of opening up the floor plan and how the spiral staircase will look as a focal point of the living area.
@Manesh Hardeo hey man - just to let you know that I'm keeping an eye on this. Best of luck to you!
Are you using contractors that NetWorth uses, or do you have your own crew?
Very bugged out to see a deal that was in my inbox now up on BP.
@Terrence Smith -- Thanks for the best wishes. Yes, we're using a contractor we've been using the last 6 months or so.
Haha, nice, @Manesh Hardeo . If your copper stays in the house for the price of a few cigarettes, that's pretty hard to beat. Is there an actual neighborhood watch group? It couldn't hurt to get on their radar. Can't wait to see what you do with the place.
@Manesh. Best of luck with the rehab. The house has looks like it has good potential. I live in Atlanta (although I'm from overseas) and I just can't figure out the whole inner Atlanta dynamic. All the other cities I've lived in (Brisbane, London, Sydney, Melbourne, Singapore) you can't get within 10 miles of the city if you're not prepared to pay a huge premium and the previously dodgy areas have been gentrified. I wonder if Atlanta is ever going to end up the same way but it just seems to be so sprawled and all over the place.
@Manesh Hardeo I've done several in the West End and never lost a thing. However, in nicer areas, I've had worse luck.
Having said that, you have a bit more traffic and more vacant, so I wouldn't leave my good stuff inside.
My most recent West End project will hit the market in 2 weeks. Looking forward to seeing if the demand is up.
@Manesh Hardeo thanks for the log updates. Good luck with this project, and I look forward to seeing your success.
@Rachel Leonard I'll be happy to explain how and where this is happening.
Alright..just an update for you guys. This was as of 2/10. The front deck is getting overhauled, the living space is completely opened with beams in and columns in place, can lights are in, and the backyard now looks MASSIVE! HVAC is mostly in (moving to the attic so still need to add the registers), most of the drywall repairs are in, vines have been cleared off, the water heater has been moved to the attic.....about to start painting.
Also, the master bath has been totally reconfigured...I'll reveal that later.
If I can swing by later today I'll see if I can get some more updates.
The project manager said he's trying his best to get it done in 2 more weeks!! We'll see about that.
@manesh hardeo Good Job Manish! If you need extra security I will work for hugs ????
Good job @Manesh Hardeo !!! If you need extra security I will work for hugs ????
Here's my latest Historic West End Atlanta house. It's great fun working with the great old bones of a 20's bungalow.
Nice, who is your contractor doing most of the rehab? Or do you sub everything out?
Your house looks great. I had a couple questions for you: If you don't mind.
1. Did you add any square footage?
2. Are permits as difficult as say Historic Grant Park?
3. Have you sold it or put it under contract?
Thanks for the post.
@Andrew Cordle Didn't add square footage. It's 1425, sufficient for young couples/singles moving into the area. I converted it from 3/1 to a 3/2.
Permits aren't very difficult unless you're making a lot of external changes. This is a historical area so external changes are more challenging.
It's not under contract/closed. Couple of decent offers that didn't pan out. Usually takes a bit longer in the West End. A lot of tire kickers and first time home buyer challenges.
Thanks for the info.
What do you think the ADOM is for houses like you do.
@Andrew Cordle Hard to say what the ADOM would be. The West End comes with challenges. Could be subsidized financing by Invest Atlanta, a few ugly houses on the same block, undesirable historic features like a shared drive, drug deal next door ... It's not the house so much as all the other things.
75 days is a decent guess.
Just a quick update. Minor roof repairs are getting done, the exterior has been painted, the kitchen cabinets and granite countertops are on. We're getting there. It should be done hopefully by the end of next week!
Thanks so much for the insight. If you can remember I would love to know when your house goes under contract as I am very interested in the West End.
Your house looks great. I can't wait to see that thing goes on the market. Maybe when you have it complete I would love to come by and check it out.
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