Have you ever had a flip that is a thorn in your side at every turn? I just closed on one today. So happy to see this one go. It was a pain from the very start.
Bought on courthouse steps, owner still in property, took two months to get him out. OK renovation, but due to owner, timeline blown with the property coming on the market at Christmas, without really being able to do anything to the outside. The weather in GA has been so cold and rainy this season. So, we put it on the market anyway and everyone pointed to the fact that it was beautiful inside but a mess outside. The house also had other problems (low ceilings in the kitchen, small dining area, small living room, top heavy, driveway pitched down toward the house, only 1600 sq feet with no room to expand, and no basement). It truly worked better as a rental, but I am not holding at the present.
We were hoping to find someone who could look past the lack of curb appeal. Didn't happen. Anyway, we took it off of the market and worked on the outside on any day that the weather was over 35 degrees. It needed exterior paint, rotten boards changed, gazebo knocked down, fence powerwashed, deck boards changed, deck painted, sod, and pinestraw. We had already removed 40 yds of garbage.
Put in back on the market mid-Feb and closed on it today.
Made 1/2 of the money but I was in all cash and needed to move on
Phenomenal learning experience:
1. I will never buy another auction house that is occupied because there is really no way to sneak around the place the same as a vacant one
2. Smart enough to realize the house wouldn't work well for a family and was better as a buy and hold. So, I changed strategies and began marketing to buy and hold investors
3. Excellent school district still ensured tremendous demand (showings)
4. Houses with basements, even unfinished are more in demand and I will try and stick with those
5. Even though it was an auction house and I couldn't see inside, I should have paid closer attention to the pitched driveway and the exterior, which looked more like swampland than the outside of a residential property
6. I'm out of it and onto the next one
Just thought I'd share
East Cobb, GA
Sounds like a tough one, but despite that there is positive-ness in your dialog.
When the going gets tough, the tough get getting.... and all that- jazz. Good for you for hanging tough, doing what you had to do and moving on. You're that much better and stronger because of it.
Great job dealing with a difficult situation Kalimah. With persistence like that, you next deal should be a much more positive venture.
Congratulations on being rid of it, @Kalimah Jenkins . We've all been there. The thing I'm wondering is, why didn't you clean up the exterior to begin with? First impressions! They're not going to look past lack of curb appeal because they've got a "yuck" taste in their mouth before they even get inside.
Anyway, congrats again and it sounds like you learned some lessons that will only help you be more successful.
We did clean it up. We removed over 40 yards of garbage and over 17 years worth of stuff from the inside, so, to our eye, it was 2,000% better. We were so consumed with the inside and the eviction that by the time we could get to the outside, it was dead of winter.
We were prevented from painting or landscaping because it was December and nothing would grow. We also couldn't really do much else to the outside either due to the rain and cold weather this year.
We literally weren't able to paint until two days before closing even though we were attempting to do so for weeks. But, it was constant rain.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!