First Reno/Rehab finished in Historic West End, Atlanta, Georgia

33 Replies

Hey Bigger Pockets Gang,

I am elated to say I sold my first investment property last week, as an Agent/Owner nonetheless.  Before I became an agent, a friend told me about bigger pockets, and I must have listened to 30 podcasts while I was driving, while I was cleaning the house, and while I was laying down.  I was originally thinking wholesaling, but I decided it was time to fully jump into real estate as an agent.  I passed the exams, and joined my brokerage.  Then I had the opportunity to meet an investor working on their first property and did great work.  Before I know it, I joined in on a Historic Property in West End, Atlanta, GA.  Get this, a newbie dealing with a first property in National Historic District.  What was I thinking!?  But we did dealt with it.  Let me know if you have any questions, maybe my experience will help another Bigger Pockets member.  

Julian Jackson

@Julian Jackson

Welcome aboard the vibrant BP community. You already have some experience and with additional effort, will quickly climb the REI ladder to its pinnacle.

Congratulations on your REI sale and accomplishment. Now, you are all fired up and ready to get back on the road to continue your REI journey!

To be more successful, you simply have to work on the other elements to progress your REI pursuit. Below are some quick links to get engaged on this site.

REI books suggested by BPers

http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?utm_source=search&utm_medium=internal&utm_campaign=books

Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.

Feast on the Podcasts, #askbp Podcasts, blogs and webinars

Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

Congrats, and many deals to come.  My first goal is to Rehab and sale for profit or refinance to hold and rent the property.  Will you advise me the best way to know what the expenses are(Do I bring in a general contracter to give ballpark figures of costs of needed repairs in order to know a price to offer.  Plus, did you use a licensed general contracter or put together your team and sub out your contracters yourself, and how was a timeline expectation put together?  I read so much and have book knowlege but no 1st attempt to rehab a property and want to get the first started.  Please and thank you for any advise in advance.    

@Derrick Barker , the flip/rehab was profitable. The property was originally under contract before the property was finished.  The original people backed out, and the property went under contract for 13k more then it was originally.  A good problem to have don't you think? The property was purchased for $89,000, and sold for $218,000.  Hit me up if you have any questions.  SW ATL is on the rise!  It's kind of my thing :-D.  

@Chris Melear , after listing to all the podcasts, I thought I knew so much.  I DIDN'T!  I am extremely lucky to have a profit.  Keep track of everything.  Hold on to all of your receipts.  Be curious.  Watch the contractors as they work.  You will learn and knowledge is power.  You are in Kentucky.  Find a General Contractor that does good work, or maybe you can team up with people that are short on money.  It will make the costs lower.  When you get estimates, get it from at least 4 different people, especially if the work needs to be permitted.  I realized that trades people don't like the permit people coming behind your work, because they like to take the money and run, even though the work they did isn't up to code.  Good luck, good sir!

@Julian Jackson -- very cool.  Success the first time around (and the lessons you've learned) are a great boost to your new career.  Knowing you CAN do it will keep you going even if a future deal doesn't work out so well.  Congratulations!

Hey Julian, 

Good work on the rehab!  Hit me up sometime, I'm thinking about buying up some stuff around the quarry and beltline and would love to work with someone that knows the area.  I'd also bring the money for half the deal if you want to partner on some flips with good margins and will do most of the work.

I live in Smyrna so the West End is my back yard.  Would love to see it get hot.  I think its primed to.

I used to work at Spelman so I'm familiar with the area. If you guys want to meet and grab coffee, I'm game! :)