My 1st flipping Project and Seeking to find another!
Investment Info:
Single-family residence fix & flip investment in East Point.
Purchase price: $88,000
Cash invested: $6,000
Sale price: $161,500
This renovated, charming, 3 bed, 2 bath, was a 2/1. East Point bungalow is the perfect starter for my investment property Added features including an open floor plan, granite countertops, new cabinetry, high-end modern finishes, brand new stainless steel appliances, and new gleaming hardwood flooring throughout. It was just minutes away from shopping, and easy access to I-85, Mid-town, Hartsfield-Jackson airport. This project was purchase at a right time "the winter". With all the nerves and issues that came along with this investments, I still have to say it was a Wonderful First Time Success.
What made you interested in investing in this type of deal?
It was below market value and, location, location, location.
How did you find this deal and how did you negotiate it?
This came along through a realtor. We made an offer below asking price and the offer was accepted.
How did you finance this deal?
Atlanta Private Lending, James
How did you add value to the deal?
Speed, Time, and proper paperwork!
What was the outcome?
Construction part was a bit challenge with what and how to do's. But in the end you have to make a decision and go with it. Everything came together lovely.
Lessons learned? Challenges?
Make sure your team members are as dedicated to a project as you are.
Verify ALL funds available for project, including hiccup funds.
Worked with a professional, or mentor, you must remember your a rookie not an expert just yet. When things go wrong you must know who to ask.
Trust yourself, google is not a genius lol
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with Paquita Wright. Owner of flippmoney.com, a real estate investing education company. A great person to work with with over 20 + years of Real Estate!
