Updated over 2 years ago on . Most recent reply
Tear Down Project in AStlanta
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $169,000
Cash invested: $169,000
This is a tear down - my group bought it a year ago. It was a tear down in a very desirable area. It took a long time to receive the demolition permit. Demolition just started about a a couple of days. We are still waiting for the the building permit to start construction. ARV is in the 700k price range. We have the private money funds secured already
What made you interested in investing in this type of deal?
The upside potential for a huge profit was great based on our analysis - As you know real estate investment is all numbers
How did you find this deal and how did you negotiate it?
This we found in the MLS
How did you finance this deal?
We used Private Lender (Hard Money Lender)
How did you add value to the deal?
We are tearing the building down - so it will be a new build
What was the outcome?
Waiting for permit to start the construction - Private money has been secured already
Lessons learned? Challenges?
Ground up construction takes longer to complete and you need an experienced team to help you accomplish you goals - You also need to address soft cost first - survey, engineering report, architectural drawings, demolition permit (asbestos report, pest control report) etc, before you go for the hard cost
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I have a team that I work - I am also an Agent friendly real estate agent
