Updated about 1 month ago on .
Major Renovation and Lot Subdivision
Investment Info:
Small multi-family (2-4 units) fix & flip investment.
Purchase price: $240,000
Cash invested: $150,000
Sale price: $740,000
Gut renovation and subdivision of a property with 2 single family dwellings.
What made you interested in investing in this type of deal?
Two properties on one plot of land below market in an ideal area adjacent to Brookhaven, Ga.
How did you find this deal and how did you negotiate it?
Personal network
How did you finance this deal?
Personal capital from partners and hard money.
How did you add value to the deal?
I did the interior design in the home, procured capital, created budget, and listed and marketed the home for sale. I also handled the purchase transaction.
What was the outcome?
Timeline ran longer than we anticipated due to conflicts with contractors, but the delay allowed for the subdivision, which helped increase profits.
Lessons learned? Challenges?
Don't over renovate. Subcontract over using one contractor. Check behind contractors after every job. Do not pay until work is done.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Lima Capital for lending, I was my own agent on the deal.