Updated about 5 years ago on . Most recent reply
My first flip in Georgia
Investment Info:
Single-family residence other investment in Snellville.
Purchase price: $77,000
Sale price: $109,000
House hack, no upgrades other than a little interior paint to cover up some oil stains and repainted the trim to the backdoor, and we put some mulch in the frontyard around the tree and under the shrubs.
What made you interested in investing in this type of deal?
I was just looking for a house to live in; my realtor knew the area would appreciate.
How did you find this deal and how did you negotiate it?
My realtor found it before it was even listed on the MLS and since i was already pre-approved, we put in an offer within 2 days.
How did you finance this deal?
Conventional FHA
How did you add value to the deal?
I kept the house in good repair order and kept everything well maintained.
What was the outcome?
I netted over $30K with no taxes due.
Lessons learned? Challenges?
Next time we have ideas to force value and as everyone knows: LOCATION LOCATION LOCATION.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My realtor in ATL and the loan officer I dealt with for the FHA loan.