Updated almost 7 years ago on . Most recent reply
1928 Meador Ave. Atlanta, Ga
Investment Info:
Single-family residence wholesale investment in Atlanta.
Purchase price: $32,000
Cash invested: $32,000
Sale price: $69,000
Duplex - Rented for $1000.00 a month for and sold for $69,000 to buy in a area closer to my home office
Invested 12,000
Reno 20,000
Total 32,000
Rent 20,000
Balance 12,000
Sold 69,000
Net 57,000 before exp.
ReSold 115,000 Oct 2018
What made you interested in investing in this type of deal?
Low cost, low risk for rental. Had charm and possibilities.
How did you find this deal and how did you negotiate it?
Realtor - paid cash
How did you finance this deal?
Cash
How did you add value to the deal?
Renovated the interior and put in large parking lot and security system.
What was the outcome?
Great rental for a couple years then sold for a nice profit.
Lessons learned? Challenges?
Do your homework if you are looking for a Property Manager. I will never hire one again. One cost me over 58,000 in missing funds.
Nobody has the vested interest in my properties or tenants that I do. The one great one I had was on Orlando, Fla.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Realtor - Property Manager - Contractor - Inspector
Issues with all 3. Realtor was great for 13 buys then we parted ways. PM was more about collecting rent than quality tenants. Contractor installed scratch and dent HVAC and said I ordered new not brand new equipment. This was my first and I learned a lot.
The contractor didn't know about 511. Call before your dig. No issues with the gas line. I did your an inspector who I use to this day. Mark Cordel - Echota Home Inspections. Wonderful Guy!
