Updated almost 6 years ago on . Most recent reply
Griffin Ga refurbished historical house
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $9,000
Cash invested: $130,000
Sale price: $179,000
1st house purchased from the Griffin historical society . 3 bed 2 bath 1650 sq ft
What made you interested in investing in this type of deal?
Love the town , wanted to try my hand at remodeling a historic house .
How did you find this deal and how did you negotiate it?
Our son’s chorus teacher was the president of the Griffin historical society , she told us that the house was going to be condemned ,so they asked the city if they could try to save it by finding a sucker to buy it 😂. I have always wanted to restore an old house ,so we bought it, Cash for 9000.00
How did you finance this deal?
Cash
How did you add value to the deal?
New everything
What was the outcome?
The house came out beautiful!
Lessons learned? Challenges?
look at a house more carefully! Learned that you can save just about any wood floors contractors, told me to pull them up but I didn’t listen and they came out beautiful. The house was in worse condition than I had anticipated so we put too much money into it. But learned many lessons how to buy houses in the area. It’s currently on the market to sell but after listening to your podcast we are going to rent it!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
no
