Updated almost 6 years ago on . Most recent reply
Single Family Savannah, GA
Investment Info:
Single-family residence buy & hold investment in Savannah.
Purchase price: $76,750
Cash invested: $41,000
Purchased this property with the intention of flipping after finishing the rehab decided to keep due to cashflow.
Original purchase price $76,750
Used a hard money lender (pm for info) 80% purchase price and 100% of rehab
Contacted contractor received a 35K estimate. Talked the contractor down to 30k for rehab.
Total Rehab after completing 41K. (Shake my head) - Contractor finished ahead of schedule
Total invested $117750
Cost of Loan $7824
All in $125,574
ARV $168,000
Zero left in the deal with great cashflow after refi (contact me for local refi lender)
What made you interested in investing in this type of deal?
Knew this area of town brought high rent
How did you find this deal and how did you negotiate it?
Purchased from an auction
How did you finance this deal?
Used hard money then refi
How did you add value to the deal?
complete gut
What was the outcome?
A win
Lessons learned? Challenges?
Nailing down the contractors prices