All Forum Posts by: Adam Higginbotham
Adam Higginbotham has started 2 posts and replied 19 times.
Post: Struggling to find deals
- atlanta
- Posts 22
- Votes 24
Originally posted by @Nick C.:
This is the problem with flipping houses HGTV doesn't talk about. If you're paying someone to find the deal (wholesaler), paying someone to buy the deal (lender), and paying someone to do the repairs (contractor), it is extremely unlikely there will be any money left for the investor when it's all said and done.
Successful houses flippers need to perform one or preferably more of those 3 core functions. That's the value they bring in to the deal and it allows for a profit.
Thank you Nick. This is something I have been thinking about more and more. I grew up doing basic construction but lack the finishing skills required to complete a property. I am thinking about increasing these skills so I can increase my profit margin.
Post: Struggling to find deals
- atlanta
- Posts 22
- Votes 24
Thank you Olda!
Post: Struggling to find deals
- atlanta
- Posts 22
- Votes 24
Thanks Jaron. I can definitely step up my game in those areas.
Post: Struggling to find deals
- atlanta
- Posts 22
- Votes 24
Thanks for the reply John. I see its the same in Florida. I get the feeling that these wholesalers are just preying on newbies that dont do their due diligence. Its sad. It looks like I will be looking for foreclosures.
Post: Struggling to find deals
- atlanta
- Posts 22
- Votes 24
New investor here. I have been walking through a lot of houses and trying to find a winner. I am getting some houses from wholesalers and their numbers seem to be very off. Ex: 130 purchase/50 rehab/240 ARV. I get my contractor to look at the property and the rehab is more like 90. I am using hard money, and after paying them back and paying the realtor fees etc..... I am not seeing the money in it for me. This has happened multiple times with this wholesaler so I will not be using them. Where do I need to look to find deals? Do I have to buy foreclosures? Any incite and help is appreciated. Thank you!
Post: Best place to find affordable properties in Atlanta?
- atlanta
- Posts 22
- Votes 24
Thank you Art!
Post: Best place to find affordable properties in Atlanta?
- atlanta
- Posts 22
- Votes 24
Originally posted by @Art Perkitny:
There are location that you can find under 100k homes in south Atlanta based on the data.
The link show a map with median home values for census blocks groups in Atlanta. The colors correspond to the value ranges in the legend.
As @Kevin Polite has stated, the areas with such low property values are much riskier than other more expensive areas.
If this is you first investment property I would suggest looking at a bit higher price to buy into a more moderate market.
Thank you Art, and thanks for the link to that property map. I am looking to spend 200k total. Do you think this is reasonable in todays market?
BTW....Is south atlanta a good market?
Here is whats on my list:
Gresham Park, Grove Park, South atlanta, Decatur
Is OTP a safer bet for a first time flipper?
Post: Best place to find affordable properties in Atlanta?
- atlanta
- Posts 22
- Votes 24
Originally posted by @Kevin Polite:
Keep in mind if they are affordable there is probably not such a good deal. You can't find anything inside 285 for under $100k now. Look on MLS. Wholesaler prices are about even with MLS listing now.
Thank you Kevin! I appreciate your input. I was looking at wholesalers prices and wondering where the deals were. Good to know that its pretty level with the MLS.
Post: Best place to find affordable properties in Atlanta?
- atlanta
- Posts 22
- Votes 24
Im a first time investor who is looking to do my first flip. I have been connected with some so called wholesalers and the prices don't seem like such a good deal to me. Thanks in advance!
P.S. I will be using hard money to finance my first flip.