All Forum Posts by: Jose Perez

Celebration event for reaching 1,000 members.

Where: Scofflaw Brewery is in West Midtown

When: March 23rd from 2pm till 4/5pm

Cost: There's no cover fee, alcohol is purchased individually.

Who: Everyone that is or wants to be part of this awesome group of like-minded individuals killing it in ATL/GA

@Ericka G., the next meetup will be 27 of March 2019. We start at 7:00PM and usually go till at least 8:30PM.

Here is the address: The Ivy Buckhead, 3717 Roswell Road Atlanta, Georgia 30342

Next event is: Wednesday March 27th

Time: 7pm to 8:30pm

Location: The Ivy Buckhead

Additional Info: We meet in the room upstairs. The event is free. Valet parking is $3.

Here is the updated/current event: March 2019 Monthly Atlanta REI Meetup

Next event is: Wednesday March 27th

Time: 7pm to 8:30pm

Location: The Ivy Buckhead

Additional Info: We meet in the room upstairs. The event is free. Valet parking is $3.

Here is the updated/current event: March 2019 Monthly Atlanta REI Meetup

Atlanta Real Estate Investing Meetup. Only REI Meetup in Atlanta that doesn't have any pitching and is totally free. We meet once a month at The Ivy Buckhead (upstairs). We meet the last Wednesday of every month. Have any questions?

PS: $3 valet parking available (cash)

Next event is: tomorrow Wednesday February 27th

Time: 7pm to 8:30pm

Location: The Ivy Buckhead

Additional Info: We meet in the room upstairs. The event is free. Valet parking is $3.

Here is the updated/current event: Monthly Atlanta REI Meetup

Atlanta Real Estate Investing Meetup. Only REI Meetup in Atlanta that doesn't have any pitching and is totally free. We meet once a month at The Ivy Buckhead (upstairs). We meet the last Wednesday of every month. Have any questions? Find us on Facebook.

@Paul C. Thanks! This was my first flip but I have previously done a buy and hold. So 2nd overall. The property was close to Marietta Square (behind the big church). Correct, the cash invested includes all holding cost, money paid to lender, renovations budget, closing cost brought to deal and agent fees.

@Jonathan G. Thanks man. The turnover would of been quicker but we ran into some delays with the contracts and the inspection period. Yes, the HML was happy because they made like $15K profit between points and monthly interest payments.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $95,000
Cash invested: $115,000
Sale price: $224,500

Renovated this 1960's single family home. Did few modifications to the layout making it more functional and open.

What made you interested in investing in this type of deal?

I knew the location was very desirable! It would sell fast regardless of the challenges this property had.

How did you find this deal and how did you negotiate it?

Through a wholesaling company.

How did you finance this deal?

I used a local hard-money lender. They gave me $80K of purchase price and $50K of the rehab. Closed in 2 weeks.

How did you add value to the deal?

We opened up the floor plan in the kitchen/living area. Created the open space that everyone is looking for nowadays. In the master bedroom we united two rooms to be able to create a walk-in closet and a big master bath.

What was the outcome?

Had multiple offers within the first 24 hours. Had some minor repairs to do after the buyer's inspection came back but sold at full price!

Lessons learned? Challenges?

* The most obvious one... know your numbers.
* Always pull permits! They are there to protect the investor from the contractor.
* Get an inspection before (or during) punch-out is a good idea. That way the contractor has a detailed list of things that must be addressed before final payment.
* Location! Invest in desirable areas. This will guarantee that you exit successfully regardless of the situation. I had multiple offers within 24 hours of listing.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Melissa Whitehouse and Roger Webb from Webb Real Estate Team are AMAZING! They totally came through big time with the contracts that we went through. Will use them ALWAYS and recommend them strongly! http://www.webbrealestatega.com/home.asp

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $95,000
Cash invested: $115,000
Sale price: $224,500

Renovated this 1960's single family home. Did few modifications to the layout making it more functional and open. Biggest challenge was staying within the budget with two big expensive fixes that needed to be done. #1 was the cracked long driveway and #2 a poorly repaired retention wall. I was able to fix the driveway and then negotiated with buyer to only reinforce the wall (and gave them a $1,500.00 credit at closing).

Lessons learned:
* The most obvious one... know your numbers. A few things came up that weren't expected. If the wall would of needed to be done... I would of lost money.
* Location! Invest in desirable areas. This will guarantee that you exit successfully regardless of the situation. I had multiple offers within 24 hours of listing. Even after a couple of failed contracts... we still got multiple offers at full price.
* Don't blindly trust your contractor. You (or a partner) have to be present and inspect their work.
* Hard Money Is good... if you use it properly. Factor in their cost and it will all work out.

What made you interested in investing in this type of deal?

I knew the location was very desirable! It would sell fast regardless of the challenges this property had.

How did you find this deal and how did you negotiate it?

Through a wholesaling company.

How did you finance this deal?

I used a local hard-money lender. They gave me $80K of purchase price and $50K of the rehab. Closed in 2 weeks.

How did you add value to the deal?

We opened up the floor plan in the kitchen/living area. Created the open space that everyone is looking for nowadays. In the master bedroom we united two rooms to be able to create a walk-in closet and a big master bath.

What was the outcome?

Had multiple offers within the first 24 hours. Had some minor repairs to do after the buyer's inspection came back but sold at full price!

Lessons learned? Challenges?

Always pull permits! They are there to protect the investor from the contractor. Also, getting an inspection before (or during) punch-out is a good idea. That way the contractor has a detailed list of things that must be addressed before final payment.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Melissa Whitehouse and Roger Webb from Webb Real Estate Team are AMAZING! They totally came through big time with the contracts that we went through. Will use them ALWAYS and recommend them strongly! http://www.webbrealestatega.com/home.asp