All Forum Posts by: Nicole Harrington
Nicole Harrington has started 32 posts and replied 70 times.
Post: Open house invite for a Quad rental in Atlanta
- Posts 75
- Votes 24
| OPEN HOUSE TODAY 8/17 from: 4pm to 8pm at: 68 Honour Circle Atlanta 4 units, 2 vacant, 2 rented Great opportunity to add to your portfolio Located in the sought-after Buckhead district, this multi-unit property emerges as a prime investment opportunity for those aiming to capitalize on the city's robust rental market. The property is segmented into four distinct units, each tailored to meet the diverse needs of potential tenants. Unit A, currently occupied, offers a 2-bedroom, 1-bath layout complemented by a sunlit sunroom, a spacious living room, and an integrated kitchen/dining area. Unit B, vacant and ready for immediate occupancy, features a 1-bedroom, 1-bath configuration, with the added luxury of a 10x14 ft balcony, perfect for tenants seeking outdoor relaxation. Unit C, also vacant, is a cozy 1-bedroom, 1-bath apartment. Rounding out the offerings is Unit D, a currently rented studio, perfect for those seeking a compact yet comfortable living space. Situated just moments from the city's bustling hubs, tenants will appreciate the proximity to restaurants, grocery stores, entertainment venues, and major highways. The property is nestled in a tranquil, established neighborhood and provides ample driveway parking. While Units A and D are already generating income, Units B and C present immediate revenue potential, either as-is or with strategic updates. In sum, this property stands as a lucrative investment, offering both immediate rental income and the promise of long-term capital appreciation in a desirable locale. Come check out the OPEN HOUSE in person on Thursday 8.17 from 4 pm to 8 pm right after work. SEE YOU THERE!!! | ||
Post: Should a home in Buckhead ATL stay as a quad or return to a single family home?
- Posts 75
- Votes 24
Quote from @Ben Firstenberg:
Agree with @Michael Dumler. It depends a little bit on the exact location in Buckhead, but likely the highest and best use of that property is as a single family home. Even if you had market rate tenants, the land value would drive the price of the quadplex up so high that most investors wouldn't be interested. They'd either low ball you, or it would sit on the market for months. I think your client would get the best return selling it as a SFH.
Thank you for your response. Yes, I agree with what Michael said as well. You both are confirming what I was thinking. I'll find out tomorrow how easy it will be to turn it back into an SFH.
Post: Should a home in Buckhead ATL stay as a quad or return to a single family home?
- Posts 75
- Votes 24
Quote from @Michael Dumler:
@Nicole Harrington, being that the subject property is located in Buckhead, those rents seem well below market value as you've noted. As with all real estate scenarios, it depends on several factors/conditions. First, are the tenants on fixed leases or month-to-month? Unfortunately, if the tenants are long-term and their leases do not expire until Q4 of this year or 2024, there's not much that can be done to entice the tenants to move out. I assume you're trying to list the home? The seller should recognize the fact that he/she would receive far more competitive & aggressive offers if the property is listed vacant. Ideally, he/she should just wait until all tenant's leases expire and list the home according to respective sold comparables. It's going to take a certain high-wealth investor to want to pursue this deal. Moreover, I can't imagine there's going to be too many buyers interested in house hacking at that price point, but maybe I'm wrong. Long story short, the property should be turned back into a single-family home. Also, I assume the property is not permitted as a quadplex which may or may not lead to lending issues during underwriting. Hope this helps!
Thanks, to answer a few of your questions, 2 units are vacant and two will vacate this year. I can't remember the exact time. To my surprise, the home is in the tax records as a duplex. Not sure though if that really helps. I agree with everything you said. Question though, how do you calculate the home's value with 4 rentals? Let's say they are market value.
Post: Should a home in Buckhead ATL stay as a quad or return to a single family home?
- Posts 75
- Votes 24
Hello, I am a local Realtor and I need some advice. I am going to look at a home that is in Buckhead Atlanta and is currently divided into 4 units but is a single-family home. Rentals are below market, 3/2 $1700, 2/1$1200,$1200, attic studio $800. Single-family homes in the area sell for $1mill+. My dilemma though is that I am having a hard time coming up with the home value if divided into rental units. Can anyone give me some advice? Should it be turned back into a Single-Family home? or maybe do a house hack
Post: Is adding a 1/2 or full Bathroom worth it?
- Posts 75
- Votes 24
Lesson learned, that's for sure. And stick to my gutts. Bc I was saying all along to do it. Thanks 3veryone
Post: Is adding a 1/2 or full Bathroom worth it?
- Posts 75
- Votes 24
I am struggling to sell my newly renovated 3/1 ranch here in Marietta GA. The feedback we are getting is that it needs an extra bathroom. I would need a permit and have room in the carport to add the bathroom. I have already reduced from $300k to $290k break even is at $275k Which I really just need to get it off my books. Estimating the cost of the bathroom is $25k I would do a shower-only bathroom.
Post: 2nd deal complete. On the market & hope for a quick sale
- Posts 75
- Votes 24
Investment Info:
Single-family residence fix & flip investment in Marietta.
Purchase price: $212,000
Cash invested: $265,000
Flipping, 3 bed 1 bath just under 1000 sqft. Reno includes Plumbing repair bathroom gutting, exterior wall replacement due to rotting, and a new floor in the kitchen and laundry room. Lucky there is nice hardwood floors throughout the rest of the home. Painting everything, interior, and exterior. Yard clean up and sheds clean up. Scheduled time frame 6-8 weeks. Achieved finish in 7 weeks
Come check out this MOVE-IN READY NOW, fully renovated ranch featuring a modern farmhouse style, new exterior paint, cedar shutters, and landscaping! The large, level front and back yards are perfect for family gatherings with a multi-purpose outbuilding just waiting for your designs and two beautiful trees providing great shade in the backyard. From the moment you walk in the front door, you’re greeted with newly painted, neutral walls and trim along with the freshly stained original hardwood floors throughout. An open concept in the dining room, family room, and kitchen creates an open and airy feel. New, white kitchen cabinets, new laminate countertop, and white hexagon tile backsplash freshen this kitchen up. The bathroom has been fully remodeled with tub-to-ceiling tiles in the shower-tub combination and a new sliding transom window including farmhouse-style floor tiles to finish this beautiful bathroom. All new attic insulation to keep you nice and warm. The carport can easily be converted into a garage or additional living space. Hurry don’t be late!!!
What made you interested in investing in this type of deal?
Great bones of the property. The scope of work was manageable. Great original hardwood floors
How did you find this deal and how did you negotiate it?
Agent colleague
How did you finance this deal?
Cash
How did you add value to the deal?
Updating everything, replacing plumbing, kitchen flooring, repaired siding, and rotted wood. Refinished hardwood flooring
Lessons learned? Challenges?
Hire a fantastic GC/ or project manager. They are worth gold
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am an agent
Post: 2nd deal complete. Now on the market and hope for a quick sale
- Posts 75
- Votes 24
Investment Info:
Single-family residence fix & flip investment in Marietta.
Purchase price: $212,000
Cash invested: $265,000
Flipping, 3 bed 1 bath just under 1000 sqft. Reno includes Plumbing repair bathroom gutting, exterior wall replacement due to rotting, and a new floor in the kitchen and laundry room. Lucky there is nice hardwood floors throughout the rest of the home. Painting everything, interior, and exterior. Yard clean up and sheds clean up. Scheduled time frame 6-8 weeks. Achieved finish in 7 weeks
Come check out this MOVE-IN READY NOW, fully renovated ranch featuring a modern farmhouse style, new exterior paint, cedar shutters, and landscaping! The large, level front and back yards are perfect for family gatherings with a multi-purpose outbuilding just waiting for your designs and two beautiful trees providing great shade in the backyard. From the moment you walk in the front door, you’re greeted with newly painted, neutral walls and trim along with the freshly stained original hardwood floors throughout. An open concept in the dining room, family room, and kitchen creates an open and airy feel. New, white kitchen cabinets, new laminate countertop, and white hexagon tile backsplash freshen this kitchen up. The bathroom has been fully remodeled with tub-to-ceiling tiles in the shower-tub combination and a new sliding transom window including farmhouse-style floor tiles to finish this beautiful bathroom. All new attic insulation to keep you nice and warm. The carport can easily be converted into a garage or additional living space. Hurry don’t be late!!!
What made you interested in investing in this type of deal?
Great bones of the property. The scope of work was manageable. Great original hardwood floors
How did you find this deal and how did you negotiate it?
Agent colleague
How did you finance this deal?
Cash
How did you add value to the deal?
Updating everything, replacing plumbing, kitchen flooring, repaired siding, and rotted wood. Refinished hardwood flooring
Lessons learned? Challenges?
Hire a fantastic GC/ or project manager. They are worth gold
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am an agent
Post: Walk through check list
- Posts 75
- Votes 24
I am new to flipping and notice that I really need a checklist when walking through a property. It can be overwhelming sometimes and emotions can come into the way. So, I was wondering if anyone has a walk-through PDF checklist they would be willing to share.
Post: Section 8 pros and cons
- Posts 75
- Votes 24
Makes sense