All Forum Posts by: Nicole Harrington

Quote from @Mackenzie Grate:

I'd 100% get an inspector out there. It's worth the money even if you have to walk. They will be able to tell you what was installed correctly or not (electrical). They will be able to tell you if the foundation is compromised, etc. etc. No matter what you can then take that report and use it to negotiate down the price. That way if you still are interested in taking the risk after everything you find out, you at least have a concrete report to show the seller about what the place needs. Older homes are a bigger risk. But when done right, and when the numbers are ran before, they can also be extremely lucrative and rewarding. So if you want to tackle it, don't listen to the naysayers (unless the numbers don't work of course, then listen) but go for it.

I'm rooting for you! Good luck!

As we all know real estate is a fast-moving market. As I have got quotes and input from BP another deal popped up and I felt much better about it. So I do appreciate everyone's input, and I am glad I listened to my instinct and asked you all. I have passed on the 1920s home and am under contract for this new opportunity. 1957 3/1 936 sqft. I would have bought the 1920s home out of emotions and not numbers. Numbers have to trump emotions. Thank you for your input.

Quote from @Guy Gimenez:

I've rehabbed a ton of 1940's and 1950's homes and if you do them right and don't hide any issues, you'll quickly find that they're a money suck. I just finished an 812 sf., 2/1, 1951 built home and have $57K just in the rehab. I just sold a another 2/1, 970 sf., and we had close to $60K in that one. Starting out on one of these homes is the quickest way to lose money in real estate (unless you plan to hide material issues)...the problems just keep going and going and going. Whatever you think your budget will be...double it and you may be close to an actual budget. Most of these old houses had work done by unlicensed friends and family, especially add-ons, plumbing and electrical. I've seen electrical conduit installed for plumbing lines, so you better go heavy on all inspections before committing to such a rehab. It could end your investing adventure before it starts.  

 As we all know real estate is a fast-moving market. As I have got quotes and input from BP another deal popped up and I felt much better about it. So I do appreciate everyone's input, and I am glad I listened to my instinct and asked you all. I have passed on the 1920s home and am under contract for this new opportunity. 1957 3/1 936 sqft. I would have bought the 1920s home out of emotions and not numbers. Numbers have to trump emotions. Thank you for your input. 

Thanks, I think that is what we'll do, I guess everyone's is different anyways. Just needed a start. 

I know enough to be dangerous and want to make sure that if I decided to take on a friend as a partner? what kind of agreement, and bullet points have you found important?  Where do I go to do it? Just getting it notarized, is that enough? 

Thanks, Curt, I actually know you when I was a member of the REA here in ATL. BP is one of my big resources right now. I hear and get what you are saying, and appreciate your input. Maybe you want to partner and teach me on this one? I am always open to learning and learn best hands-on than just in class. 

Thanks,  yes It does have a chimney,  never thought about it was for cooking.  I'll double check on that.  Thanks for point.  

I think I will generally budget for a re-plumbing everything.  The bathroom  dosen`t function well at all. 

I just went to check out a 1920 cottage here in North ATL. it says it's a 2/1 but honestly, I don't think you can count a bathroom with no sink, just a tub, and toilet a bathroom. LOL, The floors are uneven, so most likely I need some structural reinforcement done. Lucky the crawlspace is mostly a walk space, so plenty of room and accessibility. I know of the lead-based paint, but I think if I don't disturb it, and drywall over it it'll be ok. The windows are a different story, they all need to be replaced. Do I still need a specialized team to do that? The electrical was updated at one point, so it's not the old round circuit breakers. What else should I watch out for in this age home? Asbestos? 

Our insurance agent checks multiple different agencies, therefore always finds the best rate. He will also adjust if something better comes up. Message me for his info. 

I know this is a long shot, but I have to try. I am working with a not-for-profit organization called Warrier Brides. They rescue sex trafficking girls/women and rehabilitate them so they can build a life for themselves. They are in desperate need of rental properties to house the women. Their budget for this one is <$1500 2 bedroom within 30 min of Kennesaw GA. The organization will pay the rent. Can anyone please help us? 
https://warriorbrideministries.com

Investment Info:

Other other investment in Woodstock.

Purchase price: $165,000
Cash invested: $165,000

Thinking about BRRRR or Flip

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

Starting my first one. Long term rental

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

FMLS after inspection negotiated $25k below offer price.

How did you finance this deal?

Cash

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

I am my own agent