All Forum Posts by: Chris Licavoli

Address is 2010 Rushing St, Richmond Hill GA 31324.  Closing is scheduled for 3//16/2016.  Please call Chris at 912-658-6007 to fund this private note at 74% LTV

We just came across a kitchen fire property.  Flame damage is minimal but smoke damage is throughout the house.  There is a large hole in roof where the fire department cut to let the heat out.  I have a figure in mind of $40 psf for renovation.  Does this sound about right @Paul Ortiz?

Just got this under contract today. This will be my next rental. ARV $115K. I plan on renovating it, placing a tenant, and then doing a cash out refi in 6 months time. I can offer a short term first position note investment opportunity at 70% LTV for 6-12 months at a reasonable interest rate or go long if you want. Property is located in Richmond Hill GA. You can PM me or email at [email protected] for more information.

Thanks!

Yes Alex we do so please send me any good deals that you want to wholesale and we will take a look at it

Hello Andrea

I actually used to live in Georgetown and can recommend it. It's a southern suburb of Savannah but not in the city so no city tax. It was built in the 80s and 90s mostly so most homes are in need of renovation which makes it a great rehab area. Please let me know if you are looking for a partner in this area.

Regards

Chris 

Check this out in Savannah GA...$189K cash, $5K repairs, $229K ARV avg 80 DOM

Nearly new 4 bedroom, 2.5 bath 2390 sq ft home in Savannah GA.  This house is in great shape and has a large kitchen with granite countertops. Large great room with fireplace, separate dining room, office/sun room, 4 bedrooms upstairs with laundry room.

ARV $229K, asking $189K cash for a $40,000 gross spread. Close on or around 10/11/2015. The house only needs an appliance package ($2000), paint in some rooms ($500), and carpet cleaned ($500) and miscellaneous punch list ($1000). Would make a great rental property or quick flip. Either way we will manage the flip work for you no charge, or get it rent ready with a tenant and property management in place depending upon what you want to do with in.

I have a good CMA to send you if you want to see it. Avg sold comp is $99 psf with about 80 DOM. I project a simple and straight forward $20000 profit on this deal.

I guess the answer is no since nobody replied but I would love to hear the outcome of your story.  They just recently nailed former speaker of the house for "structuring" hush money payments

Great post Mike.  I received $195,000 in zero percent credit between me and my partner.   I use it all the time to purchase supplies for materials for investment projects.  Thank you! 

I looked for a forum called "flipping fails" and could find none, so in the interest of full and honest disclosure of good, bad, and ugly sides of this business so that you don't get the wrong idea that real estate investing is all roses and buttercups...I present the following "flipping fail" to share a big lesson learned.

This project started with good intentions 2 years ago when I found a HUD home in a resort area of east central Georgia called Lake Oconee. Below is the before pic. It was a nice 3000 sq ft house on a 2 acre wooded lot across the street from a 30 sq mile recreational reservoir where lake frontage homes were listed at $500,000 and up. The house was built in 2005 that had some cheap finishes on the inside and deferred maintenance / wear and tear issues. They never poured a walkway from the driveway to the front step and only 1/2 of the driveway was paved. The section from the street was just gravel. The county had the tax value set at $317,000. I purchased the property for only $200,000 and figured I could not loose.

Repairs included finishing the driveway with concrete, pouring a walkway to the front step, solving a crawl space water retention issue, installing new hardwood flooring, replace all "gold" fixtures with brushed nickel, interior and exterior painting, replacing the septic pump and replacing light fixtures.  Total cost of repairs and holding costs: $52,000 more than expected but still ...no problem in my mind.  Here is the after pic.  I thought it turned out great and someone would jump all over it for $329,000

After all this house would cost $450K if were in my neighborhood so no big deal that we went over budget on renovation by $20K.  Well fast forward 2 years later and the house sat and sat with very few showings and little interest.  It was a mystery to me.  I eventually had to drop the price to $275,000 and it sold within weeks for a grand total of about $3,000 profit in exchange for tying money up for a long time...Fail! 

The lesson learned...never argue with the market!  The comps are the comps and they are a true reflection of what a property is worth in its local market, NOT your home market.  I will never make that mistake again.